Markets trade bearish; Sensex near 58,300, Nifty 50 below 17,450; Tata Steel, SBI top bulls after Q3; HDFC twins, L-;T, Bajaj Finance, Nestle, M-;M weigh

7 Feb 2022 , 10:15 AM

Bears hovered on Indian markets during Monday’s opening bell weighed down by pharma, IT, capital goods, FMCG and auto stocks. Investors react to major Q3 earnings like SBI and Tata Steel. Also, weak global cues further added to woes. This week markets sentiment will be influenced by RBI’s MPC meeting, Q3 corporate earnings, US inflation data and other global indices performance. 

At around 10.12 am, Sensex was trading at 58,312.64 lower by 332.18 points or 0.57%. The index has touched an intraday high and low of 58,707.76 and 58,255.29 respectively.

Nifty 50 traded at 17,411.35 below 104.95 points or 0.60%. The index has touched an intraday high and low of 17,536.75 and 17,389.80 respectively.

In broader markets, MidCap stocks were the worst hit as the index on BSE slipped over 155 points.

On BSE, in terms of sectoral indices, the Auto index dived nearly 310 points while the Capital Goods shed nearly 371 points. The Healthcare index dropped nearly 290 points and  Consumer Durables plunged 225 points. The FMCG index also tumbled 125 points.

Top bulls on Sensex were – Tata Steel (+3%), SBI (+2%), Power Grid, NTPC, Tech Mahindra and Reliance Industries.

Top bears on Sensex were – L&T, Bajaj Finance, M&M, Nestle, Asian Paint, HDFC, Dr Reddy’s Lab, Bharti Airtel, HDFC Bank, ICICI Bank, Maruti Suzuki and Infosys.

On the global front, Asian markets traded broadly lower with exception of China’s Shanghai Composite which advanced over 2% after a long break.  Many Asian markets including Chinese shares reopened after the Lunar holidays seeing buying interest. Markets reacted to US cues where the indices saw a sharp rally last week amid job data. Semiconductor shortage is seeing signs of stability which could see Taiwan & South Korean markets react positively to the same.

Last week, on Friday, US markets see sharp volatility as Friday jobs data beats estimates which sees bond yields spike to hit 1.90%. Dow Jones swings over 534 points before closing lower by 20, while Nasdaq closes higher by over 220 points. Oil rises to the highest level since 2014 while US$ closes unchanged @ 95.49.