Markets bearish amid mixed global cues; Sensex sheds 300 pts, Nifty around 17k

28 Mar 2022 , 10:07 AM

Indian indices traded lower on the last expiry week of the FY22 starting today amid mixed global cues, dragged by banks, IT and consumer durable stocks. Sensex gave up 57k and Nifty was also around 17k during early trade on Monday.

Meanwhile, the markets are expected to stay muted for the week amid auto sales, expiry, US macroeconomic data, Russia-Ukraine was developments and China’s rising Covid cases. Further, rising fuel prices across country, inflationary pressure remains a major concern for investors who will track stock-specific developments for market direction.

In the opening bell, Sensex dived by at least 300 points and Nifty 50 dropped by nearly 70 points. At around 09.45 AM, Sensex was trading at 57,066.03 down 296.17 points or 0.52%. Nifty 50 performs at 17,082.70 down 70.30 points or 0.41%.

Major sectors were in the red in early deals with Nifty Bank (down 0.9%) , Nifty IT (down 0.4%), Nifty Realty (down 0.4%), Nifty Consumer Durables (down 0.8%) dragging the most while Nifty Metal, auto and pharma were marginally higher.

On the Nifty50 index, Cipla, Bajaj Auto, IOC, Tata Consumers and Maruti Suzuki were the top gainers while HDFC Bank, HDFC, Kotak Bank, HDFC Life, UPL led the losses.

Meanwhile, INOX and PVR stocks will be in focus today as the multiplex players announced mega merger deal to create largest multiplex chain in India. INOX Leisure and PVR hit 52-week high during early trade today after the news announcement. 

On the global front, US markets see the end to another good week as Dow Jones climbs another 150 gain on Friday. Nasdaq log profit booking but recovers from lows to close down 22. Oil prices fall sharply as China announces big lockdown in Shanghai, while bond yields also fall to 2.45%.

Asian markets opened in the red seeing profit booking as the Japanese ‘Nikkei’ was trading down 200 after seeing its best week last week in over 2 months. The shutdown in China is seeing most commodities under pressure with crude prices slipping nearly 4%. The markets will keenly await the outcome of the Russia/Ukraine talks proposed today in Turkey which could break the stalemate over the geopolitical situation.