Share Market Update: NIFTY 50 and SENSEX Drops Over 1%, IT and Banking Sectors Showing Modest Gains
The Indian Stock Market Index started the week on a weak note as both BSE SENSEX and NSE NIFTY dropped significantly more than 1%, the day before slightly recovering. The decline was mainly due to the stronger-than-expected US jobs data for reducing chances of interest rate cuts by the Fed Reserve; increase in the price of crude oil, currency depreciation affecting the investor's sentiments, and heavy selling by the foreign investors. The Sensex closed at 77378.91 and is currently trading at 76742.43 and the NIFTY 50 closed at 23431 is presently at an LTP of 23213.95.
The stronger-than-expected US jobs data has been a reason for caution for the global markets as it eliminates the chances of the Federal Reserve cutting interest rates soon. The US unemployment rate has dropped to 4.1% indicating a strong job market. This could tighten the global financial conditions by making it tougher for emerging markets like India. Also, the higher US bond yields can lead to more foreign selling in India for domestic stocks.
The FIIs are selling Indian stocks, with over Rs 21350 crore sold in January so far after Rs 16982 crore in December. This has happened due to high valuations, weak corporate earnings, and rising US bond yields, which continue to pressure the Indian markets.
The Indian rupee has hit a record low of Rs 86.27 against the US dollar due to a strong dollar and rising US bond yields. This made the import costlier for the Indian market and also led to foreign investors pulling out their money from the Indian market.
All other major sectors are down with smaller companies (small-cap and mid-cap) also falling by 1.4% when the market opened.
Irrespective of the losses, some firms have made significant profits. Let's check out the share market live updates in detail with the numbers to have better clarity on the stocks that have added to the modest gains in the indices.
Tata Consultancy Services Ltd
Opening Value | 4,245.00 |
Previous Closing | 4,265.65 |
Change | 1.15% |
LTP | 4316.10 |
Today’s High | 4,322.95 |
Today’s Low | 4,227.40 |
52 Week High | 4,592.25 |
52 Week Low | 3,591.50 |
Axis Bank Ltd
Opening Value | 1,026.60 |
Previous Closing | 1,040.70 |
Change | 1% |
LTP | 1051.30 |
Today’s High | 1,063.00 |
Today’s Low | 1,023.25 |
52 Week High | 1,339.65 |
52 Week Low | 995.70 |
IndusInd Bank Ltd
Opening Value | 936.90 |
Previous Closing | 937.60 |
Change | 0.79% |
LTP | 945 |
Today’s High | 973.50 |
Today’s Low | 934.50 |
52 Week High | 1,694.50 |
52 Week Low | 926.45 |
Infosys Ltd
Opening Value | 1,956.00 |
Previous Closing | 1,966.95 |
Change | 0.12% |
LTP | 1968.65 |
Today’s High | 1,982.80 |
Today’s Low | 1,949.00 |
52 Week High | 2,006.45 |
52 Week Low | 1,358.35 |
Other Stocks That Have a Contribution to Pulling the Indices Up
Stocks | Current Market Price | Contribution |
Britannia | 4,952.70 | 0.55 |
HCL Tech | 1,996.80 | 2.12 |
Other stocks that have seen a modest surge in stock price are Reliance, Britannia, HCL, etc. The most active stocks as of today are TCS, HDFC Bank, Reliance, Zomato, etc.