Sensex, Nifty trade lower amid mixed global cues

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The Budget week turned in favour of bulls as the benchmark equity indices rallied over 2 per cent for the week ended February 4. The 30-share BSE Sensex surged 1,445 points to 58,644.82 in the past five trading sessions. Likewise, the 50-share NSE Nifty index gained 414 points to 17,516.

On Friday, the benchmark indices ended lower tracking weakness in banking and energy stocks amid a mixed trend overseas. The 30-share BSE index ended 143.20 points or 0.24 per cent lower at 58,644.82. Similarly, the NSE Nifty shed 43.90 points or 0.25 per cent to close at 17,516.30.

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

9:40 am: Paytm in focus

Foreign brokerage Macquarie on Monday published yet another report on Paytm, retaining its ‘underperform’ rating but cutting the target price of the stock to Rs 700 per share.

Shares of Paytm were trading lower in the early trade on Monday. Also, the fintech major on Friday reported a widening of consolidated net loss to Rs 778.5 crore for quarter ending 31 December, 2021. The firm had posted a loss of Rs 481.70 crore in the September quarter and Rs 535 crore in the year-ago period. 

The consolidated revenue from operations grew 89 per cent year-on-year (YoY) to Rs 1,456 crore in the quarter under review as compared with Rs 772 crore in the corresponding quarter last year. 

9:16 am: Market opening

The benchmark indices opened lower amid mixed global cues. At 09:16 hours, the 30-share BSE index was trading 91 points lower at 58,552.91, and the broader NSE Nifty was down 25 points to 17490.80.

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Power Grid was the top gainer in the Sensex pack, advancing over 2 per cent, followed by Tata Steel, SBI, Bajaj Finserv and Nestle India.

Infosys and Kotak Mahindra Bank were among the top losers.

8:55 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. US stock markets closed higher on Friday, NASDAQ added 193 points followed by upbeat earnings from Amazon. Asian share market mostly eased on Monday after strong US job data. 

Oil prices fell on Monday on expectations the US-Iran talks may be nearing a conclusion on reviving a deal. Asian markets showed mixed cues as Nikkei, Kospi down 1%, Shanghai Composite up nearly 2%.

Results today: Union Bank of India, TVS Motor Company, NALCO, Borosil, Camlin Fine Sciences, Castrol India, Chemcon Speciality Chemicals, Clean Science and Technology, Fortis Malar Hospitals, Future Supply Chain Solutions, Gabriel India, Glaxosmithkline Pharmaceuticals, Indo Count Industries, Indian Bank, JM Financial, Jindal Stainless, Lasa Supergenerics, Likhitha Infrastructure, Nucleus Software Exports, Paisalo Digital, Peninsula Land, The Phoenix Mills, PB Fintech, Punjab & Sind Bank, Sansera Engineering, S H Kelkar and Company, Talbros Engineering, Tarsons Products etc

On the technical front, 17,450 and 17700 are immediate support and resistance in Nifty 50. For Bank Nifty 38,500 and 39,300 are immediate support and resistance respectively.