Taking Stock: Sensex tanks 790 points, Nifty below 22,000; small, midcaps singed

The Indian equity benchmarks closed more than a percent lower on February 28 amid selling across the sectors, with small and midcaps hit the hardest, ahead of the monthly expiry and release of GDP data.

The Sensex ended 790.34 points, or 1.08 percent, lower at 72,304.88 after hitting a low of 72,222.29. The Nifty slipped to 21,918.85 before closing at 21,951.20, down 247.10 points, or 1.11 percent, its biggest drop in five weeks.

Stocks and sectors

The biggest Nifty losers included Power Grid Corporation, Apollo Hospitals, Eicher Motors and Maruti Suzuki, while gainers were HUL, Infosys, TCS and Bharti Airtel.

All the sectoral indices ended in the red with auto, oil & gas, power and realty. down 2 percent each.

BSE midcap and smallcap indices fell 2 percent each.

Among individual stocks, a volume spike of more than 200 percent was seen in Balrampur Chnini Mills, Zee Entertainment Enterprises and Aditya Birla Fashion & Retail.

A short buildup was seen in Vodafone Idea, Zee Entertainment Enterprises and Godrej Properties, while a long build-up was seen in Havells India, Max Financial Services and Samvardhana Motherson International.

More than 250 stocks touched their 52-week high on the BSE, including Aster DM Healthcare, Filatex India, Force Motors, Godfrey Phillips, Havells India, Intellect Design, Just Dial, PB Fintech, Rainbow Child, Thyrocare Technologies, Triveni Turbine, Venus Pipes, V-Guard Industries, Voltas, among others. Click here for the full list

Outlook for February 29

Aditya Gaggar Director of Progressive Shares

Rangebound activity came to an end as bears dominated the session. Selling pressure intensified in the second half and the Nifty breached the 22,000 mark to end the session at 21,951.15 with a loss of 247.20 points.

All sectors ended in red, with media and PSU banking being the major laggards. A steep fall in broader markets dented the sentiments.

With a bearish engulfing candlestick, the Nifty finally breached its congestion zone on the downside. Immediate support is now placed at 21,820, while the higher side is capped at 22,100.

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty dropped below the 22,000-mark, indicating a growing weakness though it managed to close just above the 21-EMA on the daily timeframe. On the daily chart, the index has been moving within a rising channel. A decline below 21,950 can trigger a correction towards 21,800 in the near term. Conversely, a sustained trade above 21,950 can spur a recovery towards 22,100.

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