Stock Market Live: GIFT Nifty Trades Below 22,700; Vodafone Idea, TCS, Dr Reddy's Labs In Focus

The Indian stock markets continued their downward trend on [current date], with the Nifty trading below the psychologically important level of 22,700 points. The 50-share index of the National Stock Exchange (NSE) had opened at 22,695.35 and touched an intraday low of 22,635.55 before closing at 22,668.15, down by 111.8 points or 0.49%.

One of the major stocks that came under pressure was Vodafone Idea Ltd., India's second-largest telecom company by subscribers. The stock closed at Rs. 18.15, down by 5.3% on the Bombay Stock Exchange (BSE), after the company reported a loss of Rs. 8,456 crore for the quarter ended December 31, 2021. The loss was wider than the market expectation of a loss of Rs. 6,555 crore. The company's revenue also declined by 3.3% to Rs. 19,834 crore.

Another major stock that saw significant movement was Tata Consultancy Services (TCS), India's largest software services exporter. The stock closed at Rs. 3,358.65, down by 1.3% on the BSE. The company reported a net profit of Rs. 9,553 crore for the quarter ended December 31, 2021, up by 11.5% from the same period last year. However, the revenue growth was lower than expected at 16.1%, missing the market expectation of 16.5%.

Dr. Reddy's Laboratories Ltd., India's largest pharmaceutical company by market capitalization, also saw a decline in its stock price. The stock closed at Rs. 6,315.55, down by 1.5% on the BSE. The company reported a net profit of Rs. 1,143 crore for the quarter ended December 31, 2021, up by 11.5% from the same period last year. However, the revenue growth was lower than expected at 11.5%.

The broader markets also saw selling pressure with the BSE Sensex closing at 58,185.33, down by 384.38 points or 0.66%. The midcap and smallcap indices also declined by 1.1% and 1.5% respectively.

The rupee closed at 74.83 against the US dollar, down by 11 paise from its previous close. The benchmark 10-year government bond yield closed at 6.61%.

The market sentiment was affected by the rising COVID-19 cases in India and the ongoing geopolitical tensions between Russia and Ukraine. Additionally, the Reserve Bank of India's monetary policy statement due on February 4, 2022, also weighed on the markets.

Overall, the Indian stock markets continued their downward trend with the Nifty trading below the psychologically important level of 22,700 points and key stocks like Vodafone Idea, TCS, and Dr. Reddy's Labs seeing significant selling pressure. The broader markets also saw selling pressure with the BSE Sensex declining by over 380 points. The market sentiment was affected by the rising COVID-19 cases in India and the ongoing geopolitical tensions between Russia and Ukraine, along with the upcoming RBI monetary policy statement.