Share Market News Today | Sensex, Nifty, Share Prices LIVE: Indian equity markets opened in the red amid dull global cues. Benchmark indices NSE Nifty 50 declined 100 points to trade below 17,550 levels and the S&P BSE Sensex dropped 400 points to trade at 58,769 levels. Broader markets, however, outperformed benchmark indices as Nifty Midcap 100 and Nifty Smallcap 100 gained upto 0.2%. Bharti Airtel, IndusInd Bank, HDFC pulled the indices down, while HUL, Dr Reddy’s, Nestle India helped trim losses. All sectors witnessed selling with Nifty IT, Nifty Bank, and Nifty Realty battered in early morning trade.

“There are near-term strong headwinds for risky assets, globally. Bonds are in a strong bear market. US 10-year yield at 3.34 % and dollar index above 110 are strong headwinds for capital flows to EMs like India. FPIs are buying in the cash market but hedging through increasing short positions in the derivatives market. High volatility with downward bias is in store for the markets in the near-term. When globally equities correct, India too will correct. But India will fall less since falling crude, decent economic growth, impressive corporate earnings and retail investor enthusiasm will support the market at lower levels. Domestic economy-facing segments like banks, autos, capital goods, telecom and FMCG are relatively strong sectors.”

In the pre-opening session, Sensex is down 384.79 points or 0.65% at 58812.20, and the Nifty shed 146.40 points or 0.83% at 17509.20.

The benchmark indices witnessed range bound trading session. The Nifty ended 13 points lower while the Sensex shed 64 points. Among sectors, metal and energy stocks outperformed as both indices gained over 1 per cent, whereas some intraday profit booking was seen in selective FMCG and private banks stocks. Technically, the index opened with a strong note, but once again it witnessed profit booking near important resistance level, 17750/59500. Currently, Nifty, Sensex index is consolidating near 20 day SMA (Simple Moving Average).

“Domestic equities are likely to join the global market slump in early trades Wednesday, amid recurring worries of major central banks tightening interest rates to tackle rising inflation that could result in global slowdown. Also, recession fears are getting stronger after Russia continued to discontinue crucial oil supply to European nations. Besides, strengthening dollar, hawkish Fed bets and a new Covid-19 lockdown in China could also weigh on sentiment. Technically, Nifty may wobble with key support being at 17401.”

Bears may maintain their dominance on Dalal Street ahead of weekly F&O expiry day. Ahead of today’s session, SGX was in the red hinting at a negative start for NSE Nifty 50, BSE Sensex. In the previous session, markets settled almost unchanged amid high volatility in absence of any major trigger. Nifty oscillated in a range and finally settled at 17,655.60. Most sectoral indices traded in sync with the benchmark wherein metal, energy and infra pack witnessed decent traction. “Markets are still in a range and rotational buying across sectors is helping the index to hold strong amid mixed global cues. Since all the sectors, barring IT, are contributing to the move, the focus should be more on stock selection,”

Nifty futures were trading 202.5 points, or 1.15 per cent lower at 17,472.50 on the Singapore Exchange, signaling that Dalal Street was headed for a negative start.