Domestic stocks open with losses, picking weak global cues

MUMBAI: The domestic markets made losses on Wednesday morning as investors picked up weak global cues, especially with the American markets ending in the red.

The BSE Sensex went down 115 points to 60,811.52 while NSE Nifty 50 declined 45 points to 18,086.75. Some of the most active stocks that gained in morning trade were Tata Teleservices, RVNL and Adani Wilmar while Dhampur Sugar, Nava, Kitex, Coromadel, and Indian Overseas Bank were some of the laggards on BSE.

On NSE, some of the gainers were Powergrid, NTPC, Cipla, UPL and Divislab while Hindalco, Tata Steel, ONGC, Infosys and TCS were in the negative territory during morning trade on Wednesday.

In Asian markets, Japan's Nikkei was down 242 points, Hong Kong's Hang Seng and China's Shanghai SE were trading in the green during morning trade while S&P ASX was down 39 points on Wednesday morning.

In European markets, FTSE rose 3 points, CAC 40 surged 45 points, Deutsche was 54 points while Refinitiv Europe was trading in the green during Wednesday morning.

In American markets, Dow Jones was up 37 points, Nasdaq declined 144 points while S&P 500 was trading 15 points down when Asian markets open on Wednesday morning.

On Tuesday, global cues were positive after China announced further ease in Covid-19 restrictions. The Nifty settled above the 18,100 mark after briefly hitting the day's low of 17,967.45 in the morning trade.

On Wednesday, S&P BSE Sensex advanced 361.01 points or 0.60 per cent to 60,927.43. The Nifty 50 index added 117.70 points or 0.65 per cent to 18,132.30.

Shares of Hindalco Industries were up 6.11 per cent, Tata Steel's shares rose 6 per cent, JSW Steel was up 4.30 per cent, Tata Motors was trading 2.68 in the green and ONGC's shares surged 2.23 per cent.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 4.03 per cent to 15.29. In the foreign exchange market, the rupee edged lower against the dollar on Tuesday.

The partially convertible rupee was hovering at 82.86, compared with its close of 82.65 during the previous trading session.

China will stop requiring inbound travellers to go into quarantine starting from January 8. It will also downgrade the seriousness of Covid-19 as it has become less virulent and will gradually evolve into a common respiratory infection. HEG zoomed 7.91 per cent.

The graphite electrode manufacturer said that it had incorporated a wholly-owned subsidiary company -- TACC -- on December 26, 2022. Khadim India fell 3.12%.

The footwear maker on Monday (26 December 2022) said that its chief executive officer (CEO) Namrata Ashok Chotrani tendered her resignation.