Markets off day's low; Banking, metal, power stocks outperform; Axis Bank up over 4%

25 Jan 2022 , 10:09 AM

Equity benchmark indices continued their losing momentum for the sixth consecutive session and opened over 1 per cent lower weighed down by geopolitical tensions, a looming Federal Reserve decision and high oil prices.

The market erased early morning losses with the Sensex trading higher by 92 points at 57,583.91 and the Nifty reclaimed 17,100, up 42 points at 17,190.60.

On the sectoral front, the BSE Energy and consumer durables were down 1 per cent and 0.26 per cent, while banking, power, metal, healthcare and telecom were up.

The S&P BSE Sensex fell 905.16 points to 56,586.35 in opening deals while the Nifty 50 slumped 253.80 points to 16,895.30. Mid- and small-cap shares were in the negative zone as Nifty Midcap 100 index fell 1.19 per cent and small-cap shares were trading 1.06 per cent lower.

IndusInd Bank, Hindalco, Hero MotoCorp, PowerGrid and SBI were also among the gainers. Whereas, Asian Paints, Wipro, Reliance Industries, Kotak Mahindra Bank, the HDFC twins and Titan were the worst hit among the 34 laggards in the Nifty50 pack.

The overall market breadth was weak on BSE as 664 shares were advancing while 2,057 were declining.

Over the last five sessions, the 30-share Sensex has tumbled 3,817.4 points or 6.22 per cent. The market erased all the gains seen from the low of 16,833 and Nifty slipped below 16,900 for the first time since December 27.

Maruti Suzuki India, Cipla, Allsec Technologies, APL Apollo Tubes, Astec Lifesciences, Best Agrolife, Burnpur Cement, Can Fin Homes, CarTrade Tech, Cosmo Films, Deccan Cements will declare their Q3FY22 numbers today.

Among global markets, Asian shares and U.S. futures cracked after a tumultuous Wall Street session, with investors nervous about the situation in Ukraine and eyeing the U.S. Federal Reserve amid worries about a move to tighter monetary policy globally.

US markets see the biggest pullback in over 2 years with Dow Jones closing in the green after being down over 1000 points. Nasdaq recovers to close higher by 86 after being down over 750 points in intraday trade.US bond yields cool off to trade near 1.71% before the Federal Reserve meeting on Wednesday.