Markets erase early gains, witness broad-based selloff; Sensex around 61k, Nifty 50 near 18,200; Axis Bank top bull; Maruti, Ultratech, Tech Mahindra, HCL Tech worst hit

18 Jan 2022 , 10:25 AM

Indian markets opened in green on Tuesday however erased their gains and were trading on a bearish note led by the broad-based selloff. The benchmark Sensex has erased the 61,000-mark and Nifty 50 gives up 18,200-level in early deals. Auto stocks were the worst hit followed by IT, Capital goods, Consumer Durables, Pharma and Metal stocks. Banking stocks shrugged off selling sentiments of the broader markets and were the top bull so far today.

At around 10.25 am, Sensex was trading at 61,012.28 down by 296.63 points or 0.48%. The index has touched an intraday high and low of 61,475.15 and 60,948.04 respectively.

Nifty 50 performed at 18,217.40 below 90.70 points or 0.5%. The benchmark has touched an intraday high and low of 18,350.95 and 18,186.20 respectively.

In terms of sectoral indices, on BSE, the Auto index which witnessed a super rally on the previous day had nosedived to nearly 330 points currently. The Healthcare and IT index dipped by 270 points and 250 points. The Capital Goods and Metal index shed 235 points and 170 points. The Consumer Durables dived a little over 100 points. However, the BANKEX rose by over 160 points.

Top bulls on Sensex were – Axis Bank, HDFC Bank, Power Grid, Bajaj Finance and Kotak Bank.

Top bears on Sensex were – Maruti Suzuki, Ultratech Cement, Tech Mahindra, HCL Tech, Bharti Airtel and L&T.

Investors await for Q3 earnings of Bajaj Finance, ICICI Prudential Life Insurance Company, L&T Technology Services, ICICI Securities and Tata Elxsi that is scheduled for today.

Other Q3 earnings today are – Anup Engineering, DCM Shriram, Den Networks, EKI Energy Services, Just Dial, Jyoti Structures, Network18 Media & Investments, Newgen Software Technologies, Ramkrishna Forgings, Shree Ganesh Remedies, Shakti Pumps (India), Star Housing Finance, Trident, and TV18 Broadcast.