Stock market: The Indian equity index declined in the eighth consecutive trading session on 14 February. At the end of the trading session, the Sensex lost 199.76 points or 0.26 per cent at 75,939.21 and the Nifty closed at 22,929.25 with 102.15 points or 0.44 per cent. Today about 642 shares rose, 3200 shares declined and 73 shares did not change. Bharat Electronics, Adani Enterprises, Adani Ports, Sun Pharma, Trent Nifty were among the most fallen shares, while Britannia Industries, ICICI Bank, Nestle India, Infosys, TCS shares recorded an edge.
The Nifty Midcap index declined by 2.4 percent, while the smallcap index fell by 3.5 percent. Media, metal, oil and gas, pharma, PSU bank, realty, consumer durables, auto energy fell by 1-3 percent to all sectoral index on red mark.
LKP Securities Senior Technical Analyst Metapors Day Says that the recession on the Nifty continues. It closed below 23,000 after being above this level for a few days. Although the index managed to shut down 155 points from its lower level, the restment remains weak. Because the Nifty is continuing trading below with its important short term moving average. Going below 22,800 can cause more nervousness in the market. At the upper level, 23,100 immediate resistance is visible. The market may get some relief when it goes on top of it.
Vinod Nair of Geojit Financial Services Says that the feeling of avoiding risk is becoming dominating the minds of investors. Corporate income has been much lower than the market expectations at the beginning of the year. Especially the results of mid and small cap companies have been weak. Weak quarterly results, along with the fall in the rupee as well as external factors such as tariffs, is expected to be weak in the near future. This may further increase the withdrawal of FII. Volatibility is expected to remain until the tariff improves clarity and corporate income.
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Prashant Tapse of Mehta Equality Says that the benchmarks were slipped below their important psychological levels of 76 thousand and 23 thousand in the index Warletail business session. In the absence of any positive signal, investors are continuing profits in frontline and sectoral shares. There is an atmosphere of disappointment among investors, as investors are upset over the frequent withdrawal of foreign funds and the rupee fall in the rupee against the dollar, which has weakened the perception.
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