Among the Sensex firms, IndusInd Bank, SBI, Tata Steel and Infosys were trading with a gain of up to 1.84%. HCL Tech, JSW Steel and PowerGrid were other major gainers.
| Photo Credit: Reuters
Equity benchmark indices witnessed a see-saw movement in the early trade on January 24 amid high volatility, as investors rushed to book profit in high-value stocks.
The 30-share BSE Sensex fell 316.75 points or 0.45% to 70,053.58 points in the opening trade but soon regained the lost ground to trade with a gain of 60.70 points or 0.09% at 70,431.25 points.
The broader Nifty, which initially declined 51.50 points or 0.24% to 21,187.65 points, recovered quickly to trade at 21,265.95 points, 27.15 points higher or 0.13% at 0951 hours.
Among the Sensex firms, IndusInd Bank, SBI, Tata Steel and Infosys were trading with a gain of up to 1.84%. HCL Tech, JSW Steel and PowerGrid were other major gainers. On the other hand, Axis Bank, Asian Paints, TCS and M&M lost up to 3.79% in the morning deals. Maruti, Bharti Airtel and Bajaj Finance were among the laggards.
As many as 21 stocks of the 30-share benchmark were trading in green, while 32 constituents of the broader Nifty showed gains.
According to V. K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services, “the valuations in the broader market had become excessive and unsustainable as pointed out many times recently. The trigger for the correction came mainly from the sustained selling by FIIs who have sold equity worth ₹27,830 crore during the last five days.”
In the U.S. markets, the Dow closed 0.25 % lower, while the S&P 500 settled 0.29% higher and tech-heavy Nasdaq closed on Tuesday’s session 0.43% higher.
In Asia, Japan’s Nikkei 225 was trading with a loss of 1% and Hong Kong’s Hang Seng gained 0.84%. China’s Shanghai Composite was down by 0.14%. European markets closed largely lower on January 23 with Germany’s DAX and CAC 40 of France losing 0.34% each. London’s FTSE 100 also fell 0.03%.
Meanwhile, Brent crude futures, the global oil benchmark, were trading lower by 0.18% to $79.41 per barrel on January 24.
On Tuesday, Sensex fell 1,053.10 points or 1.47% to settle at 70,370.55. Nifty also declined 330.15 points or 1.53% to close at 21,241.65.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth ₹3,115.39 crore, according to exchange data.
