Major benchmark indices were trading lower during the opening session amid weak global cues. At 09:16 IST, Sensex was down 293.52 points or 0.53 per cent at 55170.87 and Nifty was down 86.40 points or 0.52 per cent at 16508.50. About 1070 shares rose, 838 shares declined and 87 shares remained unchanged.
Tata Steel and Sun Pharma were the only gainers in the Sensex-30 shares. Meanwhile, Maruti, HDFC, M&M, HUL, Nestle, Kotak Bank, Bajaj Finance, were the top losers. Among the broader markets, BSE Midcap and Smallcap indices were in negative territory, falling up to 0.4 per cent.
Sectorally, Nifty Auto, FMCG and IT were the top losers, falling up to 0.7 per cent. On the other hand, Nifty Metals was the top performer, rising over one per cent. PSU Banks and Media Index were other notable gainers.
HP Adhesives rose over 3 per cent in stocks. The company has been given operational consent by the Maharashtra Pollution Control Board for expansion of the existing unit as well as a new manufacturing unit.
Mohit Nigam, PMS Head, Hem Securities, said: “India’s equity benchmark is expected to follow the close of global market and SGX Nifty’s inclination and open lows. Global stock markets fell yesterday as key peace talks between Russia and Ukraine stalled, accelerated by deteriorating growth outlook. The US stock market also declined, with tech stocks getting in the way, data showed consumer prices edged up 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. announced it would cease operations in Russia, becoming the first major Wall Street bank to do so. Commodity prices, after hitting multi-year and record highs , especially oil and industrial metals have started declining, which may help to calm the market sentiment in the coming days. The BJP victory has boosted the confidence in the market. However, in the coming days, ECB and With the meetings of the US Federal Reserve taking place, caution is advised,” Nigam said.
global signal
European and US stocks sank on Thursday as peace talks between Russia and Ukraine stalled, sparking a wave of optimism in the prior session, compounded by rapidly deteriorating inflation and growth outlook. The S&P 500 fell 18.36 points to end at 4,259.52. The benchmark index is now down 11.2 per cent from an all-time high set earlier this year. The Dow Jones Industrial Average fell 112.18 points, or 0.3 percent, to 33,174.07, while the tech-heavy Nasdaq Composite fell 125.58 points, or 0.9 percent, to 13,129.96.
Hong Kong shares fell more than three percent on Friday, resuming a sharp sell-off after the previous day’s surge, fueled by rising inflation and concerns about the war in Ukraine. The Hang Seng index fell 3.27 per cent, or 682.59 points, to 20,207.67 – its lowest level since 2016. The losses on Wall Street were followed by a comeback, when data showed US inflation rose to a new 40-year high last month, raising expectations. The Federal Reserve will act more aggressively on tightening monetary policy.
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