Opening bell: Market breadth is poor, and benchmarks trade with a sharp fall
The Nifty 50 index futures market on the Singapore stock exchange suggests the Nifty could drop 283 points at the opening bell.
Asian stocks are trading lower on Friday after the Dow Jones Industrial Average fell to its lowest level since 2020 overnight on Wall Street. Following the Nasdaq Composite's over 5% plunge overnight in the United States, technology firms across the area fell sharply. The Bank of England raised interest rates to their highest level since the financial crisis on Thursday, warning that the economy is on track to contract due to double-digit inflation. Six of the bank's nine policymakers voted in favour of raising the rate to 1% from 0.75%, with three opting for a 50-basis-point hike.
At 9:40 AM, the BSE Sensex slipped by 660 points and is trading at 55,041.67 levels. The BSE MidCap also moved downwards by 377 points and is trading at 23,239.36 levels. The BSE SmallCap has decreased by 485 points and is trading at 27,188.29 levels. The stocks trading in the green on the BSE Sensex are Mahindra & Mahindra, Reliance Industries, and ITC.
The Nifty 50 index opened in red today falling by 224 points and is now trading at 16,458.60 levels. Bank Nifty similarly is plunged, up by 568 points and is trading at 34,664.70 levels. The gainers on Nifty 50 are Hero MotoCorp, Mahindra & Mahindra, Reliance Industries, ITC, and Coal India.
The market outlook is positive as out of 2,841 stocks traded, the numbers of stocks advanced are 447 and 2,318 stocks have declined in the morning session. Also, 70 stocks are locked up in the upper circuit and 174 stocks are locked in the lower circuit today, 39 stocks are trading at 52-week high and 77 stocks are trading at a 52-week low.
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