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Sensex, Nifty Edge Lower; Positive Information Technology Stocks

Sensex, Nifty increase losses due to large-scale sales pressure

Indian stock benchmarks extended losses in late morning trades on Friday on weak signals from other Asian markets amid a widespread sell-off. Sensex fell as much as 778 points and the Nifty 50 index fell below the key psychological level of 17,050. Asian stock markets and the US dollar struggled to gain traction on Friday after rushed central bank meetings highlighted the growing threat posed by soaring global inflation, while concerns about the omicron variant of COVID-19 add to the cautious mood.

As of 11:11 a.m., the Sensex had dropped 667 points to 57,234 and the Nifty 50 index had dropped 197 points to 17,051.

Japan’s Nikkei index was 0.85% lower in early trading on Friday after gaining 2.13% a day earlier for its best day in nearly seven weeks.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.2%. It is heading for a weekly decline of 1.7% and at 621.93 is just above the year low of 615.99 set last week.

Back home, Reliance Industries, HDFC Bank, HDFC, Hindustan Unilever, ICICI Bank, Kotak Mahindra Bank and Titan are among the top stocks on Sensex.

Selling pressure was widespread as all 15 industry gauges, excluding the IT stock gauge, traded lower as the Nifty Auto index fell nearly 2%. Indices of Nifty Bank, Financial Services, FMCG, Media, Metal, PSU Bank, Pharma, Private Bank, Consumer Durables and Oil & Gas also fell between 0.8-2%.

Mid- and small-cap stocks underperformed their peers as the Nifty Midcap 100 index fell 1.2% and the Nifty Smallcap 100 index fell 1.3%.

Tata Motors was the biggest loser in Nifty, shares falling 3.3% to Rs 475. Titan, Maruti Suzuki, Asian Paint, Mahindra & Mahindra, Hindustan Unilever, IndusInd Bank, Cipla, Eicher Motors, Grasim Industries, Hero MotoCorp, Tata Consumer Products and Kotak Mahindra Bank also fell by 1.3-3.2%.

On the other hand, Infosys, Wipro, HCL Technologies, Tata Consultancy Services and Tech Mahindra are among Nifty’s notable bulls, tracking the rupee’s decline against the US dollar.

Market breadth was extremely negative with 1.75 shares falling while 958 stocks gained on the BSE.

https://www.ndtv.com/business/share-market-live-updates-sensex-nifty-edge-lower-information-technology-shares-outperform-2655966 Sensex, Nifty Edge Lower; Positive Information Technology Stocks

Emma James

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