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Mumbai, March 8 Benchmark indices were trading lower amid volatility during the afternoon on Tuesday.
Market opened on a weak note as investors remained on edge amid rising crude oil, essential commodity prices stoking inflation concerns. Indices have moved lower during the afternoon dragged by auto, financials, oil & gas and metal stocks.
At 1 pm, the BSE Sensex was trading at 52,404.33, down 438.42 points or 0.83 per cent. It recorded an intraday high of 53,024.21 and a low of 52,260.82. The Nifty 50 was trading at 15,708.85, down 154.30 points or 0.97 per cent. It recorded an intraday high of 15,896.00 and a low of 15,671.45.
Infosys, TCS, Tech Mahindra, NTPC and Cipla were the top gainers on the Nifty 50 while ONGC, Eicher Motor, HDFC, Maruti and Hindalco were the top laggards.
According to Mitul Shah, Head Of Research at Reliance Securities, “Market may remain volatile due to the Russia-Ukraine crisis. Trend in global equities, the movement of rupee against the dollar and crude oil prices will dictate trend in the near term.”
Prashanth Tapse, Vice President (Research), Mehta Equities Ltd said, “The fear theme at Dalal Street is getting profound and palpable on backdrop of ‘stagflation’. The street will keenly watch on how RBI tackles with a backdrop of higher oil and commodity prices, and most importantly, growth-supporting fiscal policies.”
IT, pharma in focus
On the sectoral front, while financials, auto, metals, consumer durables and oil & gas dragged, IT and pharma stocks gained focus.
Nifty IT was up 2.31 per cent. Nifty Pharma and Nifty Healthcare Index were up nearly 0.9 per cent each.
Meanwhile, Nifty Auto and Nifty Financial Services were each trading over 2 per cent lower. Nifty Bank, Nifty Private Bank, Nifty Metal and Nifty Oil & Gas were each down nearly 2 per cent. Nifty Consumer Durables was down 1.5 per cent.
Broader indices
As for broader indices, Nifty Midcap 50 was down 0.43 per cent while Nifty Smallcap 50 was up 0.22 per cent. The S&P BSE Midcap was down 0.27 per cent while the S&P BSE Smallcap was down 0.03 per cent.
The volatility index rose 0.40 per cent to 29.45.
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