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Business News/ Markets / Stock Markets/  Stock market today: Nifty 50, Sensex end lower; midcaps, smallcaps bleed; investors lose over 7 lakh crore in a day
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Stock market today: Nifty 50, Sensex end lower; midcaps, smallcaps bleed; investors lose over ₹7 lakh crore in a day

Stock market today: Domestic equity benchmarks Nifty 50 and Sensex closed with losses on Monday, led by banking and financial heavyweights, ahead of key macro numbers and mixed global cues.

Stock market today: Nifty 50 closed at 21,616.05 while the Sensex ended at 71,072.49 on Monday. (Pixabay)Premium
Stock market today: Nifty 50 closed at 21,616.05 while the Sensex ended at 71,072.49 on Monday. (Pixabay)

Stock market today: Domestic equity benchmarks the Nifty 50 and the Sensex closed with losses on Monday, February 12, on losses led by banking and financial heavyweights, ahead of key macro numbers and mixed global cues.

India's consumer price index (CPI)-based inflation or inflation rate for January and index of industrial production (IIP) data for December are scheduled for release today.

Meanwhile, major global peers were mixed as investors waited for US inflation data due on Tuesday, British inflation data and eurozone GDP on Wednesday.

While most major Asian markets were closed for holidays, European markets were mixed when the Sensex closed.

The domestic market experienced a broad sell-off as cautious sentiment prevails while investors cut their expectations regarding the timing of potential rate cuts by the Fed.

Nifty 50 closed 166 points, or 0.76 per cent, lower at 21,616.05 while the Sensex fell 523 points, or 0.73 per cent, to end at 71,072.49.

Shares of ICICI Bank, ITC, HDFC Bank and SBI ended as the top drags on the Sensex index.

The mid and smallcap indices suffered deeper losses. The BSE Midcap index plunged 2.62 per cent while the Smallcap index nosedived 3.16 per cent.

Also Read: Sensex Today | Market Highlights: Sensex ends down 500pts, Nifty falls 160pts; PSB, Media, Realty indices down most

The overall market capitalisation (mcap) of the firms listed on the BSE dropped to nearly 379 lakh crore from nearly 386.4 lakh crore in the previous session, making investors poorer by about 7.4 lakh crore in a single session.

Top Nifty 50 gainers today

Only 16 stocks managed to end in the green in the Nifty 50 index today, with shares of Dr Reddy's Laboratories (up 2.68 per cent), Apollo Hospitals Enterprise (up 2.60 per cent) and Divi's Laboratories (up 2.28 per cent) ending as the top gainers.

Top Nifty 50 laggards today

Shares of Coal India (down 4.80 per cent), Hero MotoCorp (down 4.27 per cent) and BPCL (down 3.89 per cent) closed as the top laggard.

Also Read: Top Gainers and Losers today on 12 February, 2024: Dr Reddys Laboratories, Apollo Hospitals Enterprise, Coal India, Hero Motocorp among most active stocks; Check full list here

Sectoral indices today

Barring Nifty IT (up 0.79 per cent), Healthcare (up 0.54 per cent) and Pharma (up 0.28 per cent), all sectoral indices ended with losses.

The Nifty Media index plunged 4.46 per cent while the PSU Bank index suffered a loss of 4.43 per cent. Nifty Realty (down 2.97 per cent), Oil & Gas (down 2.62 per cent) and Metal (down 2.40 per cent) closed with significant losses.

Nifty Bank and Private Bank indices fell 1.65 per cent and 1.66 per cent respectively.

Expert's views on markets

"An uptick in exchange margin requirements caused a decrease in positions, primarily in mid and small caps. Aside from the pharma and IT sectors, selling was widespread, with notable struggles seen in PSU banks. The premium valuation gap between mid to large caps has notched to its all-time high. Despite a robust economic forecast, corporate earnings are expected to slow due to moderated operating margins. It is going to be a challenge for the broad market to sustain the premium valuation. Large caps are predicted to excel amid consolidation," said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

"Nifty declined further after a consolidation breakdown on the hourly chart, indicating an increase in pessimism. The daily chart shows the index forming a lower top, signalling diminishing bullish sentiment. The momentum indicator aligns with this bearish outlook, displaying a crossover. The Nifty might remain 'sell on rise' as long as it remains below 21,850. On the downside, support is situated at 21,500," Rupak De, Senior Technical Analyst, LKP Securities.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

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Published: 12 Feb 2024, 03:30 PM IST
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