Markets under selling pressure with Nifty around 18,100-levels

7 Nov 2022 , 02:00 PM

Domestic benchmark indices trading mixed after a gap-up opening on Monday. Both the Sensex and Nifty benchmarks are marginally lower in the afternoon market session.

On the sectoral front, Pharma index underperformed by tumbling over 1.4% followed by IT, FMCG, media stocks plunging marginally.

At around 2:00 PM, Sensex was trading at 60,849.47 lower by 100.89 points or 0.17%. Nifty 50 traded at 18,105.70 lower 11.45 points or 0.06%

Top Bulls on Nifty 50 are: Britannia (+9.14%), SBI (+3.3%), Adani Enterprises (+2.5%) supported by BPCL (+2.2%) and Coal India (+1.8%). Meanwhile, top losers on Nifty are: Divis Lab (-6.67%), Asian Paints (-2.32%), Cipla (-2.2%), Titan (-1.6%) and Sun Pharma (-1.5%).

Moreover, State Bank of India (SBI) shares reached a record high of Rs621.60 per share on Monday during intraday trade on the BSE after the bank’s net profit surged 73.93% yoy to Rs13,265 crore in the July-September quarter (Q2FY23), supported by an improvement in interest margins and a decrease in provisions for bad loans. 

Meanwhile, oil prices fell more than 2% in early trade on Monday after China reiterated a strict Covid containment approach to curb the cases. Brent crude dropped by $1.58 to $96.99 per barrel, while the US West Texas Intermediate crude stood at $90.84 a barrel, down by $1.77.

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