The domestic equities markets opened in deep red and made an effort to stabilise themselves by taking cues from the international markets. The benchmark indices BSE Sensex and Nifty50 were trading within 0.5% of their closing levels on Wednesday. The latter was trading at 18,073.80, down 83.20 points, while the former was trading at 60,733.69, down almost 300 points.
Pressure on the auto and bank equities may be the cause of the frontline indices’ weakness. The Nifty50’s biggest loser was Tata Motors after the business reported September quarter results that fell short of expectations. When it was revealed that Unit Trust of India was selling its 1.55% holding in the third-largest private lender, Axis Bank, it took a beating among bank stocks. Bank Nifty was down 0.50 percent from Wednesday’s levels, while the Nifty Auto Index was down 1.5% in early trading.
State-run banks continued their upward trend, and Nifty PSU Bank was up. The Nifty Pharma index, which was up more than 1% at the moment, was the focus, though. Another notable gainer was the Nifty Healthcare Index.
However, Dow 30 futures DOW 30 FUTUR were up over 50 points, or 0.15 percent, at 32,564.30. An early indicator of Nifty50 action, the Singapore-based SGX Nifty, was trading adversely at 18,106.5 and was down about 90 points or 0.48 percent.
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