Markets log lacklustre demand; Sensex below 58,750, Nifty 50 near 17,550; Metal outperforms; Tata Steel top bull ahead of Q3; RIL, Wipro, TCS worst hit

4 Feb 2022 , 10:30 AM

Sensex and Nifty 50 traded in the red during Friday’s early deals, however, the downside was limited. The Indian markets tracked mixed global cues. IT and Auto stocks weighed on the benchmarks, while metal stocks outperformed counterparts. Investors react to major Q3 earnings of ITC and Titan. Indigo and Tata Steel will be in focus ahead of their quarterly financial performance.

On the Asian front, South Korea’s KOSPI rallied after superb profits from Posco which boosted metal stocks. Also Hong Kong indices advanced. However, Japan and Australian shares were trading on a bearish tone. Most other Asian markets will resume trade on Monday as they return after the Lunar holidays.

Overnight, on Wall Street, US markets see a sharp selloff after Meta Platforms falls over 25% as social media and digital fintech stocks lead the fall. US Bond yields rise to 1.83% as globally Central Banks raise rates with the UK Central Bank raising rates by 0.25%. The US dollar index falls to 3-month lows @95.23, which sees emerging markets attract flows, while Amazon results after markets see stocks trade higher by over 17%.

At around 10.31 am, Sensex was trading at 58,740.58 down by 47.44 points or 0.08%. The index has touched an intraday high and low of 58,943.62 and 58,475.97 respectively.

Nifty 50 performed at 17,554.70 lower by 5.50 points or 0.03%. The index has touched an intraday high and low of 17,617.80 and 17,480.30 respectively.

In terms of sectoral indices, the BSE Metal index skyrocketed more than 301 points or 1.5%.

Bulls on Sensex were – Tata Steel, Ultratech Cement, Sun Pharma, IndusInd Bank and HDFC Bank.

Bears on Sensex were – Reliance Industries, Wipro, TCS, M&M and Bajaj Finserv.

Companies that are set to announce their Q3 today are – Tata Steel, Shree Cement, Bank of India, InterGlobe Aviation, One 97 Communications, Siemens, Aditya Birla Fashion, Alkem Laboratories, Astral, Antony Waste Handling Cell, Birla Corporation, CMS Info Systems, City Union Bank, Devyani International, Godrej Agrovet, Jubilant Pharmova, Mahindra Lifespace Developers, Minda Corporation, Monte Carlo Fashions, REC, Sun Pharma Advanced Research Company, Thermax, Vadilal Industries, and Zee Learn.