Market Live: Nifty trading below 17700, Realty, IT stocks top losers

 

Stock Market Live Today 8 March 2023: The Indian stock market indexes opened lower on Wednesday following negative cues from Wall Street and other global markets. The Nifty today opened lower at 17665.75 levels, down by 45.7 points while Sensex made a negative opening of 308.36 points at 59916.10 levels. The domestic markets trimmed early losses and are trading volatile in a narrow range.

The domestic markets are trading downbeat due to fears of further rate hikes and a prolonged higher rate regime as indicated by the US Federal chief overnight. Fed Chair Jerome Powell said in his testimony to Congress the US central bank will likely need to hike interest rates more than previously expected. 

The market sentiment got further hit after the warning on a potential escalation in Sino-U.S. tensions from China`s foreign minister soured risk appetite. The domestic indices trimmed some of their losses and are trading volatile as sell-off in IT and Realty counters are weighted on markets, whereas buying in Utilities and Power stocks limits the downside. Besides, the rupee slipped to 82.20 vs the dollar, 27 paise lower from its previous close.

 

Stock Market Live Today 

 

Market Live at 12 pm IST, the Indian stock market indices, Sensex and Nifty are trading marginally lower by 0.38 percent and 0.35 percent respectively. The Bank Nifty is down by 0.16 percent at 12 pm IST. The broader markets are trading almost flat at this moment, as the Nifty midcap index is trading slightly lower by 0.04 percent while smallcap index is trading higher by 0.09 percent.

Among the sectors, Nifty Energy, Auto, and FMCG sectors are trading higher whereas Realty, IT, and Pharma are trading in the red. The top gaining stocks in the Nifty 50 index are Adani Enterp, Adani Port, and Bajaj Auto, and the top losing stocks are Bajaj Finance, Sun Pharma, and Hindalco

 

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Trade Setup for Wednesday 8 March: Stock Market News

                    

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