BSE stocks such as Gland Pharma, Thyrocare Technologies and Vodafone Idea are among 19 stocks that touched their respective one-year low levels in Tuesday’s trade.
Indian equity benchmarks plunged in early, dragged by technology, banks and financials. BSE and NSE barometers slipped into the red, halting a sharp rebound recorded in the previous session. As of 10:12 am today, the 30-share BSE index was down 490 points or 0.81 per cent to trade at 60,258, while the broader NSE Nifty fell 128 points or 0.71 per cent to trade at 17,973.
That said, 82 stocks hit their 52-week high-level today, while 19 recorded their one-year lows in early trade. The overall market breadth stood negative as 1,379 were seen advancing while 1,601 were declining.
HDFC twins (HDFC and HDFC Bank), Tata Consultancy Services (TCS), Infosys, Reliance Industries, ICICI Bank, SBI, Bharti Airtel, ITC and Axis Bank pulled the BSE index lower today.
115 stocks touched their upper circuit levels today, while 95 hit their respective lower price bands.
Mid- and small-cap shares were last seen trading on a weak note as Nifty Midcap 100 fell 0.31 per cent and small-cap slipped 0.15 per cent.
On NSE, Yes Bank, Vodafone Idea, Tata Motors, PNB, Tata Steel, Suzlon, IDBI Bank, South Indian Bank, Indian Overseas Bank and Samvardhana Motherson International were the most active stocks, in terms of volume.
In terms of value, Tata Motors, TCS, Infosys, HDFC Bank, Tata Steel, ICICI Bank, Reliance, Yes Bank, Axis Bank and ONGC were the most active.
10 out of the 15 Nifty sub-indices declined today. Nifty IT, Nifty PSU Bank and Nifty Financial Services were the worst-performing sub-indices today, falling 1.54 per cent, 1.73 per cent and 0.83 per cent, each.
Foreign institutional investors or FIIs sold Rs 203.13 crore worth of equities on a net basis on Monday, while domestic investors purchased Rs 1,723.79 crore worth of shares, as per provisional NSE data.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “Market would be keenly watching the Jerome Powell Speech today and the CPI (India’s retail inflation for December) data. Powell is unlikely to depart from the Fed’s hawkish stance but if the CPI data of Wednesday confirms the declining trend in inflation, market will get ahead of the Fed and will start pricing in a terminal rate below 5 per cent and possible rate cuts by end 2023.”
TCS results indicate continuing growth for the IT industry with slightly weakening deal wins, Vijayakumar further said. “Results of Infy and HCL Tech due this week will throw more light on the short-term prospects of the industry,” he added.
TCS clocked a 11 per cent year-on-year (YoY) rise in net profit at Rs 10,846 crore for the December quarter compared with Rs 9,769 crore in the same quarter last year. Revenue for the quarter climbed 19.10 per cent YoY to Rs 58,229 crore from Rs 48,885 crore in the corresponding quarter last year.
Asian markets were seen trading mixed today. Japan’s Nikkei index rose 0.75 per cent, South Korea’s Kospi index was up 0.22 per cent; while Hong Kong’s Hang Seng fell 0.34 per cent and China’s Shanghai Composite was down 0.18 per cent.