Markets in a bloodbath; IT, Pharma hold ground

31 May 2023 , 01:17 PM

Indian benchmark indices fell on Wednesday after hitting new five-month highs for three consecutive sessions, as investors became cautious ahead of US Congress’ approval of the debt deal. Further, concerns about China’s lower than expected recovery added to the jittery.

Although the deal is anticipated to be passed, there is uncertainty regarding whether the U.S. Congress will approve as there was opposition from certain Republican lawmakers.

On the sectoral front, Nifty Bank and Financial Services are dragging down the chart. Nifty IT and Pharma could be seen in positive sentiments. All other major sectoral indices are trading lower.

At around 1.10 PM, BSE Sensex is trading down by 496 points at 62,471. NSE Nifty is trading 134 points lower at 18,500.

Bharti Airtel (+1.61%) and Sun Pharma (+1.57%) are leading the gainers’ chart. SBI Life (+1.35%), Tech Mahindra (+1.27%) and Asian Paints (+1.14%) are trading with over 1% uptick.

Axis Bank (-2.61%) is the top laggard on NSE so far. NTPC is trading lower by 2%. HDFC (-1.91%), ONGC (-1.79%), and JSW Steel (-1.70%) are trading with nearly a 2% downside.

A total of 21 stocks advanced on the nifty index, while 29 declined.

Further, Investors are eyeing India’s gross domestic product (GDP) data for quarter ending March 31.