Sensex 600 pts down; IT, Auto, Realty drag Nifty below 17,400
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Indian share markets follow global cues and trade lower. The BSE Sensex is down 540 points, while the Nifty is trading lower by 181 points.

Asian stock markets are lower today on expectations that the Fed will soon start draining the massive liquidity that has fueled the huge gains in growth stocks in recent years.

What made investors more nervous were concerns about a possible Russian attack on Ukraine with the US State Department pulling out family members of its embassy staff in Kyiv.

The Hang Seng is down 1.1% while the Shanghai Composite is up 0.1%. The Nikkei is trading on a flat note.

In US stock markets, Wall Street indices fell on Friday, with the Nasdaq posting its fourth straight day of declines after a weak forecast from Netflix sent its shares along with other streaming companies spiraling lower.

Inflation fears and concerns about the impact of higher interest rates also dampened investor sentiment.

The Dow Jones Industrial Average fell 450 points, or 1.3%, while the technology-focused Nasdaq Composite dipped 2.7% or 385 points.

Back home, Indian share markets are trading on a negative note.

The US Fed’s meeting is scheduled on Tuesday and Wednesday which will have a huge impact on the markets globally.

Meanwhile, as the Union Budget 2022-23 nears (scheduled for 1 Feb 2022), Indian share markets are likely to exert volatility as they have historically been volatile with negative bias in the fortnight preceding the presentation of the budget.

Market participants will track shares of Axis Bank, SBI Cards, HDFC AMC Indian Energy Exchange (IEX), and Zensar Technologies as these companies will announce their December quarter results today.

The BSE Sensex is trading down by 540 points. Meanwhile, the NSE Nifty is trading lower by 181 points.

IndusInd Bank is among the top gainers today. Bajaj Finance and Wipro, on the other hand, are among the top losers today.

Broader markets are faring worse compared to benchmark indices. The BSE Mid Cap index is down 1.7% while the BSE Small Cap index plunged 2.2%.

All sectoral indices are trading in red with stocks in the metal sector and IT sector witnessing most of the selling.

Shares of Adani Transmission and Cholamandalam Investment hit their 52-week highs today.

The rupee is trading at 74.42 against the US$.

Crude oil prices jumped today as geopolitical tensions in Eastern Europe and the Middle East heightened concerns about an already tight supply outlook, while OPEC and its allies continued to struggle to raise their output.

Gold prices are trading up by 0.3% at ?48,392 per 10 grams.

Meanwhile, silver prices are trading down by 0.9% at ?64,691 per kg.

Gold is higher today as investors await the US Federal Reserve's meeting for confirmation on its interest rate hike path.

Meanwhile, concerns over inflation and Russia-Ukraine tensions kept bullion's safe-haven allure intact.

Gold is seen as an inflationary hedge but is highly sensitive to rising US interest rates, which increases the opportunity cost of holding non-interest-bearing bullion.

In global markets, spot gold was flat at US$1,833.36 per ounce while US gold futures were up 0.2% to US$1,834.70.

Last week in India, gold was sold at a discount as a rise in domestic prices dulled demand and jewelers looked ahead to the annual budget.

Bandhan Bank and ICICI Bank are among the top buzzing stocks today.

Private lender Bandhan Bank on Friday reported a 36% rise in its net profit at ?8.6 bn for the quarter ending December 2021. The lender had reported net profit of ?6.3 bn in the year-ago period.

ICICI Bank reported a 25% YoY rise in standalone net profit at ?61.9 bn on top of a 23% jump in net NII at ?122.4 bn.

ICICI Bank’s net NPA ratio declined to 0.85% from 0.99% in the preceding quarter, the lowest since March 2014.

The bank said it is the market leader in electronic toll collections through FASTag, having a market share of 39% by value in electronic toll collections with a 42% growth in collections.
 

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