Midday report: Sensex plunges 153 points, Nifty down 46 points

Indian equity benchmarks were trading lower in Tuesday’s afternoon session. Traders were cautious of a private report stating that the Indian government will not inject capital into public sector banks (PSBs) this financial year (FY23), which if happens will be for the first time since the financial year (FY08). Fear was boosted on noting that foreign investors pulled out around Rs 6,000 crore from the Indian equity markets this month amid the strengthening US dollar against the rupee. The total outflow by Foreign Portfolio Investors (FPIs) has reached Rs 1.75 trillion so far in 2022, data showed.  

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The Sensex was trading at 59,677.83, down by 153.83 points or 0.26% after trading in a high-low range of 60,081.24 and 59,595.81. On the index, 14 stocks were advancing and 16 were declining.

The broader indices were trading mostly red with the BSE Midcap index up by 0.34% and the Small-cap index down by 0.07%.

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The top gaining sectoral indices on the BSE were Metal up by 0.96%, Auto up by 0.85%, Capital Goods up by 0.75%, IT up by 0.60%, Industrials up by 0.55%, while FMCG down by 1.13%, Telecommunication down by 0.74%, Capital Goods down by 0.35%, Consumer Durables down by 0.31%, Services down by 0.26% were the top losing sectoral indices on the BSE.

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The top gainers on the Sensex were Tech Mahindra up by 3.19%, Maruti Suzuki 1.84%, Dr. Reddy’s Lab 1.47%, SBI 1.36% and Larsen & Toubro 1.10%. Nestle down by 2.87%, Hindustan Unilever down by 2.38%, Kotak Mahindra Bank down by 2.12%, Bajaj Finserv down by 2.04% and Axis Bank down by 1.53% were the top losers on the Sensex.

The Nifty was trading at 17,684.75 down by 46.00 points or 0.26% after trading in a high-low range of 17,811.50 and 17,678.90. On the index, 20 stocks were advancing, against 30 stocks declining.

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The top gainers on Nifty were JSW Steel up by 2.10%,  Tech Mahindra 1.96%, Dr. Reddy’s Lab 1.66%, Maruti Suzuki 1.65% and Tata Motors Limited 1.48%. Nestle down by 2.51%,  Hindustan Uniliver by 2.39%,  Kotak Mahindra Bank by 2.38%, Britannia Industries by 2.09 and UPL by 2.03% were the top losers on the index.

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Asian markets were trading mostly higher, the Nikkei 225 rose 1.16%, the Hang Sang rose 0.87%, the KOSPI Composite rose 0.19%, while the Shanghai Composite rose 0.74%.