scorecardSensex, Nifty50 open marginally lower tracking mixed cues from global markets
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Sensex, Nifty50 open marginally lower tracking mixed cues from global markets

Sensex, Nifty50 open marginally lower tracking mixed cues from global markets
Stock Market3 min read
  • Sensex was trading 160 points lower at 61,463 while Nifty50 was down 42 points at 18,286.
  • While most Asian markets including Japan (0.16%), China (1.27%), Hong Kong (3.62%) traded in the green, all three main US indices traded in the red.
  • FMCG, IT, metals, pharma and real estate were among losers while ONGC was the top performer on Nifty50.
Indian benchmark indices opened slightly lower on Tuesday tracking mixed cues from global markets.

Sensex was trading 160 points lower at 61,463 while Nifty50 was down 42 points at 18,286 at 10:40 am.

While most Asian markets including Japan (0.16%), China (1.27%), Hong Kong (3.62%)

traded in the green all three main US indices traded in the red. S&P 500 was down 0.9%, Dow Jones Industrial Average was down 0.6% and Nasdaq Composite was 1.12% lower.

“Asian stocks were mixed Tuesday amid fragile sentiment following a choppy session on Wall Street and as investors tried to gauge China’s economic outlook and data,” said Deepak Jasani, head of retail research at HDFC securities.

At home, India's headline retail inflation rate fell to a three-month low of 6.77% in October from 7.41% in the previous month. “At 6.77 percent, the latest Consumer Price Index (CPI) inflation print is broadly along expected lines,” said Jasani.

“Overall, an inflation of 6.8% is nothing to cheer about. If 2QFY23 real GDP growth comes in stronger-than-expected (which is what we expect), the RBI may go for another 50 bps rate hike next month, though 35 bps is still the consensus. In any case, we continue to believe that the terminal repo rate could be 6.5-6.75% by the end of FY23, followed by a long pause in FY24,” said Nikhil Gupta, chief economist at Motilal Oswal Financial Services group.

Brent crude oil price fell 0.27% to 92.89 per barrel due to weak economic data from China, which raised demand concerns. However, the prospect of smaller US rate hikes and tightening supply helped limit the fall.

Sectoral indices of FMCG, IT, metals, pharma and real estate were among losers on Tuesday. ONGC was the top performer on Nifty50 with 2.73% gains while ITC was the top loser with 1.93% losses.
Top gainers

% change

Top losers

% change

ONGC

2.73%

ITC

-1.93%

Hero MotoCorp

2.06%

Grasim Industries

-1.64%

UltraTech Cements

1.83%

Tech Mahindra

-1.07%

ICICI Bank

1.28%

Kotak Mahindra Bank

-1.02%

Dr Reddy’s Laboratories

1.05%

Reliance Industries

-0.96%


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