Market Wrap: Sensex falls 554 pts, Nifty below 18,150 amid weak global cues

Top headlines
 
·       Sensex falls 554 points, Nifty below 18,150 amid weak global cues
·       Prestige Estates surges 8% to hit life-time high on strong Q3 sales
·       AGS Transact Technologies IPO to open on Wednesday and close on January 21
·       Delhivery gets SEBI’s approval for Rs 7,460-crore IPO
 
Equity markets turned sharply lower in the fag-end of Tuesday's session as global cues became bearish. The 10-year US Treasury yield jumped to its highest in two years, topping 1.83 per cent. In the commodity market, international benchmark Brent crude futures rose 1.6% to $87.89 a barrel, and in the US, futures tied to Dow Jones, S&P 500 and Nasdaq 100 indices slipped 0.8 to 2%.
 
Back home, the BSE Sensex shed 554 points, or 0.9 per cent, to close at 60,755. The NSE Nifty50 ended at 18,113, down 195 points or 1 per cent. During the day, the indices hit intra-day lows of 60,662 and 18,086, respectively.
 
Only 7 Sensex constituents – Axis Bank, HDFC Bank, ICICI Bank, Dr Reddy's Labs, Kotak Bank, Titan Company, and Nestle India – managed to end in the green. Losses, on the other hand, were led by Maruti Suzuki, Ultratech Cement, Tech Mahindra, HCL Tech, Tata Steel, and IndusInd Bank.
 
The volatility index was up 6% at 17.78, indicating jitters among investors.
 
Sectorally, all Nifty indices ended significantly lower, with highest losses in realty, auto, and metals. The three indices closed over 2% down. All others were over 1% lower, barring banks and financials which ended marginally down.
 
Among individual stocks, shares of Prestige Estates Projects hit a record high, rallying 8% on the BSE after the real estate company said it registered its highest ever quarterly sales in the December quarter at Rs 4,267 crore, up 111% year-on-year. The stock closed 2.5% up.
 
On Wednesday, auto majors Bajaj Auto and Ceat are likely to be in focus along with Sterlite Tech as these companies will announce their Q3 results.
 
Further, the first IPO of calendar year 2022 will open for subscription tomorrow. Cash management services provider AGS Transact Technologies' offer will open on Wednesday and close on January 21. The price band for the issue has been fixed at Rs 166-175 per share. The company plans to raise Rs 680 crore through the issue, which is entirely an offer for sale.
 
Lastly, e-commerce logistics firm Delhivery has received the approval of the Securitries and Exchange Board of India to raise Rs 7,460 crore through an initial public offering. The IPO comprises a fresh issue of shares worth Rs 5,000 crore and an offer for sale of Rs 2,460 crore by existing shareholders. Through the offer-for-sale, investors Carlyle Group, SoftBank and Delhivery's co-founders will divest parts of their shareholding.