Thursday, February 2, 2023

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Sensex down 721 points and Nifty down 17 points in early session

Mumbai: Following weak global market cues, Indian markets are trading in the red on Monday morning. At 9.21 IST on Monday, the S&P BSE Sensex index was down  721 points to 57,470.29, while the Nifty50 was down 17 points at 17,314.65.

However, Paytm, Starhealth, and Ambuja Cements are a few of the stocks trading in the green. On the 30-share index, the laggards were Bajaj Finance, Adani Ports, Asian Paints, and HDFC Bank. While BSE IT was down 320 points, BSE Bankex increased 1.38 percent to 44,265.64.

Also Read: Petrol, diesel rate update; Find out today’s latest rate in your city

BSE Midcap fell 300 points in the overall market, while BSE Smallcap down 212 points to 28,970. In morning trade on the NSE, Nifty Financial Services fell 0.24 percent and Nifty Bank dropped 104 points to 39,178.

The US labour market is slowing down, but a sudden reduction in the unemployment rate has raised hopes that the Federal Reserve would keep tightening monetary policy aggressively. Other central banks would be influenced to do the same if the US tightened its monetary policies. The majority of the major international indices, including the S&P 500, Dow Jones, and Nasdaq, were trading lower in the morning.

Also Read: Rupee hits all-time low of 82.33 against dollar; downward trend continues

However, on the domestic front, the investors are keeping a wait-and-watch policy and looking forward to the earnings of companies for the second quarter (July-September) in the financial year 2022-2023. The investors are also banking on Diwali and other festivities, when sales and shopping surge, and the prices of precious metals strengthen.

At the beginning of the second quarter announcements, the earning results of the IT major — TCS — will be announced on Monday. Another IT major Infosys will also announce its earnings on Thursday. According to Jefferies, Infosys is expected to report a 4 per cent quarter-on-quarter revenue growth in constant currency for the second quarter of FY23.

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