Equity Indices in the Red amid Weak Global Cues

Equity Indices in the Red amid Weak Global Cues

Equity benchmark indices traded lower during early hours on September 22 while Asian markets opened weak after the sharp pullback overnight in US stocks.

At 10:15 am, the BSE S-P Sensex was down by 301 points or 0.79 per cent at 37,733 while the Nifty 50 moved lower by 66 points or 0.59 per cent at 11,184.

All sectoral indices at the National Stock Exchange were in the negative terrain with Nifty realty dipping by 4.6 per cent, PSU bank by 3.2 per cent, metal by 2.9 per cent and auto by 2.3 per cent.

Among stocks, energy major GAIL was the top loser after sliding 4.9 per cent to Rs 83.85 per share.

Adani Ports fell by 4.5 per cent and Tata Motors by 4 per cent.

Tata Steel, Hindalco, ONGC, Bajaj Finance, Zee Entertainment and Bharti Infratel too traded lower by over 3 per cent.

However, Tata Consultancy Services and ICICI Bank were in the green with thin margins.

Meanwhile, Asian markets opened weak even after the sharp pullback overnight in US stocks.

Investor sentiment took a hit with possible delays in expanded US stimulus.

The undertone remained cautious as Europe sees some countries lockdown for the second time as COVID-19 cases jump which could hurt economic activity.

Hong Kong shares of HSBC and Standard Chartered fell more than 2 per cent each as global banking stocks remained under intense pressure on reports about financial institutions allegedly moving illicit funds.

MSCI's broadest index of Asia Pacific shares outside Japan was down by 0.5 per cent.

Hong Kong's Hang Seng index was down by 0.5 per cent while Japanese markets were closed for a public holiday.