Indian equities reverse from sharp decline

Bombay Stock Exchange

Indian equities reverse from sharp decline

Mumbai, January 25, 2022

After a sharp freefall on Monday due to heavy fund outflows by foreign institutional investors as well as fears of policy tightening ahead of the US Fed's monetary policy meeting, Indian equities rose marginally in early trade on Tuesday.

The gains came after a fall in the indices for five consecutive sessions.

On Monday, the Senses and the Nifty declined around 2.6 per cent each as FIIs sold portfolios worth Rs 3,751.58 crore on BSE, NSE and MSEI in the capital market segment, data revealed.

At 10.00 a.m. today, thee Sensex traded at 57,565 points, up 0.1 per cent from the previous close of 57,491 points. It opened at 57,158 points.

Nifty traded at 17,188 points, up 0.2 per cent from the previous close of 17,149 points. It opened at 17,001 points.

On the stocks front, Axis Bank, JSW Steel, Bharti Airtel, Hero Motocorp, and Power Grid Corporation were the top gainers, while Reliance Industries, Asian Paints, HDFC, HDFC Bank, and Wipro were the top losers in the morning session.

"Nifty stares at the prospects of extending downsides aiming for the recent low of 16,410, or even 15,900. Reversal prospects rest on the ability to stage a close above 16,820 today. Prospects of an intraday bounce back will brighten on push above 17,115, but expect 17,240-390 to keep a lid," said Anand James, Chief Market Strategist at Geojit Financial Services.

IANS

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