Markets open lower, NIFTY50 below 22,100, Paytm hits upper circuit, OMC stocks fall up to 5%
Upstox
2 min read • Updated: March 15, 2024, 10:13 AM
Summary
Indian markets opened lower taking cues from its global peers. While the broader indices continued their recovery after Wednesday's steep fall. NIFTY Realty and Media are top sectoral gainers in the early morning trades, while the Oil and Gas index sheds 1.38% after the government slashed petrol and diesel prices by ₹2 per litre.
Indian markets opened 0.4% lower taking the cue from their Asian peers and major global markets. The NIFTY50 opened at 22,064 levels and SENSEX opened 72,886.
The US markets closed 0.3% lower due to higher-than-expected producer price inflation. Among Asian markets, Hong Kong experienced a significant 2% decline, while Japanese markets traded marginally lower.
In the domestic market, developments such as stress test results from mutual fund companies regarding mid-cap and small-cap schemes, along with the Election Commission's release of donor lists to political parties, could influence market movements.
In commodities, MCX Gold rose by 100 points to 65,703 levels, while MCX Silver saw a 0.32% increase to 75,472 levels. However, WTI crude traded lower by 0.2% on MCX at 6,728 levels..
Broader market indices opened positive but gave up gains amid weak market sentiments. The NIFTY Midcap 100 is currently trading 0.9% lower at 46,448 levels, while the NIFTY Smallcap 100 is also 0.8% lower at 14,669 levels.
On the sectoral Indices front, NIFTY Realty & Media are the top sectoral gainers at the open with 1.5% & 0.9% gains respectively. While NIFTY IT and Oil & Gas are the top sectoral losers at the open with -0.7% & -0.6% losses respectively.
Stocks in focus
Oil Marketing Companies like BPCL, HPCL and IOC declined 2 to 3% after a cut in petrol and diesel prices by ₹2/ltr effective March 15.
Paytm gets NPCI nod for Third-Party Application Provider. Following the announcement, Paytm shares are locked in 5% upper circuit in early morning trades.
Wipro signed an agreement with Desjardins to modernise consumer banking services. Wipro shares traded 0.5% lower today.
Indigo introduces 11 new codeshare routes across Australia in pact with Qantas Airways
RailTel gets work order worth ₹113.46 crore from Odisha Computer Application Centre. The stock is up 4.1% after the order win.
Tata Steel Board to meet on 19 March to approve fund raising. Shares are down 0.53% today.