Sensex, Nifty plummet as banking, metal and IT stocks drag markets down

• India’s benchmark indices Sensex and Nifty50 plummeted over 1.2% each amid negative sentiments in markets around the world.
• Banking, metal and IT stocks emerged as the top drags.
• SGX Nifty, an early indicator of how the markets may perform, was down 0.91% or 161 points early in the morning today.

India’s benchmark indices Sensex and Nifty50 plummeted over 1.2% each amid heightened fears of rate hikes by the US Fed ahead of the crucial jobs data set to be released today. SGX Nifty, an early indicator of how the markets may perform, was down 0.91% or 161 points early in the morning today.

Banking, metal and IT stocks emerged as the top drags in morning trade today.

While the 30-stock Sensex was down 1.27% or 757 points to 59,049, the 50-stock Nifty50 was down 1.2% or 210 points to 17,385.

HDFC twins and Axis Bank were amongst the top five losers on the benchmark Nifty50 index.

Top gainers	Change	Top losers	Change
Tata Motors	0.79%	Adani Enterprises	-3.93%
Maruti Suzuki	0.41%	HDFC	-2.42%
Britannia	0.36%	HDFC Bank	-2.21%
Divi's Laboratories	0.10%	L&T	-1.97%
		Axis Bank	-1.94%

Source: NSE, March 10, 2023

Earlier on Thursday, Sensex and Nifty50 closed 0.9% lower, dragged down by heavy selling across sectors. While Sensex closed 542 points lower at 59,806, Nifty50 closed 165 points lower at 17,590.

The seven-day rally in the Adani Enterprises stock also ended on Thursday amid profit booking by traders. The stock had surged 71% in the previous seven trading sessions until yesterday.

Markets slump across the world

Markets slumped across the world as rate hike worries increased. Dow Jones Industrial Average fell 1.66% while S&P 500 was down 1.85%. The tech-heavy Nasdaq was down 2.05%, on the other hand.

All the markets in Asia were in the red too, on Friday morning, with Hang Seng falling the most at 1.94%, with Taiwan Weighted a close second at 1.37%. KOSPI was down 1.25%, while Nikkei 225 was down 1.24%. Shanghai Composite was down 0.7%.

Stocks to watch

Reliance Industries: Reliance Consumer Products, the FMCG arm of Reliance Retail Ventures announced the relaunch of the iconic beverage brand Campa that it had acquired in August 2022. Adding to it, Jio Platforms plans to buy communications equipment maker Mimosa Networks for $60 million as it looks to boost its 5G telecom and broadband services.

Bank of Baroda: The lender has approved divestment of up to 49% stake in its arm BOB Financial Solutions.

Tata Motors: The company’s subsidiary Tata Technologies has filed draft red herring prospectus (DRHP) with market regulator SEBI for launch of an IPO. The company plans to sell up to 9.5 crore shares, representing about 23.6% of its paid up capital through the IPO.

Wipro: The London headquartered Menzies Aviation has tied up with the IT major to transform its air cargo management services. The aviation company will use the product developed by Wipro to improve business efficiencies, employee experience and customer service through increased automation.

Stocks under F&O ban

Balrampur Chini Mills and Gujarat Narmada Valley Fertilizers and Chemicals are two stocks under F&O ban on Friday.

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