Sensex drops over 300 pts; Nifty below 17,300 dragged by auto, banking and IT stocks

After the bullish get started all through early bells on Wednesday, Indian marketplaces prolong losses throughout the afternooon buying and selling session with benchmark Sensex erasing down below 57,700-mark and Nifty 50 supplying up on 17,450-stage so much in the day. A broad-primarily based selloff was recorded throughout the baskets with banking and financials, vehicle and IT shares nosediving the most. Amongst sectors, car, bank, IT indices are trading in the crimson, even though pharma and electricity indices up 1 for every cent every single to hold  the gains.

At all around 1:15 PM, Sensex was trading at 57,670.59 lessen by 318.71 points or .55%. The index has dropped to the day’s small of 57,621.42.

Nifty 50 executed at 17,239.85 lessen by 75.65 details or .44%. The benchmark has hit an intraday low of 17,215.20.

Nifty Pharma, PSU Lender, media, metal stocks ended up among the gainers so significantly nowadays. FMCG sector main ITC stocks in emphasis nowadays as it inches in direction of 52-week higher.

Best bulls on Nifty 50 were being – Dr Reddy’s (+3.6%), Divis Lab (+2.3%), Hindalco, ITC and UPL.

Top rated bears on Nifty 50 ended up – Bharti Airtel, Hero MotoCorp, HDFC, Kotak Financial institution, Britannia tumbling amongst 1.5-2%.

This week marketplaces sentiment will be influenced by Inflationary strain, crude oil charges, RBI’s MPC meeting, Russia-Ukraine war, US inflation details and other global indices effectiveness.