Why Markets close lower ?

  Why Markets close lower ?

Markets close lower, Bharti Airtel arm files DRHP for IPO

Nifty 50 closed lower at 21571.80 (-50.6, -0.2%) , BSE Sensex closed at 71423.65 (-259.6, -0.4%) while the broader Nifty 500 closed at 19601.90 (-4.5, 0.0%)
Market breadth is holding steady. Of the 2025 stocks traded today, 1029 were on the uptick, and 960 were down.

Ashish Kacholia buys additional shares of Zaggle Prepaid Ocean Services in the December quarter.

Bharti Airtel says that its Bharti Hexacom arm has filed draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering, following Board approval.

Megatherm Induction has fixed a price band of Rs 100-108 per share for its Initial Public Offering (IPO). The issue will open for subscription on January 25 and end on January 30.

HDFC Securities notes some weakness with Angel One, saying that incremental customer additions "are turning inferior", with lower trading for these new users. However, it has maintained the stock on accumulate.

  
Tata Steel has confirmed that it will close both blast furnaces at its plant in Port Talbot, Wales, eliminating 2,800 jobs.

Citigroup downgraded Reliance Industries post Q3 results, but raised the target price to Rs 2910 from Rs 2600 earlier. Analysts noted that Jio and retail performance were in line with numbers, while the oil&gas segment delivered strong numbers

. 
In the US, traders are continuing to bet on a soft landing for the economy and Fed rate cuts. Bullishness has pushed the S&P 500 to a second week gain and the index  has hit a new high. The Nasdaq 100 hit a record high with strong tech sentiment, climbing almost 3% over the week. 
 
Riding High:
Largecap and midcap gainers today include IDBI Bank Ltd. (79.10, 13.57%), Indian Railway Finance Corporation Ltd. (176.25, 9.98%) and NHPC Ltd. (80.50, 9.45%).

Downers:
Largecap and midcap losers today include Hindustan Unilever Ltd. (2468.90, -3.76%), PB Fintech Ltd. (868.00, -3.23%) and Oracle Financial Services Software Ltd. (6700.50, -2.57%).

Movers and Shakers
12 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Rites Ltd. (629.00, 13.65%), IDBI Bank Ltd. (79.10, 13.57%) and HFCL Ltd. (99.70, 12.59%).

Top high volume losers on BSE were Can Fin Homes Ltd. (768.35, -3.25%) and JK Cement Ltd. (3992.05, -1.51%).

SIS Ltd. (516.00, 8.41%) was trading at 18.9 times of weekly average. Rain Industries Ltd. (164.20, 9.21%) and Ceat Ltd. (2914.00, 12.30%) were trading with volumes 9.3 and 7.1 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages
78 stocks made 52 week highs,
Stocks touching their year highs included - Apollo Hospitals Enterprise Ltd. (6122.55, 0.46%), Apollo Tyres Ltd. (524.95, 4.27%) and Bajaj Holdings & Investment Ltd. (8261.55, -2.49%).

9 stocks climbed above their 200 day SMA including Rain Industries Ltd. (164.20, 9.21%) and Rossari Biotech Ltd. (819.35, 3.93%). 5 stocks slipped below their 200 SMA including Data Patterns (India) Ltd. (1882.50, -2.10%) and V-Mart Retail Ltd. (2036.50, -1.55%).