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Market nudges lower on negative Asian stocks

Published on Jan 19, 2022 09:29

The key equity indices are trading with modest losses in early trade tracking subdued Asian stocks. The Nifty fell below the 18,100 mark. Rising global crude prices and increasing expectations of March rate hike by US Fed dented the investor sentiment.

At 09:26 IST, the barometer index, the S&P BSE Sensex, was down 109.27 points or 0.18% to 60,645.59. The Nifty 50 index lost 21.70 points or 0.12% to 18,091.35.

ONGC (up 2.20%), Coal India (up 1.27%), Tata Steel (up 1.12%), and Indian Oil Corporation (up 0.93%) were the top index gainers.

Wipro (down 1.78%), Shree Cement (down 1.52%), Tech Mahindra (down 1.44%) and IndusInd Bank (down 1.42%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index fell 0.35% while the S&P BSE Small-Cap index shed 0.09%.

Buyers outpaced sellers. On the BSE, 1454 shares rose and 1313 shares fell. A total of 84 shares were unchanged.

Stocks in Spotlight:

Bajaj Finance rose 1.71% to Rs 7880. The NBFC major posted an 85% jump in consolidated net profit to Rs 2,125.2 crore on a 28% increase in total income to Rs 8,535.06 crore in Q3 FY22 over Q3 FY21.

L&T Technology Services (LTTS) slumped 6.05% to Rs 5093.45. The IT major reported 8.2% rise in consolidated net income to Rs 248.8 crore in Q3FY22 over Q2FY22. Revenue rose 5% to Rs 1687.50 crore.

LTTS announced that it has been awarded a deal worth USD45 million from a U.S. based automotive Tier 1 company, to be its strategic engineering partner and provide engineering services for its Electric Vehicle (EV) product portfolio.

Tata Elxsi gained 3.57% to Rs 6597.95. The Tata Group company`s net profit jumped 43.49% to Rs 150.95 crore on 33.18% increase in revenue from operations to Rs 635.41 crore in Q3 December 2021 over Q3 December 2020.

Global markets:

Asian stocks are trading lower on Wednesday following an overnight sell-off on Wall Street.

US stocks fell sharply Tuesday as government bond yields hit Covid-era highs and after Goldman Sachs reported disappointing earnings. Microsoft announced that the software giant will buy video game company Activision Blizzard in an all-cash transaction valued at $68.7 billion.

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