Sensex Drops 523 pts, Nifty Tests 21,600 Ahead Of January CPI Data; NHPC Tanks 15%, Bharat Forge 14%

Global Trends, Crude Oil Prices, Q2 Earnings to Drive Markets in Holiday-Shortened Week: Analysts
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Last Updated: February 12, 2024, 16:08 IST

Sensex, Nifty, Stock Market Today

Sensex, Nifty, Stock Market Today

Market Today: The equity benchmarks opened with slight gains on Monday as trade elsewhere in Asia remained muted with most markets closed

Market Today: Equity markets turned lower on Monday amid profit booking by investors ahead of the January retail inflation and December IIP output data due later today.

The S&P BSE Sensex shed 523 points, or 0.73 per cent, to end at 71,072 levels, while the Nifty50 shut shop 166 points, or 0.76 per cent, lower at 21,616 levels.

The broader markets suffered deeper losses with the BSE MidCap index falling 2.6 per cent and the BSE SmallCap 3.16 per cent.

Among sectors, defensive bets IT and Pharma indices rose 0.76 per cent and 0.28 per cent, respectively. All other indices, led by Nifty PSU Bank, Realty, Media, and Metal indices dropped up to 4.5 per cent.

Meanwhile, Apeejay Surrendra Park Hotels (ASPHL) made a good stock market debut on Monday, listing at a premium of 21 per cent versus its issue price of Rs 155. It opened at Rs 187 on the BSE, and ended at Rs 203.45 (up 31.2 per cent against issue price).

The stock opened at Rs 186 on the National Stock Exchange (NSE). The company is engaged in the hospitality business and runs hotels under its “The Park” brand.

Among other stocks, SJVN, India Tourism Development Corporation (ITDC), Housing & Urban Development Corporation (Hudco), NBCC (India), Hindustan Organic Chemicals (HOCL), and MMTC from the Central Public Sector Enterprises (CPSEs) pack were locked in their respective lower circuits, with only sellers being seen on these counter amid correction in equity markets.

“The fact that the markets are resilient even after the initial enthusiasm of early rate cuts in 2024, both in US and India, has moderated is an indication of the underlying strength of the market. Apart from positive economic cues, a major factor supporting the market is the sustained flows to the market through mutual funds. This can trigger buying on dips and the high market valuations are likely to be sustained for some time. However, the frothy valuations of the broader market are a matter of concern. From the long-term perspective, safety is in large-caps,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global cues

Markets including Hong Kong, China, Japan, Taiwan and South Korea are closed for Lunar New Year holidays. ASX 200 in Australia was trading 0.2 per cent lower.

US stocks ended mixed on Friday. The S&P 500 rose 0.57 per cent to close above the key 5,000 level for the first time. Nasdaq rallied 1.25 per cent while the Dow Jones fell 0.14 per cent.

#Sensex #Drops #pts #Nifty #Tests #Ahead #January #CPI #Data #NHPC #Tanks #Bharat #Forge

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