Sensex Extends Fall, Slumps 1,500 Points; Bajaj Finance, Tech Mahindra and Tata Steel Plunge 5%

Mon, 24 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 continue to reel under pressure as investors turn anxious ahead of the crucial US Federal Reserve meeting outcome on interest rates.

The geopolitical tensions in the Russia-Ukraine border added more volatility.

Meanwhile, sustained FII outflows and nervousness ahead of the upcoming Budget announcements also weighed on the investment sentiment.

The Union Budget 2022-23 is scheduled for 1 Feb 2022 and Indian share markets are likely to exert volatility as they have historically been volatile with negative bias in the fortnight preceding the presentation of the budget.

Today, the BSE Sensex lost the psychological mark of 58,000 while the NSE Nifty was trading below 17,200 levels.

Presently, the BSE Sensex is trading down by 1,485 points, down 2.5%. Meanwhile, the NSE Nifty is trading down by 459 points.

The selling is seen across major sectors, particularly in the realty, consumer durables and metal stocks.

The fall on broader markets is more severe. The BSE Midcap index plunged 3.8%, while the BSE Smallcap index is down a heavy 4.6%.

Bajaj Finance and Tata Steel were among the top losers today, down 6% and 5.5%, respectively.

Tech Mahindra, Wipro, Titan, Asian Paints and HCL Tech were the other major losers, down over 3% each.

Zomato share price tanked 19%. Shares of the food delivery platform dropped below Rs 100 for the first time since it listed in July 2021.

Recent reports suggesting the Federal Reserve rolling back liquidity amid higher inflation and indicating multiple interest rate hikes this year have weakened the case for investment in tech stocks.

Owing to this, shares of Paytm, CarTrade Tech, PB Fintech, and Fino Payments Bank have slipped around 30-50% from their IPO prices.

Meanwhile, shares of Vodafone Idea dipped 8% today after the company's losses widened 59.5% to Rs 72.3 bn amid fall in revenue and subscribers.

Asian share markets are largely mixed amid high volatility. Investors are seen looking to the US Federal Reserve's monetary policy meeting this week.

In his latest video, India's #1 trader Vijay Bhambwani explains how you can find out if your stocks are going to fall or not.

More details to follow in the upcoming commentary.

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