Sensex, Nifty50 decline as IT, metal and auto stocks plummet

• India’s benchmark indices Sensex and Nifty50 fell by nearly 1% each on Monday morning amid negative cues from global markets.
  
• IT, metal and auto sectors witnessed the most decline, while the realty sectoral index was the only one in the green in the first hour of trading today.
  
• SGX Nifty, an early indicator of how the markets may perform, was down 0.17% or 30 points early in the morning today.
  

India’s benchmark indices Sensex and Nifty50 fell by nearly 1% each on Monday morning amid negative cues from global markets. IT, metal and auto sectors witnessed the most decline, while the realty sectoral index was the only one in the green in the first hour of trading today.

SGX Nifty, an early indicator of how the markets may perform, was down 0.17% or 30 points early in the morning today.

As of 10:15 a.m. on Monday, the 30-stock Sensex was down 0.9% or 490 points to 58,366, while the 50-stock Nifty50 was down 0.9% or 155 points to 17,311.

Top gainers and losers on Nifty50


Source: NSE, as at 10:15 a.m., February 27, 2023

Earlier last week, Indian markets continued to witness heightened volatility amid increased fears of further rate hikes by the US Fed and consequently the Reserve Bank of India. While Sensex fell 2.91%, Nifty50 declined 2.61% last week.

US markets singe on hot inflation

Markets in the US singed on Friday due to hot inflation numbers raising fears of another rate hike by the US Fed. While the S&P 500 fell 1.05%, Dow Jones Industrial Average fell 1.02%. The tech-heavy Nasdaq fell 1.69%.

Most Asian markets were trading in the red on Monday morning, with KOSPI falling the most at 0.83%, followed by Taiwan Weighted which was down 0.72%. Nikkei 225 fell 0.18%, while Hang Seng was flat. Shanghai Composite was the only gainer at 0.22%.

Stocks to watch

Adani Ports & SEZ: The company’s cargo volumes have crossed 330 million metric tonne (mmt) in 329 days, beating its own milestone from last year of 354 days. Mundra continues to be the largest port in the country in terms of volumes handled.

SpiceJet: The low cost carrier posted a 162% surge in net profit to ₹110 crore for the December quarter compared with ₹42 crore last year aided by a robust performance in its passenger and cargo business.

InterGlobe Aviation: More than 50 planes of Indigo and Go First are on the ground due to Pratt and Whitney engine woes amid persisting supply chain issues.

Edelweiss Financial Services: The company has received shareholders approval to demerge its wealth management services business paving way to list Nuvama Wealth Management.

One 97 Communications (Paytm): Ant Group Co is considering selling some of its shares in the financial services company to keep its holding within a required threshold, according to reports.

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