Stock market: The Indian Equity Index closed down in the third consecutive season on 7 February and the Nifty fell below 23,600. At the end of the trading session, the Sensex lost 197.97 points or 0.25 per cent to 77,860.19 and the Nifty closed at 23,559.95 with 43.40 points or 0.18 per cent. Today around 1468 shares rose, 2293 shares declined and 139 shares did not change. ONGC, ITC, Britannia, SBI, Adani Ports were today’s top loses on the Nifty. While Tata Steel, Bharti Airtel, Trent, JSW Steel, Hindalco were today’s top gainers.
The Nifty Midcap index had a slight increase. While the smallcap index fell by 0.3 percent. The Nifty metal index on the sectoral front increased by 2.6 per cent, consumer durables increased by 1 per cent and the auto index increased by 0.7 per cent. While PSU Bank, FMCG, Media, Oil and Gas fell by 1 percent.
On the weekly basis, the market recorded a slight increase and it closed with the lead for the second consecutive week. Pharma and metal indexes gained the most. Each of them gained 3 percent. The FMCG index was the biggest decline.
LKP Securities Senior Technical Analyst Metapors Day Says that even after the announcement of monetary policy by the RBI Governor, there was a fluctuations in the Nifty. However, despite the ups and downs, the Nifty did not go below 21 EMA on the daily time frame. This is a sign of a positive short term trend. Trend is likely to remain positive as long as the Nifty remains above 23,450. Resistance at 23,700 upwards. Learn above 23,700, but a rally can be seen in Nifty towards 24,050.
Prashant Tapse of Mehta Equality Says that the cut in interest rates was not surprised. Also, investors did not see anything interesting in the comments of the new RBI governor. Due to this, profit booking continued in banking, oil and gas, FMCG and power stocks. The results of companies are also mixed. At the same time, investors are in a mood to take precautions in view of the frequent sale of FIIs in the domestic market.
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Vinod Nair, research head of Geojit Financial Services Says that rates are a positive signal aimed at reviving the slow economy. However, the absence of measures to increase cash as expected was disappointed to investors. This led to profits in the market. In addition, the forecast of short -term growth due to global trade policy and inflation concerns shows that the central bank will adopt a vigilant and phase view for adjustment in future rates.
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