Markets at 10 AM
LIVE market updates: Pharma stocks are the only saving grace in this weak market. The Nifty Pharma index is holding on to its 2.5 per cent gain while all other sectoral indices were languishing in the red.
The market breadth on the BSE is tilted towards declines. Over 1,800 stocks are in the red while 1,100 stocks are up. Volatility index, meanwhile, has surged 8 per cent.
New listing: Despite weak trend in the secondary market, Tarsons Products has managed to eke out slim listing gains. The company debuted at Rs 700 per share on the BSE, up 6 per cent against issue price of Rs 662.
LIVE market updates: Mirroring the weak trend in Asian markets, amid the emergence of a new, highly mutated Covid-19 variant, benchmark indices started gap-down on Dalal Street on Friday.
Only two stocks — Dr Reddy’s Labs and Sun Pharma — were trading higher on the Sensex. All other 28 constituents were in the red dragged by Maruti Suzuki (down 2.5 per cent), Kotak Bank, HDFC, and Bajaj Finserv.
Markets appear to be defensive with only select pharma stocks trading in the green. Overall breadth was favouring sellers in a ratio of 2:1.
LIVE market updates:
Equities are trading with sharp cuts in the pre-open session. At 9:05 AM, the S&P BSE Sensex was down 343 points at 58,452 levels. The NSE Nifty, too, fell 234 points at 17,300 level.
Updated at 8:15 AM
LIVE market updates: Indices may come under pressure on Friday as SGX Nifty is trading over 150 points lower at 17,409 levels.
Going ahead, future growth prospects and faster economic recovery are some of the factors in favour of the bulls, while persistent FII selling, quicker withdrawal of stimulus and change in interest rate trajectory weigh on the market sentiment.
Asian markets were witnessing a sea of red this morning as the US dollar further strengthened on hopes of a faster rate hike in the US. Japan’s Nikkei had plunged 2 per cent. Straits Times was down nearly a percent. Shanghai Composite, Kospi and Taiwan were down 0.2-0.4 per cent, each.