Stock Market Live Today: Sensex, Nifty trading lower, FMCG down

 

Stock Market Live Today: It was a positive start for the Indian stock markets on Wednesday, tracking gains in the US and Asian markets. Nifty today opened at 18435.15 levels, up by 49.85 points while Sensex made a positive opening by 291.42 points at 61993.71 levels. Soon after opening, key equity indexes erased all gains and turned in the southward direction.

Initially, markets started with a positive note as the Reserve Bank of India (RBI) said waning input cost pressures, buoyant corporate sales, and a turn-up in investments in fixed assets suggest the beginning of an upturn in India’s capital expenditure cycle, which could help improve earnings in the coming quarters and speed up the ‘momentum of growth’ in the Indian economy. 

Foreign institutional investors (FIIs) were the net buyers in the Indian equity markets on Tuesday, this also added some optimism to the markets initially in the morning.  However, the markets turned negative soon after opening due to fear of a surge in fresh covid cases in China and its impact on the economy.

 

Indian Stock Market Live Today 

 

At 12.15 pm IST, the Indian stock market indices, Sensex and Nifty are trading lower by 0.44 percent and 0.37 percent respectively. The Bank Nifty is down by 0.45 percent. The broader markets are trading higher at this moment, as Nifty midcap and smallcap indexes are trading higher by 0.20 percent and 0.07 respectively at this time.

Among the sectors, Nifty Pharma, PSU Bank, and IT are trading higher whereas FMCG, Financial Services, and Energy are trading in the red. Divis Lab, Appolo Hospital, and Cipla are trading higher in the Nifty 50 index while Britannia, Adani Ent, and ITC are trading lower.

 

Stocks in News Today

 

City Union Bank is trading lower, down 4.21% at 180.85 in NSE, as the private lender said that RBI has discovered a divergence in additional gross NPA amounting to Rs 259 crore, for the financial year ended March 2022.

Glenmark is trading higher by 6.16 % at 434 in NSE after the company announced a lunch first 3-drug FDC for Type-2 Diabetes in India.

On Tuesday, the domestic FMCG major Dabur India said its promoters have sold shares amounting to about 1% stake in the company through the open market to raise funds for financing some ventures. The share price of Dabur India is trading marginally lower by 0.18% at this moment at 577 per share in NSE

 

Global Stock Markets

On the global front Asian stock market indexes pared some early gains and are trading mixed at this moment, following the broadly positive cues from Wall Street overnight, as traders are indulging in bargain hunting after the recent heavy sell-off on recession fears. 

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