IT Stocks Drag Down Nifty 50 below 18000 levels today
Sensex down 656 pts, Nifty 50 below 18000 levels, IT Stocks Drag Down the markets today
Indian stock markets made a cautious start on Wednesday amid negative cues from the global market peers. Nifty 50 today opened marginally higher by 16.15 points at 18129.20 levels while Sensex opened at 60845.59 levels up by 90.73 points. The markets continued to trade below their neutral lines on the back of selling in IT, Financials, and Realty stocks.
Stock Market News Today
Indian markets continued to trade in the red terrain and extended their losses amid weak global cues. Traders remain concerned as the SBI Business Activity Index declined to 101 as of 17 January from 109 in the week ended 10 January. This is the lowest reading since November 15 due to the impact of the third wave of the Covid.
Besides, traders were also cautious as foreign investors remained net sellers in the Indian equity markets in the last few days. The markets overlook the report that stated the private equity and venture capital funds invested $77 billion in Indian companies in 2021, a jump of 62 percent over the previous year.
On a global front, Asian markets were mostly closed in the red. The selloff was witnessed globally as investors were concerned over US interest rate increases, rise in crude oil prices, and surges in Covid cases globally. European market indexes are mostly trading in the red.
Sensex and Nifty 50 at the Close Today
At the close, Nifty was down by 174.65 points or 0.96 percent and closed at 17938.40 levels while Sensex declined 656.04 points or 1.08 percent and finished at 60098.82 levels. The Bank Nifty index closed lower today, it was down by 168.95 points or 0.44 percent on spot and ended at 38041.35 levels.
The broader markets outperformed today compared to their larger peers, as Nifty midcap and smallcap closed almost flat today. The Nifty midcap index was down by only 18.15 points or 0.06 percent and closed at 31363.30 levels. The Nifty smallcap index closed slightly higher by 1.50 points or 0.01 percent and finished at 11688.95 levels.
Top Nifty Gainers and Losers
The top gainers in the Nifty 50 index were ONGC, Tata Motors, Coal India, SBI, and Hindalco whereas the top losers were Infosys, Shree Cement, Asian Paints, HUL, and Grasim.
The top gainers in the Nifty midcap index were Tata Elxsi, Tata Power, and Bank of Baroda, and the losers were L&T technology, Ajanta Pharma, and ICICI Securities.
The top gainers in the Nifty smallcap index were Dilip Buildcon, TV18 Broadcast, and Sunteck Realty the losers were Sterlite Technology, Trident, and Westlife Dev
The most active stocks in the Nifty index in terms of value were Bajaj Finance, ICICI Bank, and TCS. The most active stocks in terms of volume were ONGC, Tata Motors, and NTPC.
On a sectoral front, PSU Bank, Media, Auto, Metals, and Oil & Gas were closed higher. The sectors that dragged the markets were IT, Financial Services, FMCG, Banking, and Pharma.
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