Indian Indices Extend Losses as IT, Finance Stocks Bleed; Tata Elxsi Zooms 13% Post Strong Q3 Results

Wed, 19 Jan 01:30 pm

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Share markets in India have extended early losses and are presently trading deep in the red.

Benchmark indices took a beating as a surge in crude oil prices stoked inflationary concerns and sent US bond yields higher, adding to fears of earlier-than-expected Fed rate hikes.

Note that inflation is becoming a threat which sent the bond yields spiking to a 2-year high of 1.89%.

Meanwhile, geopolitical tensions also weighed on the sentiment. The Russian troop buildup on the Ukraine border and the probability of a Russian invasion of Ukraine is emerging as a major geopolitical issue.

Further dampening sentiment was a fresh round of FPI selling.

The BSE Sensex fell around 770 points to 59,967 levels, after rising as high as 60,870 earlier in the day. Meanwhile, the NSE Nifty fell 210 points to 17,900-mark having risen to 18,130 in early trade.

Presently, the BSE Sensex is trading down by 723 points, down 1.3%. Meanwhile, the NSE Nifty is trading down by 198 points.

The selling is seen across major sectors, particularly in the IT, banking and finance stocks.

Broader markets have held ground with the BSE Mid cap index (down 0.9%) and the BSE Small cap index (down 0.6%) both falling relative less than benchmark indices.

Shares of Bajaj Finance and Asian Paints fell over 3%, while UltraTech Cement and HCL Tech declined 2.5%.

Bajaj Finance fell 3% after rising over 3% in early trade even after reporting good set of results for the third-quarter. The NBFC beat street estimates by reporting an 85% YoY surge in consolidated net profit to Rs 21.3 bn.

On the flip side, Tata Elxsi hit a new high of Rs 7,171, rallying 13% in a weak market after the company delivered another quarter of strong and consistent growth with 33.2% revenue growth and profit after tax (PAT) growth of 43.5%.

Asian share markets are also trading deep in the red. Crude 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.

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