Indian equity benchmarks continued to trade in red in noon deals as investors appeared selling Realty, Metal and Healthcare stocks, with Sensex and Nifty plunging by 400 and 132 points, respectively. Markets faced a downside as a private report stated that retail inflation in India accelerated to a five-month high of 7.30% in September due to surging food prices.

Inflation stayed above the Reserve Bank of India’s (RBI) upper tolerance band for the ninth month in the series. However, markets once trimmed some of their losses with Prime Minister Narendra Modi’s statement that inflation in India is much lower than that in developed countries.

Also Read: TCS shares fall over 2% despite reporting 8.4% rise in Q2 net profit

The Sensex was trading at 57,614.22, down by 376.89 points or 0.65% after trading in a range of 57,467.41 and 58,027.52. On the index, only 6 stocks were advancing and 24 stocks were declining.

The broader indices were trading in red with the BSE Midcap index down by 0.26% and the Small-cap index down by 0.06%.

Also Read: Semiconductor shares fall as US expands technology curbs on China

The two gaining sectoral indices on the BSE were Bankex up by 0.22%, Capital Goods up by 0.07%, Power up by 0.03%, while on the flip side, Realty was down by 1.31%, Metal was down by 1.24%, Healthcare was down by 0.72%, Consumer Durables was down by 0.66% and TECK was down by 0.63%. 

Also Read: Indian rupee falls 1 paisa to 82.41 against US dollar

The top gainers on the Sensex were Asian Paints by 2.21%, Axis Bank by 1.79%, Wipro by 0.64%, Bajaj Finserv by 0.62% and Ultratech Cement by 0.50%. On the flip side, Dr Reddy’s Lab was down by 2.47%, Indusind Bank was down by 1.96%, Titan Co was down by 1.26%, TCS was down by 1.25% and Tech Mahindra was down by 1.25%.

Also Read: Asian markets fall as technology stocks drag down benchmarks

The Nifty was trading at 17,125, down by 114.25 points or 0.65% after trading in a range of 17,102.20 and 17,261.80. On the index, 8 stocks were advancing against 42 stocks declining.

The top gainers on Nifty were Asian Paints up by 2.13%,  Axis Bank up by 1.82%, Adani Enterprises up by 1.21%, Power Grid Corp up by 0.89% and Bajaj Finserv up by 0.33%. Whereas Divi’s Lab was down by 3.77%,  Indusind Bank was down by 3.29%, Eicher Motors was down by 2.85%, Dr Reddy’s Lab was down by 2.62%, and JSW Steel was down by 2.24%.

Also Read: Stocks to watch on Tuesday, October 11, 2022

Asian markets were trading lower; Straits Times advanced 1.19 points or 0.04% to 3,108.66, Jakarta Composite lost 14.24 points or 0.2% to 6,980.16, and Hang Seng was down by 300.99 points or 1.75% to 16,915.67