India Indices Drop After 2 Days of Gains on Poor Global Cues, PSU Banks Shine

  • Stock Market News
India Indices Drop After 2 Days of Gains on Poor Global Cues, PSU Banks Shine
Credit: © Reuters.

By Malvika Gurung -- Indian equity benchmark indices made a marginally lower opening on Thursday, tracking weak cues from global peers, with Asian shares tumbling to nine-month lows in early trade today, led by a sluggish recovery in China’s economy.

Investor concerns rose following the US Fed’s minutes of the July monetary policy meeting on a growing possibility of further interest rate hikes by the central bank’s policymakers.

Headlines Nifty50 declined 0.44% to 19,379.9 levels and Sensex lost 269.3 points or 0.42% at 10 am. The benchmark indices fell after gaining for two days in a row.

The Indian market volatility barometer India VIX accelerated up to 4% in the ongoing session and was last seen trading 3.35% higher at 12.54 points.

Sectoral indices listed under the Nifty umbrella traded on a mixed note, with gains led by a sharp uptick in Nifty PSU Bank , followed by Nifty Consumer Durables, while Nifty IT fell the most. Nifty Bank traded 0.07% higher while writing.

Top gainers on the Nifty50 pack included Adani twins - Adani Ports (NS: APSE ) and Adani Enterprises (NS: ADEL ), along with Titan (NS: TITN ), Axis Bank (NS: AXBK ) and SBI (NS: SBI ), while market heavyweights LTI Mindtree (NS: MINT ), ITC (NS: ITC ), PowerGrid (NS: PGRD ), Cipla (NS: CIPL ), and Nestle (NS: NEST ) India led the gains on the headline index.

Adani stocks rose after the US-based investment major GQG Partners bought shares worth $1.1 billion of Adani Power (NS: ADAN ) through block deals on Wednesday.

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