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Indian Indices Erase Gains; Banking & Energy Stocks Under Pressure
Thu, 23 Jun 01:30 pm

Share markets in India have erased all the early gains and are presently trading on a volatile note.

Benchmark indices opened on a firm note today tracking the SGX Nifty trend but turned negative as index heavyweights and top contributors Reliance, HDFC twins among others, slipped into the red.

A rally was seen in global markets following Fed Chair Jerome Powell's statement where he said the US central banks is "strongly committed" to fight inflation.

In opening trade today, the BSE Sensex rallied as much as 600 points while the NSE Nifty topped 15,600-mark.

Presently, the is trading down by 42 points. Meanwhile, the is trading down by 12 points at 15,400 levels.

Broader indices are bucking the trend as the BSE midcap and smallcap index gained 0.4%.

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Sectoral indices are trading on a mixed note with stocks in the energy sector and banking sector witnessing most of the selling.

Auto stocks are trading higher with the BSE auto index gaining 2.4%.

Among individual stocks, Bajaj Auto rose 3% after the company said its board will meet on Monday to further deliberate on the previously deferred share buyback plan.

Meanwhile, Maruti Suzuki hit a three-month high on hopes of improved outlook.

Most metal stocks are trading in green today. Note that many metal stocks have fallen over 50% from their peaks this year.

Tata Steel is down close to 60% after having a record run last year. The company has announced a stock split and a high dividend this year.

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Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about the interest rates hike and what it means for traders, in his latest video.

In the video, Vijay explains the implications of rising interest rates on your portfolio and on your open trades.

Tune in to find out more:

More details to follow in the upcoming commentary.

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Read the latest Market Commentary

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