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Nifty slips below 10,500 mark on weak global cues; PSU banks drag

Indices extended losses tracking weakness in global peers and due to selling pressure in banking, financials, metal and media stocks.

Subdued trend across most global markets coupled with persistent weakness in banking stocks dragged Indian equity indices lower at the start of the session.

Global markets snapped the recent winning streak after comments from US Federal Reserve Chair Jerome Powell stoked fears of a faster pace of interest rate hikes in the US.

At 10:09 AM, the BSE Sensex was trading at 34,143, down 203 points, while the Nifty50 index was trading at 10,493, down 71 points.

The BSE Midcap Index slipped 0.50% and the BSE Smallcap Index was down 0.40%.

PNB’s stock slumped over 4%, dragging the Nifty PSU Bank index over 2%.

Shares of Hindustan Petroleum Corp, down 3.5% as they traded ex-dividend.

Cipla’s stock, up 1%, was the top gainer on the Nifty50 index. The company entered into an agreement with Roche Pharma under which Cipla will promote and distribute Tocilizumab (Actemra) and Syndyma, the 2nd brand of Roche’s cancer therapy, bevacizumab (Avastin) in India.

Bharat Forge said it has completed divestment of balance 26% stake in power equipment JV with GE, Alstom Bharat Forge Power Pvt Ltd. Stock slipped 1%.

All sectors except Pharma and IT are in the red led by PSU banking, financial, media, realty, FMCG, automobile and Bank Nifty sectors.

Volatility index India VIX rose 1.59% to 14.1450.

Cipla (+1.3%), UPL (+1%), GAIL (+0.75%), Sun Pharma (+0.72%) and Dr.Reddy’s (+0.61%) were the top gainers on Nifty50.

ICICI Bank (-2.5%), Vedanta (-1.9%), Hindalco (-1.7%), Yes Bank (-1.7%) and SBI (-1.5%) were the top losers in today’s trade.

Out of 2,002 stocks traded on the NSE, 378 advanced, 1,212 declined and 412 remained unchanged today.

A total of six stocks registered a fresh 52-week high in trade today, while 41 stocks touched a new 52-week low.