Market dips for second straight day, Sensex falls 220 pts ahead of US Fed speech
2 min read . Updated: 07 Feb 2023, 04:50 PM IST
Premium- BSE Sensex declined by 220.86 points or 0.37 per cent to close at 60,286.04, while Nifty fell by 43.10 points or 0.24 per cent to settle at 17,721.50.
Benchmark indices closed lower on Tuesday as FMCG, steel, auto sector drag the market. Sensex declined 220.86 points while Nifty 50 fell by 43.10 points .
BSE Sensex declined by 220.86 points or 0.37 per cent to close at 60,286.04. It moved in a range of 60,655.14 to 60,063.49 during the day.
The NSE Nifty 50 fell by 43.10 points or 0.24 per cent to settle at 17,721.50. The index touched a high of 17,811.15 and a low of 17,652.55 during the session.
The main US stock indexes fell as investors shifted gears after considering the possibility that the U.S. Federal Reserve may take longer to start cutting rates.
On Sensex, ITC, Sun Pharma, Maruti, M&M, Tata Motors, HCL Tech, Wipro, Infosys, HUL, Bharti Airtel and Reliance were among the major losers.
Kotak Bank, IndusInd Bank, Bajaj Finance and Bajaj Finserv, L&T, SBI, TCS and HDFC Bank also closed higher.
"Sentiments in the domestic market were hammered by bears that dominated the US market post the release of strong jobs data. Global markets are currently driven by central bank policies and the surge in bond yields in expectation of more rate actions. A recovery was seen in the second half of the day as US futures inched higher as investors await Powell’s speech," said Vinod Nair, Head of Research at Geojit Financial Services
Nineteen of the Nifty 50 constituents advanced while 31 declined. While, Nifty Bank was up by 0.48 per cent to settle at 41,490.95.
“The BANK NIFTY index continued to trade in a broad range ahead of the RBI policy wherein 41,000 is a support and 42,000 is a resistance. The index needs to break this range on either side decisively for trending moves. The undertone remains bearish within the range and once should keep a buy-on-dip approach," said Kunal Shah, Senior Technical Analyst at LKP Securities
From the Nifty, Adani Enterprises, Dr Reddy, Adani Ports, Kotak Mahindra Bank and InusInd Bank were gainers.
Tata Steel, Hindalco, ITC, Hero Moto Corp and Maruti were the laggards.
Adani group flagship Adani Enterprises snapped its declining trend and rose by 14.63 per cent to ₹1802.50. Adani Ports advanced 1.33 per cent despite a decline in profit for the December quarter.
The Indian rupee closed at 82.70 versus the US dollar on Tuesday, up 0.03% from the previous day's close of 82.73/$.
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