Stock market opens weak; Sensex, Nifty recover as Axis Bank, SBI rally

Mumbai: Indian equity benchmark indices opened lower on Tuesday, extending recent weakness as persistent foreign fund outflows, the upcoming monthly F&O settlement, muted quarterly earnings and global trade uncertainties dampened investor sentiment.

In early trade, the BSE Sensex fell 192 points to 81,344, while the NSE Nifty slipped 30 points to 25,018.

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Sensex traded 112.22 pts or 0.14 % lower at 81,425.48 at 9.19 am after opening at 81,436.79 against the previous close of 81,537.70 on Friday. The market was closed on Monday due to Republic Day. Nifty 50 dipped 20.90 pts or 0.08% to 25,027.75.

However, soon after, both the benchmark indices bounced back and were trading in positive territory. The BSE benchmark quoted 298.06 points higher at 81,814.74, and the Nifty traded 91.85 points up at 25,151.15.

From the 30-Sensex firms, Axis Bank, Adani Ports, UltraTech Cement, Bharat Electronics, Tata Steel, NTPC, State Bank of India and Tech Mahindra were among the biggest gainers.

Axis Bank climbed over 4 per cent after the firm reported a 4 per cent growth in its December quarter net profit to Rs 7,010.65 crore against Rs 6,742.99 crore in the year-ago period.

However, Kotak Mahindra Bank dropped over 4 per cent after its third-quarter earnings failed to cheer investors.

Mahindra & Mahindra, Maruti Suzuki, Hindustan Unilever and ICICI Bank were also among the laggards.

The index touched a low of 25,025 last Friday, reflecting heightened volatility. Multiple factors continue to weigh on the markets, including geopolitical tensions, rupee weakness, and uncertainty over a potential  US trade deal.

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Meanwhile, stocks linked to the India–EU trade agreement are expected to remain in focus in today’s session.

Meanwhile, US stock indexes ticked higher on Monday, while other markets made louder moves, including another record-breaking rush for the price of gold.

The S&P 500 rose 0.5% and won back its losses from last week’s dip. The Dow Jones Industrial Average climbed 313 points, or 0.6%, and the Nasdaq composite added 0.4%.