Selling is being seen in the domestic stock market today amid mixed global sentiments. Both Sensex and Nifty indices have weakened in today’s trading. Sensex has more than 400 points weakness. Whereas Nifty has come close to 15500. All-round selling is being seen in the business. The biggest fall is in metal and IT stocks. More than 2 percent weakness is seen in the metal index on Nifty. Bank, financial and IT indices are down more than half a percent. Other major indices including Auto, Pharma, FMCG and Realty are also seen in the red mark. At present, there is a weakness of 438 points in the Sensex and it is trading at the level of 52,093.71. While Nifty is trading at the level of 15520, weakening by 118 points.
Heavyweight stocks are selling. 25 stocks of Sensex 30 are in red mark. Today’s top losers include TATASTEEL, BAJFINANCE, INDUSINDBK, BHARTIARTL, AXISBANK and RELIANCE.
Talking about global cues, weakness is being seen in major Asian markets in today’s trading. On the first Tuesday, there has been a great recovery in the US markets. Brent crude has seen a decline of about 2 percent. In the international market, crude has come close to $ 111 per barrel. At the same time, US crude is also around $ 109 per barrel. The 10-year bond yield in the US is at 3.271 per cent.
Brokerage house CLSA has given outperform rating for Tata Motors and has given a target of Rs 453 for the stock. The brokerage house says that the debt of the company is getting reduced. With the improvement in free cash flow, further reduction in debt is anticipated. However, problems related to chip shortage and supply chain are expected to continue in the year 2022 as well. The brokerage has cut JLR and commercial vehicle business volume estimates.
The company has subscribed to Optionally Convertible Debentures of Rs 194 crore allotted by Gem Paints. At the same time, Majority Directors have been appointed on the boards of Gem Paints and Isha Paints. Gem Paints and Isha Paints have become subsidiaries and step-down subsidiaries of the company.