On Tuesday, the market stood weak as 2,273 stocks declined on the BSE. The BSE Sensex stooped to 0.90 percent to end at 60,754.86.
Whereas NSE Nifty slumped by 195.05 points to 18,113.05 and Nifty midcap and smallcap 100 index fell 2.06% and 2.45%, respectively.
Market stands weak while Prestige Estates surges to a lifetime high
As the market stands weak, shedding 554 points, other losses included Maruti Suzuki, Ultratech Cement, Tech Mahindra, HCL Tech, Tata Steel, and IndusInd Bank.
Nevertheless, Prestige Estates surges to a lifetime high at 8% on profitable Q3 sales. The real estate company recorded its highest-ever quarterly sales. The December quarter was up at 4,267 crores, and the stock closed at 2.5% up.
Also, the seven Sensex constituents ending in the green were Axis Bank, HDFC Bank, ICICI Bank, Dr. Reddy’s Labs, Kotak Bank, Titan Company, and Nestle India.
However, market members have their eye on Trident, Bajaj Finance, L&T know-how, ICICI Prudential Life Insurance coverage, and Tata Elxsi. They will soon announce their December quarter results.
As a matter of fact, the RBI on Monday said the micron-led third wave could transform “extra of a flash flood than a wave.” Leading the Indian economic system to bounce back to pre-pandemic ranges.
Global Stock Exchange
While the Shanghai stock exchange ended positively, Hong Kong, Asia, Seoul, and Tokyo ended with losses.
Furthermore, Europe is under heavy selling pressure n mid-season deals while Brent crude soars to 1.13% percent to $87.46 per barrel.
Also, US West Texas Intermediate has soared to its highest level since October 2014. With stock over 2 percent to $85.56, Brent crude and WTI reached their highest level since October 2014.
As per the stock exchange data, Foreign institutional investors (FIIs) sold shares worth Rs. 855.47 crores on Monday. Making them net sellers in the capital market.
As the market stands weak, who will lead the way?
The market stands weak as 2,273 stocks declined on the BSE, while HCL Applied sciences generated a buzz.
They aim to revamp their inside expertise interface to gauge worker sentiment higher. And also supply a complicated instrument for onboarding or coaching to stem hovering attrition charges.
The massive demand in tech assets led HCL Applied sciences’ attrition prices to soar 20% between October-December 2021 quarter, up from 15.7% in the earlier three-month interval.
The company has also hired 15,787 freshers in the fiscal second quarter.
As the market stands weak due to global cues, it is yet to determine the outcome. As the supply and demand issues ease globally, market investors closely watch the daily tradings.
Nevertheless, the first IPO calendar year 2022 subscription is to look out for tomorrow. On a positive note, e-commerce logistics firm, Delhivery can raise Rs 7,460crores through an initial IPO. The approval came from the Securities and Exchange Board of India.
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