Indian stock markets erased early gains, slip into the red
Indian stock markets erased early gains, slip into the red today
Indian stock markets opened higher on Thursday amid positive cues from the global markets. Nifty today opened at 16723,20, up by 117.25 points while Sensex made a positive opening of 452.54 points at 55921.44 levels. The markets erased early gains in the afternoon session and closed in the red today.
Stock market news today
Indian markets turned red in the afternoon session as selling pressure was witnessed in the auto, banking, and financial space, while metal sectors continued to trade higher. The market sentiments got hit as the Brent crude oil prices for May futures touched $119 per barrel. Investors were worried as higher crude oil prices could increase India’s fiscal and current account deficit and increase price inflation.
The growing Russia-Ukraine crisis increased the investor’s concerns about supply disruption and its impact on the economic growth for the Q4FY22. Meanwhile, the Maharashtra government eased the Covid-19 related restrictions in allowing shopping complexes, cinema halls, restaurants, theaters to run at full capacity.
On the global front, Asian markets closed mostly in the green tracking the positive cues from the US markets overnight. The US Federal Reserve Jerome Powell in his testimony hinted at a quarter-point rate hike this month, however, he added Central bank could take tougher action if inflation levels do not come down. The European markets are trading mixed as investors are closely watching the Russia-Ukraine crisis.
Indian stock markets at close
At the close, the Nifty index declined by 107.90 points or 0.65 percent and closed at 16498.05 levels while Sensex was down by 366.22 points or 0.66 percent and finished at 55102.68 levels. The Bank Nifty index closed lower by 428.50 points or 1.21 percent on spot and ended at 34944.30 levels.
The broader markets closed mixed today. The Nifty midcap index was down by 114.20 points or 0.40 percent and closed at 28102.90 levels. The Nifty smallcap index jumped by 34.85 points or 0.35 percent and finished at 9928.55 levels.
Top gainers and losers
The top gainers in the Nifty 50 index were ONGC, UPL, Power Grid, Wipro, Tech Mahindra whereas the top losers were Ultratech Cement, HDFC Life, Asian Paints, Shree cement, and Eicher Motors.
The midcap top gainers were Fortis Health, Vodafone Idea, and Adani Total Gas and the top losers were Gujarat Gas, Ashok Leyland, and Dalmia Bharat.
The top gainers in the Nifty smallcap index were Aegies Logistics, Cyient, and Engineers Ind and the top losers were Kajaria Ceramics, India Cement, and Strides Pharma
The most active stocks in the Nifty index in terms of value were Tata Steel, ICICI Bank, and Ultratech Cement. The most active stocks in terms of volume were Coal India, ONGC, and Tata Motors
On a sectoral front, the Oil & Gas, Metal, IT and Media were closed in the green today The sector that closed in the red were Auto, Banks, Financial Services, FMCG, Realty and Pharma
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Editorial desk
