Sensex, Nifty subdued in morning trades; Pharma, Oil & Gas stocks buck trend

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Sensex, Nifty subdued in morning trades; Pharma, Oil & Gas stocks buck trend

Photo : iStock

Domestic benchmark indices opened 0.6% lower after a weak handover from US markets with S&P 500 slipping 1% after a two-day winning streak. Asian markets fell Thursday as a rally in oil ramped up inflation fears, with top officials warning of more pain to come as the Ukraine war continues to push prices up and put further pressure on the global economy.

At 9.27 am, the S&P BSE Sensex was at 54,700 levels, down 193 points or 0.30% after opening at 54,514.17 while the broader CNX Nifty50 index was at 16,293, down almost 63 points or 0.31% after opening at 16,264 levels.

Dr Reddy, ONGC, Cipla, Reliance and Bajaj Auto were the top Nifty gainers at this hour while Grasim, Bajaj Finance, Britannia, PowerGrid, and Bajaj Finserv were the top laggards.

“Technically, more than opening or intraday price movement, the closing action is very important and the way we closed around the lower range yesterday, it does not augur well for the bulls. However, since 16300 is still defended on a closing basis, we continue to remain hopeful. For the coming session, 16300 – 16260 should be seen as key supports and only a breach of the same would resume the recent downtrend. On the flipside, 16500 remains a sturdy wall and till the time, we do not surpass it convincingly, bulls would not have any conviction in their moves,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd.

Broader markets performed in line with top line indexes; Nifty Midcap 100 and Nifty Smallcap 100 indexes were down 0.30-0.45% at this hour.

Nearly all sectoral gauges were in the red zone with the exception of Nifty Pharma, Healthcare and Oil & Gas indexes.

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