Global cues, inflationary concerns dent equities; IT stocks fall

IANS


A sell-off in the Asian markets along with mixed early corporate results subdued India’s key equity indices during the afternoon trade session on Thursday.

Besides, inflationary concerns due to high transportation fuel prices dented sentiments.

In contrast, the two key indices — S&P BSE Sensex and NSE Nifty50 — had a gap-up opening.

The 30-scrip sensitive index opened at 61,557.94 points from its previous close of 61,259.96 points.

Besides, the NSE Nifty50 opened at 18,382.70 points from its previous close of 18,266.60 points.

However, soon afterwards both the indices ceded much of their gains and traded flat.

At 12.30 p.m., the 30-scrip sensitive index traded at 60,745.94 points, down 514.02 points or 0.84 per cent.

Similarly, the NSE Nifty50 traded lower. It fell to 18,136.75, down 129.85 points or 0.71 per cent.

Among sectors, consumer durables and IT fell the most whereas oil and gas’ stocks rose.

“Volumes on the NSE are a bit subdued while the advance decline ratio has improved compared to the past two days and is currently even,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Nifty could see slower pace in its fall and intermittent attempts to bounce up.”

According to Gaurav Garg, Head of Research at CapitalVia Global Research: “The Indian Benchmarks has cut some of its losses in the late morning session. Negative cues from other Asian markets impacted the domestic sentiments.”

“The losses were led by shares of information technology companies and Index major Reliance Industries. Losses got cut, as the Indian economy revives from the global pandemic gains through nationwide rapid vaccination drive.”