Stock Market Updates: Sensex Drops 200pts; Nifty50 Slides Below 17,800; Tata Motors Jumps 5%

Last Updated: January 27, 2023, 09:35 IST

Domestic markets edged lower on Friday, after over a per cent decline on Wednesday. The S&P BSE Sensex declined 238 points, or 0.4 per cent, to hover around 59,967 levels in early deals.

The NSE Nifty50, meanwhile, was at 17,832 level, down 60 points or 0.33 per cent. In the broader markets, the BSE MidCap and SmallCap indices lost 0.01 per cent and 0.02 per cent, respectively.

Among individual stocks, Tata Motors surged 5 per cent as the company posted a consolidated net profit of Rs 3,043 crore in Q3FY23, after clocking losses for seven straight quarters. This came on the back of a strong order book, better semiconductor chip supply, tempered commodity prices, and a better product mix.

“Long liquidation spree on Wednesday eased off without threatening 17800, retaining hopes of revival. Such hopes will be strengthened, if 18000 is reclaimed early in the day. This should put Nifty back into a neutral territory, with intermittent upswings, but expect distribution to reemerge, if we get back to the 18120 region right away. We will look for a rise above 18200 consolidation in the sun 17940 region to back upsides,” said Anand James – Chief Market Strategist at Geojit Financial Services.

Global Cues

Stocks in Asia gained Friday, following US equities higher after a rally in tech shares helped investors shake off mixed economic data that suggested a path to a soft landing, but the risk of recession persists. An Asian equity gauge was headed for a fifth week of gains and its highest close since April.

Wall Street ended a choppy session higher on Thursday as investors grappled with an onslaught of economic data and a string of mixed corporate earnings, all while eyeing the clock as it ticks down toward next week’s Federal Reserve monetary policy meeting. While all three major U.S. stock indexes advanced, megacap momentum stocks, buoyed by Tesla Inc’s earnings beat and upbeat sales forecast, helped put the Nasdaq in the lead.

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