Sensex, Nifty open flat with negative bias, auto & bank stocks crack
Sensex declined 83 points or 0.14% to 57,613 while the Nifty was quoting at 17,206 higher by 9 points or 0.06%.
Domestic benchmark indices opened flat with a negative bias mirroring trends in Asian markets as investors weighed uncertainties about the omicron variant and looked to U.S. inflation data amid the Federal Reserve’s hawkish tilt. In opening traders, Sensex declined 83 points or 0.14% to 57,613 while the Nifty was quoting at 17,206 higher by 9 points or 0.06%.
Top gainers & losers
Top gainers & losers on the Sensex.
Sectoral strand
Most sectoral indices opened in the red on the NSE. The Nifty Auto index was the highest loser slipping almost a per cent, followed by Nifty Bank fell 0.57%. Nifty IT, Nifty FMCG, Nifty Metal, Nifty Pharma were down anywhere between 0.3-0.5%.
The volatility gauge India VIX spiked by 2.03% to 18.45 levels.
Broader markets
Unlike benchmark indices, broader markets were trading with gains as the BSE MidCap index advanced 72 points or 0.29% to 25,255 while the BSE SmallCap index was trading at 28,505 higher by 83 points or 0.30%.
The market breadth was positive as 1,585 shares advanced and 1,037 declined and 143 remained unchanged.
Global markets
Overseas, Asian stocks are trading lower on Monday as Omicron emerged in more countries and investors faced a week-long wait for key U.S. inflation figures that could settle the course of interest rates.
Wall Street’s major indexes closed lower on Friday, with the Nasdaq leading the declines as investors bet that a strong jobs report would not slow the Federal Reserve’s withdrawal of support while they grappled with uncertainty around the Omicron coronavirus variant.
US employers added 210,000 jobs last month, a U.S. Labor Department report showed Friday. But average hourly earnings over the past 12 months rose 4.8%, the unemployment rate dropped to 4.2%, and the workforce grew by the most in 13 months.
The World Health Organization on Friday said the Covid omicron variant has been detected in 38 countries, up from 23 two days ago, with early data suggesting the strain is more contagious than delta.