Stock markets: On February 18, the Indian Equity Index closed down near 22,950 with a slight decline. At the end of the trading session, the Sensex was down 29.47 points or 0.04 per cent at 75,967.39 and the Nifty fell 14.20 points or 0.06 per cent to close at 22,945.30. About 993 shares rose, 2804 shares declined and 101 shares did not change. The BSE Midcap index declined by 0.2 percent. At the same time, the smallcap index declined by 1.7 percent.
Trent, IndusInd Bank, M&M, UltraTech Cement, India Electronics Nifty included the most falling shares. While Tech Mahindra, Wipro, ONGC, Power Grid and NTPC were seen. Pharma, FMCG, Media, PSU Bank, Consumer Durables Index fell by 0.5–1 percent. Whereas IT, Power, Oil and Gas Index gained 0.5–0.5 percent.
Prashant Tapse of Mehta Equality Says that there is a feeling of vigilance among investors amid the increasing withdrawal of foreign funds and the fall in rupee. Due to this, the market closed slightly below in the sluggish trading session. The increase in IT, electricity, oil and gas and metal stocks helped the market compensate for almost all its damage. However, small cap shares continued to be beaten due to concerns and poor results of expensive valuation.
Aditya Gaggar director of progressive shares Says that there was a mixed performance in the market. The support level of 22,800 for the Nifty once again proved its strength. After a dull start, the index saw a decline today. The market remained under pressure mainly due to weakness in the midcap and smallcap segment. The Nifty today touched the bottom of 22,800 levels. However, the index began to overcome the lower levels after the trading session and finally closed at 22,945.30 with a slight decline of 14.20 points.
If you look at the sectoral indexes, the IT and energy sector were the fastest. Whereas FMCG and auto sector saw a correction of more than 0.60 percent. In the broader market, Midcap performed as per the benchmark index, while Smallcap performed poorly by more than 1.50 per cent. As long as the Nifty is within the range of 22,800-23,100, the sideways trading is expected to continue. To clear the direction of the market, a breakout of this range needs a breakout.
Mid and Smallcap will now earn in IT, banking and financial shares close to their bottom – Sunil Subramaniam L
Vinod Nair of Geojit Financial Services The FII says that the domestic market saw both profits and a decline at the lower level amidst the constant selling of FII and pressure on the rupee. Small and strong shares continue to fall due to apprehensions about premium valuation. Meanwhile, import expenses have increased due to a decline in domestic currency and a rise in commodity prices. This has increased India’s trade deficit more than expected. Currently investors are looking for bargaining opportunities due to a steep fall in share prices. But weakness and global uncertainty in companies’ earnings are disrupting market speed.
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