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Bears remain at the helm
Nikhil Agarwal | 02:29 Min | February 20, 2023, 7:02 PM IST
The 30-share BSE benchmark Sensex declined 311 points or 0.51% to settle at 60,691. The broader NSE Nifty dropped 100 points or 0.56% to end at 17,845.
Transcript
Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal. Defying positive cues from global equity markets, Indian equity indices declined for the second straight session at the close after trading through volatility on Monday.
The 30-share BSE benchmark Sensex declined 311 points or 0.51% to settle at 60,691. The broader NSE Nifty dropped 100 points or 0.56% to end at 17,845.
From the Sensex pack, Maruti, HDFC, Kotak Bank, Axis Bank and Bajaj Finance closed lower and fell over 1%. Reliance, Nestle, ICICI Bank, SBI and HDFC Bank also closed in the red. On the flip side, UltraTech Cement, Tech Mahindra, Power Grid, Infosys and Tata Motors ended with gains.
Sector-wise, Nifty PSU Bank fell 1.14% and Nifty Financial Services declined 0.98%. Nifty Pharma and Nifty Metal also closed lower. In the broader market, Nifty Midcap50 dropped 0.13% and Smallcap50 plunged 0.48%. Meanwhile, the market capitalisation of all listed companies on the BSE declined by Rs 95,756 crore to Rs 265.91 lakh crore.
Shares were mostly higher in Asia after Wall Street closed out another bumpy week marked by uneasiness over the outlook for inflation and interest rates. Oil prices rose amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. The Indian rupee inched up, tracking Asian peers as the dollar index stalled after a recent rally, with investors awaiting minutes of the Federal Reserve meeting due mid-week. The rupee finished at 82.72 per US dollar, compared with its previous close of 82.83.
Mr Rupak De of LKP Securities said bears remain at the helm as Nifty slips back into the falling channel. He said the trend is likely to remain weak as long as the index remains below 18000; any rise is likely to get sold into.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.
The 30-share BSE benchmark Sensex declined 311 points or 0.51% to settle at 60,691. The broader NSE Nifty dropped 100 points or 0.56% to end at 17,845.
From the Sensex pack, Maruti, HDFC, Kotak Bank, Axis Bank and Bajaj Finance closed lower and fell over 1%. Reliance, Nestle, ICICI Bank, SBI and HDFC Bank also closed in the red. On the flip side, UltraTech Cement, Tech Mahindra, Power Grid, Infosys and Tata Motors ended with gains.
Sector-wise, Nifty PSU Bank fell 1.14% and Nifty Financial Services declined 0.98%. Nifty Pharma and Nifty Metal also closed lower. In the broader market, Nifty Midcap50 dropped 0.13% and Smallcap50 plunged 0.48%. Meanwhile, the market capitalisation of all listed companies on the BSE declined by Rs 95,756 crore to Rs 265.91 lakh crore.
Shares were mostly higher in Asia after Wall Street closed out another bumpy week marked by uneasiness over the outlook for inflation and interest rates. Oil prices rose amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place. The Indian rupee inched up, tracking Asian peers as the dollar index stalled after a recent rally, with investors awaiting minutes of the Federal Reserve meeting due mid-week. The rupee finished at 82.72 per US dollar, compared with its previous close of 82.83.
Mr Rupak De of LKP Securities said bears remain at the helm as Nifty slips back into the falling channel. He said the trend is likely to remain weak as long as the index remains below 18000; any rise is likely to get sold into.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.
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