Market Update: Sensex, Nifty50 weak for second session in row intraday – IT and pharma stocks shine
In a volatile trade, the Indian markets are staging a smart recovery as both the benchmark indices trading flat with negative bias, wherein Sensex down over 200 points and Nifty testing 17300-level.
In a volatile trade, the Indian markets are staging a smart recovery as both the benchmark indices trading flat with negative bias, wherein Sensex down over 200 points and Nifty testing 17300-level.
The NSE and BSE benchmark indices have recovered around 50 and 200 points from day’s low intraday, today. Similarly, Nifty Bank, a key contributor to Nifty50, has been trading flat while swinging between red and green zone intraday.
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At around 01:16 pm, the BSE Sensex is down 64 points or 0.11 per cent to 58219, while the Nifty50 declined almost 17 points or 0.10 per cent to 17351 level intraday today. On the contrary, the broader markets are trading mixed with mid-cap down 0.32 per cent and small-cap up 0.15 per cent.
As many as 20 stocks are in the green, 29 in the red, and one remained unchanged on the Nifty50 intraday today. Kotak Bank along with Bajaj twins are dragging the market most as each down between 1.5-2.5 per cent intraday, followed by FMCG major Tata Consumer and ITC shares.
While Power Grid is surging most in the otherwise flat trade, up almost 4 per cent, followed by Nestle India, Divis Lab, Tech Mahindra, each gaining between 1-2 per cent intraday today.
Sectorally, Nifty Auto and FMCG is dragging most the market as each down between 0.6-1 per cent intraday, followed by FMCG and Metal. While on the other hand, IT and Pharma stocks are gaining in otherwise flat trade on Tuesday. Similarly, Realty and Media are impacting the broader markets.
Likhita Chepa, Senior Research Analyst, Capitalvia Global Research said, “Domestic market impacted by negative sentiments from other Asian markets as traders showed concern about WHO statement on Omicron variant of Covid-19 coupled with Federal Reserve policy meeting week ahead.”
Our research suggests that 57800 will act as an important support level for short term in the market. We can expect the market to trade in the range of 57800-58500, Chepa said in her mid-market comment.
02:43 PM IST