Markets witness cautious tone amid mixed global cues; Nifty above 18k-mark

Indian markets traded lower on Wednesday, erasing gains recorded in previous session. IT, Auto, Consumer Durables stocks dragged the benchmarks Sensex and Nifty 50. Investors are betting cautiously ahead of US Fed policy outcome later in the day. Also, corporate earnings for Q2 of FY23 will be keenly observed. 

At around 9:36 AM, Sensex was trading at 61,066.36 down by 54.99 points or 0.09%. The index has touched an intraday high and low of 61,209.65 and 60,980.85 respectively.

Nifty 50 traded at 18,115.90 below 29.50 points or 0.16%. The index has touched an intraday high and low of 18,178.75 and 18,109.40 respectively.

In terms of sectoral indices, on NSE, the IT and Consumer Durables index nosedived more than 100 points each. However, the Banking and Metal, pharma and FMCG index trading in the green with marginal gains.

Bulls on Nifty were – Hindalco surging nearly 2% followed by UPL, Tata Steel, ONGC and Coal India  rising between 0.8-1.2%.

Bears on Nifty were – Bharti Airtel plummeting by over 1.5% followed by Hero MotoCorp, Titan, Infosys and Asian Paints shedding between 0.7-1.1%.

Today, companies that will be in focus ahead of their Q2 numbers are – M&M Financial Services, Adani Transmission, Dalmia Bharat, EIH, GATI, Gravita India, JK Paper, Kajaria Ceramics, KSB, Mahindra Holidays & Resorts India, MTAR Technologies, Procter & Gamble Hygiene & Health Care, Redington, SIS, and Triveni Turbine.

In the early deals, globally, Asian markets opened muted with the Japanese ‘Nikkei’ trading almost flat down 33 points while the Taiwan & South Korean markets traded in the green. On previous session, Hang Seng index which gained over 5% as Chinese stocks rebounded sharply.

Overnight, on Wall Street, US markets logged another day of correction as investors await Federal Reserve policy action with 75 basis points hike built in. Dow Jones closes lower by 78 while Nasdaq loses 97 as markets lighten up before the key event.

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