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Indices open on a weak note

Published on Jan 20, 2022 09:29

The domestic equity benchmarks traded on a weak note in early trade on selling pressure in index pivotals. The Sensex fell below the 60,000 level.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 255.23 points or 0.42% to 59,843.59. The Nifty 50 index lost 68.30 points or 0.38% to 17,870.10.

Tata Consumer (up 2.54%), Power Grid Corp (up 2.25%), Grasim (up 1.05%), and Ultratech Cement (up 0.79%) were the top index gainers.

Infosys (down 1.56%), Asian Paints (down 1.07%), Wipro (down 0.84%) and Reliance Industries (down 0.82%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.22% while the S&P BSE Small-Cap index rose 0.51%.

Buyers outpaced sellers. On the BSE, 1612 shares rose and 1097 shares fell. A total of 101 shares were unchanged.

Stocks in Spotlight:

Bajaj Auto fell 1.22% to Rs 3401.55. The auto major posted a 22% fall in net profit to Rs 1214 crore on 1% rise in revenue from operations to Rs 9022 crore in Q3 FY22 over Q3 FY21.

Larsen & Toubro Infotech shed 0.48% to Rs 6660. The IT firm posted 11% rise in consolidated net income to Rs 612.5 crore on 9.8% rise in revenue to Rs 4137.60 crore in Q3 FY22 over Q2 FY22.

Tata Communications slipped 1.56% to Rs 1498.75. The company posted a 28% jump in consolidated net profit to Rs 395 crore in Q3 FY22 from Rs 309.4 crore reported in Q3 FY21. Gross revenue from operations declined 0.9% to Rs 4,185 crore in Q3 FY22 over Q3 FY21.

Rallis India slumped 4.96% to Rs 280.05. The company posted a 13.3% fall in consolidated net profit to Rs 40 crore on 10.1% rise in revenue to Rs 628 crore in Q3 FY22 over Q3 FY21.

Global markets:

Asian stocks are trading mixed on Thursday as China cut its key lending rates.

China on Thursday cut its one-year loan prime rate by 10 basis points, while its five-year LPR, which influences the pricing of home mortgages, was cut by 5 basis points, the first time since April 2020.

Wall Street`s main indices ended sharply lower on Wednesday after a diverse set of corporate earnings and as investors continued to worry about higher US Treasury yields and the Federal Reserve tightening monetary policy.

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