Stock Market LIVE: Sensex, Nifty likely to open lower today

The 30-share index plunged 6.23 per cent to 57,491.51 on January 24 from 61,308.91 on January 17. Likewise, the 50-share NSE Nifty index also tanked 6.33 per cent to 17,149.10 during the same period.

Amid the sell-off, the combined market value of BSE-listed firms declined by Rs 19.52 lakh crore to Rs 260.50 lakh crore from Rs 280.02 lakh crore on January 17. Market watchers believe that weak global cues, heavy selling by foreign institutional investors (FIIs) and risk-off sentiment across the globe amid fear of tightening by the US Fed dampened the mood in the domestic equity market.

Here's a look at the updates of the market action on BSE and NSE today.

9:05 am: Pre-Market Comment by Mohit Nigam, Head-PMS, HEM Securities 

Benchmark Indices are expected to open on a negative note as suggested by trends on SGX Nifty, amid weakness across the global market. The US markets ended higher on Monday with bargain hunters pushing the indexes into positive territory by closing bell. 

Asian markets are trading in red on Tuesday amid nervousness among investors about the situation in Ukraine and ahead of the outcome of the Fed's scheduled policy review. Heavy selling by foreign institutional investors (FIIs) is likely to weigh on the markets. 

Agriculture industry related stocks will be in focus as the Union Food Ministry said the Center has procured 606.19 lakh tonnes of paddy in the ongoing 2021-22 marketing season so far, with maximum quantities being purchased from Punjab.

There will be some reaction in textile industry stocks as ICRA ratings in its report stated that Indian cotton spinners are likely to report double-digit revenue growth and all-time high profits in 2021-22, mainly driven by high demand and realizations. It added that while the growth is primarily being led by all-time high realizations, which have sustained for much of the year, volumes are also estimated to be better than the pre-COVID levels. 

Axis Bank will be in focus as the company has posted consolidated net profit for the December quarter zoomed nearly three-folds to Rs 3,973 crore.

On the technical front 16,800 and 17,500 are immediate support and resistance in Nifty 50. For Bank Nifty 36,300 and 38,000 are immediate support and resistance respectively.

9:00 am: Further weakness expected

Amar Ambani, senior president and institutional equities head, YES Securities, sees further weakness in the equity market. “Indian equities corrected massively, possibly reacting to US equities trending lower and rise in crude oil prices. There were no positive triggers to take the market upwards in the near term. While a further 500 points downside cannot be ruled out in the Nifty. Corporate earnings have been positive so far and Omicron didn’t disrupt the economy materially. The structural story remains intact and I am confident that Nifty will achieve a higher high in 2022, than what we saw in 2021."

8:50 am: Global updates

Wall Street bounced back from a steep sell-off late in the session to close higher on Monday, with bargain hunters pushing the indexes into positive territory by closing bell.

The Dow Jones Industrial Average rose 99.13 points, or 0.29%, to 34,364.5, the S&P 500 gained 12.19 points, or 0.28%, to 4,410.13 and the Nasdaq Composite added 86.21 points, or 0.63%, to 13,855.13.

All 11 major sectors of the S&P 500 spent most of the trading day deep in red territory, but by market close all but three were green. Consumer discretionary enjoyed the largest percentage gain.

In Asia, Nikkei Weighted index was down 2.03 per cent and Hang Seng was trading 1.49 per cent lower. Shanghai Composite was down 1.03 per cent.

8:45 am: SFX Nifty 

The Indian equity market is likely to open on a negative note as SGX Nifty was down 106 points to 16,996.

8:40 am: FII and DII action

Foreign institutional investors (FIIs) sold shares worth Rs 3,751.58 crore on January 24, and domestic institutional investors (DIIs) bought shares worth Rs 74.88 crore, as per provisional data available on NSE.

8:35 am: Rupee falls by 19 paise to 74.62

The rupee on Monday slumped by 19 paise to 74.62 (provisional) against the U.S. dollar at close due to high crude oil prices, forex outflows and heavy losses in domestic equities amid growing geopolitical worries.

Forex traders said the strength of the American currency in the overseas market and weak appetite for riskier assets also dragged down the local unit.

Moreover, market participants are now eyeing the U.S. Fed's January 25-26 meeting for further cues.

8:30 am: SGX Nifty

The Indian equity market is likely to open on a positive note as SGX Nifty was up 127.7 points to 17,001.2 at 8:30 am.

Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.

8:15 am: Market on Monday

Indian stock market extended losses for the fifth consecutive session on Monday. Sensex closed 1,545 points lower at 57,491 and Nifty declined 468 points to 17,149. 

All 30 Sensex stocks ended in the red. Tata Steel, Bajaj Finance, Wipro and Tech Mahindra were the top Sensex losers, falling up to 5.98 per cent.

BSE mid-cap and small-cap indices fell 952 points and 1,328 points, respectively. On the sectoral front, consumer durables and IT shares led the losses today.

BSE consumer durables index fell 1,815 points to 42,081 and IT index plunged 1,186 points to 34,737. All 19 sectoral indices closed in the red.