Markets dip amid weak cues; Sensex below 58,600, Nifty 50 under 17,500; IT, Consumer Durables worst hit; Wipro, Tech Mahindra, Infosys, Titan, Bajaj twins weigh

24 Jan 2022 , 09:50 AM

Indian markets corrected steeply on Monday tracking weak global cues. A broad-based selloff was recorded across sectoral indices with consumer durables and IT stocks taking the most beating. Banking, metal and pharma stocks also contributed to dragging the benchmarks. Investors await major corporate earnings after Reliance Industries and ICICI Bank announced their Q3 financial performance. Further, the trading week ahead of the Union Budget 2022-23 has begun and will be among major movers in markets sentiment.

At around 09.44 am, Sensex was trading at 58,598.37 lower by 438.81 points or 0.74%. The index has touched an intraday low of 58,383.70.

Nifty 50 traded at 17,478 below 139.15  points or 0.79%. The index has touched the day’s low of 17,403.45.

In terms of sectoral indices, on BSE, the Consumer Durables and IT index nosedived by more than 1,000 points and 850 points respectively. The Bankex, Healthcare and Metal index dipped between 2-2.5%.

Top bulls on Sensex were – IndusInd Bank, Sun Pharma, ICICI Bank, NTPC and Power Grid.

Top bears on Sensex were – Wipro, Tech Mahindra, Infosys, Asian Paint, Titan, Bajaj Finserv, Bajaj Finance, Tata Steel, HCL Tech, Ultratech Cement.

Today, ICICI bank results could see some pullback in banks as results beat the street on all counts.

Major Q3 earnings today are – Axis Bank, HDFC Asset Management Company, Apollo Pipes, Apollo Tricoat Tubes, Burger King India, Cera Sanitaryware, Indian Energy Exchange, Ramco Cements, SBI Cards and Payment Services, Shriram Transport Finance, Steel Strips Wheels, Supreme Industries, and Zensar Technologies among others.

Asian markets traded on a weaker note following cues to technology stocks sell-off in the US. Chinese rate cut has seen the Hong Kong market react positively with the index seeing gains for 2nd week after seeing a huge sell-off in the last 3 months.

Overnight, on Wall Street, US markets logged no let-up with the worst week since March 2020 as Dow Jones falls another 400 points while Nasdaq now corrects over 14% from November highs. Bond yields hold near 1.77% even as oil sees rebound as colder weather & low US inventories see demand rise. Federal Reserve action this week will dictate the outcome of the expected March rate hike which could see bonds & stocks react to near & longer term.