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The key benchmark indices were trading lower amid weak global cues during the opening session. At 09:16 IST, the Sensex was down 293.52 points or 0.53 per cent at 55170.87, and the Nifty was down 86.40 points or 0.52 per cent at 16508.50. About 1070 shares have advanced, 838 shares declined, and 87 shares are unchanged.
Among the Sensex-30 shares, Tata Steel and Sun Pharma were the only gainers. Maruti, HDFC, M&M, HUL, Nestle, kotak bank, Bajaj Finance, meanwhile, were the top losers. In the broader markets, the BSE MidCap and SmallCap indices were in the negative territory, up to 0.4 per cent lower.
Sectorally, Nifty Auto, FMCG, and IT were the top laggards, trading up to 0.7 per cent down. On the flip side, Nifty Metals was the top performer, up over a per cent. PSU Banks and Media indices were other notable gainers.
Among stocks, HP Adhesives was up over 3 per cent. The company has been granted Consent to Operate by Maharashtra Pollution Control Board for expansion for existing unit as well as a new manufacturing unit.
Mohit Nigam, Head – PMS, Hem Securities, said: “India’s equity benchmark is expected to follow the global market’s close and SGX Nifty’s inclinations and open lower. The global stock market tumbled yesterday as key peace talks between Russia and Ukraine came to a halt, exacerbated by a worsening growth outlook. The US stock market also fell, with technology stocks leading the way, after statistics revealed that consumer prices rose in February, bolstering the case for the Federal Reserve to raise interest rates later this month.
“Following Moscow’s invasion of Ukraine, Goldman Sachs Group Inc declared that it will cease operations in Russia, becoming the first major Wall Street bank to do so. After reaching multi-year and record highs, commodity prices, particularly oil and industrial metals, have begun to fall, which may assist to calm market sentiment in the coming days. As a result of the BJP’s triumph, the market gained confidence. However, with the ECB and US Federal Reserve meetings coming up in the coming days, caution is advised,” Nigam added.
Global Cues
European and US stocks sank Thursday as peace talks between Russia and Ukraine stalled, sapping a spurt of optimism in the prior session, which was compounded by a rapidly worsening inflation and growth outlook. The S&P 500 dropped 18.36 points to 4,259.52. The benchmark index is now 11.2 per cent below the all-time high it set early this year. The Dow Jones Industrial Average fell 112.18 points, or 0.3 per cent, to 33,174.07, while the tech-heavy Nasdaq composite slid 125.58 points, or 0.9 per cent, to 13,129.96.
Hong Kong stocks sank more than three percent Friday, resuming a steep sell-off after the previous day’s bounce, owing to concerns about soaring inflation and the war in Ukraine. The Hang Seng Index shed 3.27 per cent, or 682.59 points, to 20,207.67 — its lowest level since 2016. The losses followed a retreat on Wall Street after data showed US inflation surged last month to a new 40-year high, ramping up expectations the Federal Reserve will act more aggressively on tightening monetary policy.
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