Markets trade lower; Nifty 50 below 17,100; IT, banking, oil -; gas stock nosedives

27 Apr 2022 , 09:43 AM

Indian markets opened on a negative note tracking weakness in global markets as over concerns about rising inflation, interest rates hikes and potential damage to global economic growth from pandemic-related lockdowns in China. Investors are also tracking news developments on the Russia-Ukraine invasion closely which makes market nervous. 

At home, selloff was seen in banking, auto, financial, IT, oil & gas, pharma and power stocks pushed benchmarks Sensex and Nifty 50 off the cliff. Sensex has dipped to as much as below 56,850 and Nifty 50 even erased 17,100-level during early deals on Wednesday.

Corporate earnings of heavyweights which had been one of the factors in lifting Sensex and Nifty earlier this week, failed to lift the benchmarks today. Also, globally, Nasdaq hit worst loss since 2020, weighed down by sharp declines in the big tech stocks over worries of their corporate earnings.

At around 09:40 AM, Sensex was trading at 56,941.38 below 415.23 points or 0.72%. Nifty 50 performed at 17,078 lower by 122.80 points or 0.71%.

On Nifty, HDFC Life, Adani Ports, NTPC, Hindalco and SBI were top gainers.

Nifty underperformers are: Bajaj Finance, Bajaj Finserv, Ultratech Cement, M&M and Infosys plunged between 1-4%.

In terms of sectoral indices, Bank Nifty shed near 275 points or 0.76%. Nifty Finance Services also tumbled by 0.88%. Nifty IT dragged benchmark Nifty 50 and other sectoral indices by plunging at least 340 points or 1.1%. 

The companies that are set to announce their Q4 result today are: Hindustan Unilever, Bajaj Auto, HDFC Asset Management Company, Hatsun Agro Product, Indian Energy Exchange, 5paisa Capital, Indian Hotels Company, Persistent Systems, Syngene International, Trent, Mahindra Lifespace Developers, Chennai Petroleum Corporation, KPR Mill, MPL Plastics, Shree Digvijay Cement, Supreme Petrochem, and Swaraj Engines.

Further, Bajaj Finance stocks tumbled around 5% in the early trade on Wednesday post Q4 earnings. The non-banking finance company clocked an 80 percent year-on-year growth in profit at Rs2,420 crore in Q4FY22 led by strong NII and decline in provisions.

On the global front, Bond yields hit 3-month lows @ 2.74% while oil prices see a rebound trading higher by over 2%.