scorecardIndian markets open in the red amid weakness in global markets – Paytm, Tata Power among stocks to watch out for
  1. Home
  2. stock market
  3. news
  4. Indian markets open in the red amid weakness in global markets – Paytm, Tata Power among stocks to watch out for

Indian markets open in the red amid weakness in global markets – Paytm, Tata Power among stocks to watch out for

Indian markets open in the red amid weakness in global markets – Paytm, Tata Power among stocks to watch out for
Stock Market4 min read
  • Sensex opened at 61,812, down by 0.3% or 168 points, while Nifty50 opened at 18,359, down by 0.3% or 51 points.
  • Adding to the volatility today is the weekly expiry in the futures and options segment.
  • While markets have remained volatile this entire week, Sensex has managed to gain 2.36% in the last five days, thanks to foreign investor inflows and the October inflation print which came in at 6.77%, falling from 7.41% in September.
Indian benchmark indices Nifty50 and Sensex opened in the red on Thursday, tracking negative cues from the global markets including SGX Nifty.

Sensex opened at 61,812, down by 0.3% or 168 points, while Nifty50 opened at 18,359, down by 0.3% or 51 points.

On Wednesday, Sensex closed 107 points higher at 61,980 while Nifty50 closed six points higher at 18,409 after hitting all-time highs during the day. The SGX Nifty, which is an early indicator of Nifty50’s performance, was down 88 points ahead of the markets opening for the day.

Adding to possible volatility today is the weekly expiry in the futures and options segment.

While markets have remained volatile this entire week, Sensex managed to gain 2.36% in the last five days, thanks to foreign investor inflows and the October inflation print which came in at 6.77%, falling from 7.41% in September.

Stocks to watch out for

One 97 Communications: SoftBank is planning to offload a stake worth $215 million in Paytm as the lock-in period for pre-IPO investors ends, according to a Bloomberg report. In total, 29 million shares are to be made available in a price band of ₹555-601 per share, which is at a discount of 7.7% to Wednesday’s closing price.

Tata Power: Its subsidiary, Tata Power Solar Systems, has tied up with Union Bank of India to increase rooftop solar adoption in the micro, small and medium enterprises (MSME) sector.

Tata Motors: Thierry Bollor, the CEO of Jaguar Land Rover has resigned. Adrian Mardell will be the interim CEO.

US markets edge lower
US markets closed lower on concerns of poor consumer spending inflicted by high inflation. This comes after retail giant Target reported a sudden 52% fall in its profit as consumer spending declined before the crucial Christmas season indicating a softer holiday season.

S&P 500 declined 0.83% while Dow Jones Industrial Average fell 0.12%. The tech-heavy Nasdaq Composite fell 1.54% at close on Wednesday.

Asian markets in the red

In Asia, markets traded in the red, with Japan’s Nikkei 225 losing 0.4%, Hong Kong’s Hang Seng index declining 2.37%. South Korea’s KOSPI shed 1.04%, and China’s Shanghai Composite declined 0.68%.

“Asian stocks were mixed on Thursday as investors tried to assess the outlook for Federal Reserve policy following stronger-than-expected retail sales data and as a closely watched section of the US yield curve remained near levels not seen in four decades,” said Deepak Jasani, head of retail research at HDFC Securities.

Analysts expected a weak opening on Thursday because of global markets, geopolitical concerns, rising Covid-19 cases in China and profit booking in some pockets of the home markets due to exorbitant valuation.

“The market is likely to struggle in early trades Thursday, tracking weakness across the Asian indices after US gauges faltered in overnight trades. The escalating war situation in Ukraine is making investors nervous as its ramifications are huge on global trade,” said Prashanth Tapse - research analyst, senior VP (research) at Mehta Equities.

Meanwhile, crude oil prices have fallen on concerns over demand given Covid-19 cases have been rising in China along with geopolitical tensions.
Top gainers

Change

Top losers

Change

Sun Pharmaceuticals

1.10%

Tata Motors

-2.46%

Adani Enterprises

0.77%

Tata Steel

-1.64%

Cipla

0.70%

Hindalco Industries

-1.51%

L&T

0.63%

Eicher Motors

-1.44%

ITC

0.41%

Grasim Industries

-1.11%

Source: NSE, as of 9.20 a.m., November 17, 2022

SEE ALSO:FPIs pour ₹28,888 crore into equities in the first fortnight of November
Whenever small caps trade at a discount to Nifty, they have given outsized returns: InCred Wealth
'Remain watchful' is RBI Governor's advice to heads of banks amid global headwinds

READ MORE ARTICLES ON




Advertisement