Sensex falls for second day in a row, Maruti Suzuki, M&M among top losers1 min read . Updated: 21 Jan 2020, 04:15 PM IST
- Auto, banking and FMCG stocks led the losses today
- Vodafone Idea shares surged over 20% today
Indian markets fell today, extending losses to the second day. The Sensex ended 0.49% lower at 41,323, led by losses in auto, banking and FMCG stocks. The broader Nifty fell 0.45% to 12,169. The global cues were weak. Global equity markets and oil prices tumbled today as concern about the impact of a Chinese disease outbreak increased and a rating agency cut Hong Kong's credit rating due to political tension.
"Nifty found support near support zone of 12,150. This support zone for the Nifty is an important one and a decisive breach below 12,100 would be near term negative for the markets. The upward momentum has weakened and Nifty is vulnerable for further downside in the near term," said Amit Shah, technical research analyst at Indiabulls Ventures.
Among the Sensex stocks, Maruti Suzuki and M&M fell over 2%. Other top losers included Tata Steel, ITC, Axis Bank, Titan, HDFC Bank and Titan.
"The bears continued to dominate for second consecutive session. Further, the global cues also remained unsupportive in today’s trade," said Ajit Mishra, VP - Research, Religare Broking.
"We reiterate our cautious view on the Indian markets given the stretched valuation and muted start to the earnings season. The earnings announcement for corporates would also induce stock specific volatility," he added.
Shares of Federal Bank were up 1% today, extending Monday's gains today after the lender's Q3 earnings impressed the Street. Federal Bank on Monday posted a 32% in its December quarter net profit to ₹440 crore, helped by a reduction in provisions for bad assets.
Elsewhere, shares of Vodafone Idea surged 21% today. The Supreme Court today agreed to hear the modification plea filed by telecom operators Vodafone Idea, Bharti Airtel, and Tata Teleservices on giving them more time to pay off adjusted gross revenue (AGR) related dues which total over ₹1 trillion. The deadline to pay off these dues is 23 January. (With Agency Inputs)