BSE, NSE trading on the back of the market

Bears dominated Dalal Street last week with the benchmark equity index falling more than three per cent due to bets on the US Federal Reserve's faster rate hikes in 2022.

The 30 share BSE Sensex plunged 2,185. There were 85 points, or 3.57 per cent, at 59,037. The 50-share NSE Nifty index has fallen 638.60 points, or 3.50 per cent, to 17,617, according to the 50-share Nifty index. Here's a look at the market action on the BSE and NSE today.

Indian benchmark indices opened lower amid weak global cues. The 30-share BSE index was trading 228 points lower at 58,808 at 09: 16 hours. The NSE Nifty was down 70 points to 17,546, and the broader NSE Nifty was down 70 points. Asian Paints was the top loser in the Sensex pack, losing more than 2 per cent, followed by Tech Mahindra, Dr Reddy, HCL Tech, Wipro and Infosys.

Maruti Suzuki and ICICI Bank were among the top Sensex gainers.

The trends on the SGX Nifty suggest that Benchmark Indices are expected to open on a negative note. The US stock markets closed lower on Friday, NASDAQ fell 2.72%, followed by a plunge in Netflix.

European indexes also fell on Friday. Asian markets traded lower in the early Monday trading with Hang Seng trading - 1.12%, Nikkei trading - 0.55% and Kospi trading - 1.63% lower. The markets seem to be under pressure today, mainly due to surging bond yields, FII selling and average Q 3 results.

Reliance Industries, JSW Steel, ICICI Bank, Yes Bank and others can take stock specific actions due to Q 3 earnings. Earnings to watch today include HDFC AMC, Axis Bank, SBI Cards, Deepak Nitrite, IEX and others.

There is immediate support and resistance in Nifty 50 on the technical front 17,400 and 17800. There is immediate support and resistance for the Bank Nifty 37,000 and 38,000.

On Wall Street, the S&P 500 fell 1.89 per cent, the Nasdaq Composite declined 2.72 per cent and the Dow Jones fell 1.3 per cent.

Asian share markets fell on Monday, with the Federal Reserve expected to confirm it will soon start draining the massive liquidity that has fuelled the huge gains in growth stocks in recent years.

In Asia, the Nikkei Weighted Index was down 0.55 per cent and Hang Seng was trading 1.18 per cent lower. Shanghai Composite was up 0.11 per cent.

Foreign institutional investors FIIs sold shares worth Rs 3,148. Domestic institutional investors DII bought shares worth Rs 269.36 crore on January 21, as per provisional data available on NSE.

The rupee went up by 8 paise to close at 74.43 provisional against the US dollar on Friday due to the easing of crude oil prices and dollar selling by banks and exporters.

The rupee's recovery was restricted by continued foreign fund outflows and sell-offs in domestic equities, analysts said.

The rupee opened at 74.50 a dollar and recorded an intra-day high of 74.40 and a low of 74.55 against the American currency on the interbank foreign exchange market.

The Indian equity market is not likely to open on a negative note as SGX Nifty was down 83.9 points to 17,564 at 8: 30 am.

Singapore Nifty SGX Nifty is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.

On Friday, Sensex closed 427 points lower at 59,034 and Nifty fell 139 points to 17,617.

The mid-cap and small cap indexes of the BSE fell 512 points and 598 points, respectively. 22 of 30 Sensex stocks ended lower.

The market cap of BSE-listed firms fell to 269.84 lakh crore against the previous session's 273.28 lakh crore.