MARKETS: Sensex off lows, down 100 pts; PSB, Auto indices rise 1% each

Opening Bell

LIVE market updates: The downtrend in the domestic equities extended on Wednesday as global rating agency, Fitch rating’s, negative oulook on India weighed on sentiment. Besides, Sebi’s proposal to tweak rules governing initial public offerings (IPOs) to bring in more transparency and accountability kept investors on the edge.

Axis Bank, RIL, Grasim Industries, UPL, HDFC twins, and Divis Labs were the top laggards on the Nifty while Asian Paints, SBI Life, Maruti Suzuki, and Eicher Motors helped limit downside.

In the broader market space, shares of IndiGo airlines and Spicejet fell 0.6 per cent and 0.4 per cent, respectively, amid reports that Akasa Air, the Indian low-cost airline backed by billionaire investor Rakesh Jhunjhunwala, has placed an order for 72 Boeing 737 MAX aircraft.

On the contrary, shares of Pfizer gained 0.3 per cent after it allowed generic manufacturers to supply its experimental antiviral Covid-19 pill to 95 low- and middle-income countries through a licensing agreement with international public health group Medicines Patent Pool (MPP).

Sectorally, the Nifty Private Bank index was the biggest loser (down 0.7 per cent). The Nifty IT index (up 0.2 per cent), meanwhile, was the top gainer on the NSE.

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Pre-open session

LIVE market updates: BSE Sensex fell 136 points, or 0.23 per cent, at 60,186 levels in pre-open session, suggesting a negative start for Dalal Street on Wednesday. The NSE Nifty, meanwhile, was down 56 points at 17,943.

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Updated at 8:20 AM

LIVE market updates: The benchmarks are eyeing gap-down start on Wednesday amid a slew of negative news flow. For instance, global rating agency, Fitch Ratings, has retained India’s ratings at the lowest investment grade with a negative outlook due to high debt and limited fiscal headroom of the central and the state governments.

Besides, given the IPO rush wherein the companies have raised more than Rs 1 trillion so far this year, the market regulator, Sebi has proposed to tweak rules governing IPOs to bring in more transparency and accountability.

High crude oil prices, inflation concerns and FII outflows continue to weigh on the market sentiment as well.

Againt this backdrop, SGX Nifty was down 70 points at 17,935 levels at 8:20 AM

Global cues

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