Markets witness volatility amid weak global cues; BPCL, SBI among top losers

8 Aug 2022 , 09:37 AM

Indian markets witnessed a volatile opening at the start of this week’s trading session. Both benchmarks Sensex and Nifty 50 opened in green on Monday, however, soon enough scrapped their gains and were trading flat. A cautious note can be felt among investors amid a broader weakness seen in Asian cues ahead of healthy US jobs data & stronger US dollar which further bolsters the expectations of continuity in Fed’s aggressive policy tightening path.

Back at home, investors also reacted to RBI MPC announcement where Governor Shaktikanta Das hiked repo rate by 50 bps to 5.4% with immediate effect.

At around 09.39 AM, Sensex was trading at 58,306.78 down by 81.15 points or 0.14%. In the early trade, the 30-scrip index has touched an intraday high and low of 58,476.54 and 58,266.65 respectively.

Nifty 50 traded at 17,373.65 lower by 23.85 points or 0.14%. The 50-scrip index has clocked the day’s high and low of 17,422.75 and 17,359.75 respectively.

Top bulls on nifty are – Hindalco, M&M surging around 2% each. Titan, Tata Motors and Power Grid jumped by 0.7% each.

Top bears on nifty are – BPCL dropping over 4% while SBI also slipped by 2.5%. Ultratech Cement, Shree Cement and Kotak Bank also dipped by 0.8% each.

On the Asian front, markets opened flat to mildly negative ahead of strong US jobs data & stronger US dollar. The Japanese ‘Nikkei’ was trading lower by 40 points followed by weakness in Taiwan & ASX markets.

Meanwhile, US markets winessed another volatile day as jobs number beat all estimates to log growth of 528000, which sees bond yields & US$ spike.