Stock Market Update: Important equity indices opened in the red on Thursday, driven down by the index heavyweight Reliance, banking, auto, and IT firms, amid negative market indications from around the world and ahead of US inflation data.
The BSE Sensex was down 327 points, or 0.54%, at 60,706 at 9:17 a.m. Nifty50 was down 104 points or 0.58%, trading at 18,052.
What if inflation print is greater than anticipated?
“The market is cautiously poised in anticipation of the significant US inflation data anticipated today. A CPI report that is lower than anticipated will start a global market rally.
The markets may again become risk averse if the inflation print is greater than anticipated, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Stock Market Update: Here’s the latest increase and decrease in stock
Axis Bank, Tech Mahindra, M&M, UltraTech Cement, Maruti, and Tata Steel were the top losses among Sensex stocks, falling between 1-2.5%. Additionally, Asian Paints, ICICI Bank, HDFC, Reliance, and HDFC Bank opened lower. But Bharti Airtel, Dr. Reddy’s Labs, HUL, Power Grid Corp, HCL Tech, and Nestle also saw increases on the opening day.
Nifty Auto dropped 1.32% while Nifty Consumer Durables dipped 0.57% sectorally. Nifty Healthcare and Pharma indexes opened higher. In contrast, the Nifty Midcap50 and Smallcap50 lost 0.08% and 0.16%, respectively, in the larger market.
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