The Indian equity market opened lower today amid negative global cues. Sensex fell 379 points to 60,856 and Nifty slipped 112 points to 18,145. HCL Tech, HDFC, Axis Bank and Asian Paints shares were the top Sensex losers, falling up to 2.69%.
The rising number of Covid-19 and Omicron cases in India and the world will dictate the course of the stock market this year, say experts.
Here’s a look at the updates of the market action on BSE and NSE today.
9: 30 am: Expert comment
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Inflation is turning out to be a major worry for markets this year. December PPI inflation in the US has spiked to a record 9.7%. Inflation in the Euro Zone is already at record highs. If inflationary expectations get entrenched, the Fed will have to act early, perhaps in March itself. ECB too is likely to follow suit. Even though such an emerging scenario is unfavourable for equity, markets may not react negatively since the high negative real return from fixed income makes returns from equity attractive. Since retail investors are now a force to reckon with, whether in the US or India, their response to market corrections on rate hike expectations will be crucial.
FIIs again moving to sell mode ( Rs 1391 cr selling yesterday) may act as temporary headwind for some large private banking stocks in which FIIs have large holdings. This can turn out to be a buying opportunity for long-term investors”
9: 15 am: Market opens in red
Sensex falls 379 points to 60,856 and Nifty slips 112 points to 18,145. HCL Tech, HDFC, Axis Bank and Asian Paints shares are the top Sensex losers, falling up to 2.69%.Of 30 Sensex stocks, 25 were trading in the red.
8:40 am: Previous session updates
On Thursday, the Indian equity market closed in the green for the fifth consecutive session. Sensex rose 85 points to 61,235 and Nifty ended 45 points higher at 18,257. Tata Steel, Sun Pharma and L&T were the top Sensex gainers, rising up to 6.35%.
8: 30 am: FIIs in action
Foreign institutional investors (FIIs) sold shares worth Rs 1,390 crore on January 13, and domestic institutional investors (DIIs) lapped up shares worth Rs 1,065 crore, as per provisional data available on NSE.
8: 20 am: Global markets
In Asia, Kospi was trading 43 points lower at 2,919. Nikkei tanked 543 points to 27,945 and Hang Seng index fell 195 points to 24,234. On Wall Street, the S&P 500 lost 67.32 points to 4,659. The Dow fell 176 points to 36,113. The Nasdaq Composite declined 381 points to 14,806.
