Taking Stock | Bears halt 4-day rally on #39;hawkish#39; Fed, rising Omicron cases

Taking Stock | Bears halt 4-day rally on #39;hawkish#39; Fed, rising Omicron cases

The market snapped four-day winning streak and ended lower on January 6 on the back of weak global markets amid rising concerns over increasing Omicron cases and Hawkish Federal Reserve stance.

Market opened gap-down and extended the fall further as the day progressed, but saw some recovery from the low but closed the day with a percent loss with Sensex falling 621.31 points or 1.03% at 59,601.84, and the Nifty down 179.40 points or 1% at 17,745.90.

The Federal Reserve meeting minutes released yesterday pointed the raising of interest rates sooner than expected.

"The day witnessed a gap-down opening on the back of weak global cues and hawkish FOMC minutes which saw the US 10-year yield rising to 1.7%," said S Ranganathan, Head of Research at LKP securities.

"Bulls were a bit restrained on the back of rising covid cases and its impact on the fourth quarter corporate performance since it happens to be an important quarter for India Inc. The IT & Oil & Gas Index led the fall today with Cement stocks, too, witnessing profit taking," Ranganathan added.

JSW Steel, UltraTech Cement, Tech Mahindra, Shree Cements and Reliance Industries were among the top Nifty losers. Gainers included UPL, IndusInd Bank, Bajaj