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Domestic stock markets extended losses for the sixth consecutive session amid weak global cues with Sensex and Nifty recording new lows as investors remained concerned about surging inflation. Benchmark Indices were trading lower during the afternoon, witnessing selling pressure across multiple counters.
At 1 pm, the BSE Sensex was trading at 51,283.56, down 212.23 points or 0.41 per cent. It recorded a fresh year low of 50,921.22 and an intraday high of 51,634.15. The Nifty 50 slipped below the 15,200 mark, recording a fresh 52-week low of 15,183.40. It was trading at 15,282.15, down 78.45 points or 0.51 per cent. It recorded an intraday low of 15,400.40.
Bajaj Finserv, Coal India, JSW Steel, ICICI Bank and Reliance were the top gainers on the Nifty 50, while Titan, Wipro, HDFC Life, TCS and Dr Reddy’s were the top losers.
The volatility index rose 2.36 per cent to 23.41.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The dominant theme impacting equity markets globally is the synchronised global monetary tightening and the consequent fears of economic slowdown. The probability of the US slipping into recession is much higher now.”
“Markets are discounting these concerns. In India, valuations have declined, but are even now above long-term average. So, FPIs will continue to sell, capping a relief rally which can come any time. It is impossible to predict the market bottom,” Dr Vijayakumar added.
Sectoral indices
On the sectoral front, all indices except Nifty Metal, Nifty Bank and Nifty Private Bank were trading in red.
Nifty IT and Nifty Consumer Durables were down over 2 per cent each. Nifty Pharma was down nearly 2 per cent. Nifty Auto, Nifty Healthcare Index and Nifty Oil & Gas were down over 1 per cent each.
On the other hand, Nifty Metal was up 0.28 per cent. Nifty Bank and Nifty Private Bank were up 0.21 per cent and 0.26 per cent, respectively.
Broader indices
Broader indices, too, were trading in the red.
The Nifty Midcap 50 was down 0.47 per cent, while the Nifty Midcap 50 was down 0.70 per cent. The S&P BSE Midcap was down 0.69 per cent, while the S&P BSE Smallcap was down 1.02 per cent.
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