Sensex, Nifty50 back in the red on weak global cues; TCS, Infosys, Maruti, M&M among top laggards

• IT and auto sector stocks were among the top losers in the Sensex.
• SGX Nifty, an early indicator of how the markets may perform, was down 0.25% or 44 points early in the morning today.
• Hero MotoCorp, Maruti Suzuki, Tata Motors, Adani Enterprises are amongst stocks to watch today.

India’s benchmark indices Sensex and Nifty50 slipped back into the red on Thursday early trade, after snapping an 8-day losing streak on Wednesday.

Due to weak global markets and foreign fund outflows, BSE Sensex declined 145.4 points to 59,265.68. The NSE Nifty dipped 47.95 points to 17,402.95.

From the Sensex pack, Tata Consultancy Services, Infosys, Maruti, Axis Bank, Mahindra & Mahindra, Tech Mahindra, Tata Motors, Nestle, Asian Paints and Bajaj Finance were the major laggards.

Bajaj Finserv, Larsen & Toubro, Tata Steel and UltraTech Cement were the gainers.

Rising interest rate hike fears dampen market sentiments

Rising fears of another rate hike by the US Fed and other central banks dampened market sentiments, with most major markets feeling the heat.

In the US, while the Dow Jones Industrial Average ended almost flat on Thursday, the S&P 500 fell 0.47% while the tech-heavy Nasdaq declined 0.66%. Germany’s DAX declined 0.39%, but FTSE rose 0.49%.

Asian markets were mixed, however. While Shanghai Composite was up 0.16% on Thursday morning, Hang Seng declined 0.77%. KOSPI led with gains of 0.92%, but others like Nikkei 225 and Taiwan Weighted were marginally down.

Stocks to watch

Hero MotoCorp: The market leader in the two-wheeler space reported a 10% year-on-year rise in its sales to 3.94 lakh units, but stated that its exports declined 54.7% during the period.

Maruti Suzuki: The carmaker reported a 5% YoY increase in its total sales to 1.72 lakh units.

Tata Motors: It reported a 2.5% YoY increase in sales to 79,705 units during the month.

Adani Enterprises: The Supreme Court is scheduled to deliver its verdict in the batch of petitions filed asking the court to look into setting up a panel to look into the issue.

RVNL: The state-run company emerged as the lowest bidder to manufacture and maintain Vande Bharat trains.

(With inputs from PTI)

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