At 9.35 am, the BSE Sensex was trading 475.19 points or 0.78 per cent lower at 60,279.67. The NSE Nifty was trading 127.95 points, or 0.71 per cent, lower at 17,985.10. IT and bank stocks took a beating.
“For now, 17,950 looks to be a base case scenario for Nifty50. Alternatively, a pullback above 18,250 could render the trend neutral. It would be prudent to look for a Nifty50 close above 18,330 or dips to 17,950 before reconsidering longs,” said Anand James – Chief Market Strategist at Geojit Financial Services.
Infosys and Wipro were the worst Sensex performers, falling 1-2 per cent. IndusInd Bank, HCL Tech, Tech Mahindra, ICICI Bank and Kotak Mahindra Bank declined up to 1 per cent.
Bajaj Finance rose 3.29 per cent to Rs 8,002 after its third-quarter results. Credit Suisse said Bajaj Finance’s Q3 numbers were a beat on margin and that Covid 3.0 risk is likely to be limited. The brokerage expects Bajaj Finance’s customer addition to increasing by 10-20 lakh annually and has increased FY22-24 estimates by 4-5 per cent on higher growth and NIM.
Bajaj Finserv rose 2 per cent to Rs 1,8505. Tata Steel, Reliance Industries, Power Grid and Titan Company rose up to 1.7 per cent. Tata Motors edged 0.15 per cent higher to Rs 511.70. Ace investor Rakesh Jhunjhunwala increased his stake in his third-largest stock holding Tata Motors by 7 basis points in the December quarter, the latest shareholding data suggests.
Jhunjhuwala, who entered Tata Motors in the September quarter of 2020, held 39,250,000 shares or 1.18 per cent stake in the Tata Group company as of December quarter, up from 36,750,000 shares, or 1.11 per cent, stake at the end of September quarter.
Globally, Asian markets were trading in the red, as oil prices were up for the fourth straight day as an outage on a pipeline from Iraq to Turkey added to worries about an already tight supply outlook amid geopolitical troubles involving Russia and the United Arab Emirates. US crude jumped 1.49 per cent to $86.70 a barrel. Brent crude rose 1.30 per cent to $88.65 per barrel, Reuters reported.
