Nifty & Sensex Trading Lower, IT & Oil Stocks' Share Fall Sharply

Indian benchmark indexes are trading lower today, on September 2. The Nifty 50 stood at 17,508.10 points, and Sensex stood at 58,621.85 points, till 10.24 am today. Nifty & Sensex opened green today but plunged later on weak global cues. The IT and oil stocks tumbling significantly. Meanwhile, Asian stock markets are also down today. Nikkei stood at 27,665.28 points up only by 0.014%, while Kospi stood at 2,422.20 points up by 0.27%, but Hang Seng Index stood at 19,475.78 points falling by 0.62%. On the other hand, S&P 500 is up by 0.30%, while Nasdaq Composite is down by 0.26%, at the time of writing.

Major indexes like Nifty PSU Bank fell by 0.32%, Nifty Private Bank is down by 0.055%, Nifty IT is down by 0.060% Infosys share price down by 0.68%, and Wipro is down by 0.27%. On the other hand, Oil & Natural Gas Corporation Limited (ONGC) is down by 1.41%, and Bharat Petroleum Corporation Ltd is down by 1.40%.

Zomato, Idea, Yes Bank, JP Power, NTPC, SAIL are some of the most active equities today. HDFC Life, Apollo Hospitals, M&M, NTPC, Adani Ports, Titan, Maruti are top gainers. However, Shree Cement is a top loser today, the company is out of Nifty 50 list. Adani Enterprises already replaced Shree Cement in the Nifty 50.

Nifty Next 50 and Nifty Smallcap 100 have gained by 0.25% and 0.47% respectively. Nifty Microcap 250 gained by 1.22%, while Nifty 100 dropped by 0.32% today.

Fresh 52-week high stocks

The top 5 stocks to reach 52-week high level on NSE in intra day trading are Omax Autos Limited up by 20%, Celebrity Fashions Limited with a 13.08% gain, Reliance Power Limited with a 10.42% gain, Paramount Communications Limited with a 9.95% gain, and Royal Orchid Hotels Limited with a 9.31% gain. Additionally, Hindustan Aeronautics Limited is up by 4.45%, in the intra day trading, to hit fresh 52-week high-level today.

Fresh 52-week low stocks

The top 3 stocks to reach 52-week low level on NSE are CSL Finance Limited with a 2.72% intra day fall, Kaveri Seed Company Limited with a 0.73% intra day fall, andSportking India Limited with a 0.97% fall.

The major reason the stock markets are down this week, is Fed Chair Jerome Powell's hawkish comments against inflation. The Fed is expected to raise its rate by up to 75bps, which will again push the US Bond yield higher. The commodity markets are also facing major downturn.