Opening movers: Markets trade marginally lower after FED remarks; IT, Pharma, and Oil and Gas stocks plunge

On Thursday morning, the benchmark equity indices opened on the lower side as the US markets fell slightly owing to the rate hike remarks from the Federal Reserve.

The Federal Reserve on Wednesday said that even though the inflation seems to be cooling off as per July’s CPI data, the pace of tightening will solely depend on the market conditions. The Asia Pacific markets are also showing a bearish trend as the Japanese Nikkei Composite index dipped by 0.90% and China’s Shanghai Composite is lower by 0.48%. Hong Kong’s Hang Seng index is trading lower by 0.63%. 

The US Equity indices ended lower on Wednesday with The Dow Jones and S&P 500 dropping by 0.50% and 0.72%, respectively, whereas the tech-heavy Nasdaq index plunged by 1.25%.

The Sensex is at 60,170.09, down by 41.68 points or 0.07% whereas the Nifty 50 is trading at 17,936.55, down by 5.45 points or 0.03%, since the last trading session. Meanwhile, the Nifty Bank is up and trading higher by 0.28% at 39,572.70

BSE Midcap was trading at 25,320.45 up by 0.55% and BSE Smallcap was at 28,499.81 up by 0.55%. The top gainers of BSE Midcap were Bajaj Holdings, Adani Power, 3M India, BHEL, and Jubilant Foods. Whereas the shares of Zee Entertainment Enterprises, Rajesh Exports, Mphasis, Shriram Transport Finance, and Biocon were pulling down the index.

The top gainers on the frontline indices this morning were Kotak Mahindra Bank, SBI, Hindustan Unilever, Power Grid Corporation of India, and Bharti Airtel. Whereas the top losers were Dr Reddy’s Laboratories, Sun Pharmaceuticals Industries, Wipro, Reliance Industries, and Infosys.

On the BSE, 1853 shares have advanced, 1024 shares have declined and 147 are unchanged. Also, 156 stocks have hit their upper circuit and 60 stocks have hit their lower circuit.

The top trending stocks on BSE, this morning are ABB India, Adani Enterprises, Adani Power, Apollo Tyres, Devyani International, and Eicher Motors.

On the sectoral front, only BSE Realty is bullish and up by 0.92%, whereas BSE IT, BSE Energy, BSE Oil & Gas, and BSE Healthcare were trading in the red.