Stock Market Today: Sensex, Nifty End 1% Lower As Banks Drag After RBI Maintains Status Quo
Find all the latest stock market updates for Feb. 8 here
KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.08% on Thursday.
Source: Bloomberg
Rupee Flat Against U.S Dollar
The local currency closed flat at Rs 82.96 against the U.S dollar.
Source: Bloomberg
Sensex, Nifty End Lower As Banks Drag After RBI Maintains Status Quo: Closing Bell
Benchmark indices lost 1% today after RBI decided to keep the benchmark interest rate unchanged as banks and ITC dragged.
The Nifty 50 lost 212.55 points or 0.97% to close at 21,717.95 and the Sensex lost 723.57 points or 1% to close at 71428.43 . Intraday, the Nifty 50 fell as much as 1.21% and the Sensex fell as much as 1.28 %.
"Once again the level of 22,000 worked well for the Bears as after the status-quo decision by the MPC committee, a steep fall was seen in the private banking and FMCG stocks which led to a sharp correction in the Index as well," said Aditya Gaggar, director of Progressive Shares.
He added that on the daily chart, the Index has made a big negative candle but defended the level of 21,700 as well as 21DMA support which can be considered as immediate support while the upside seems to be capped at 21,900. "In case of a decisive breakdown, the correction may extend to 21,500 while on the higher side, a convincing close above 22,100 is a must for resuming its uptrend."
Shares of HDFC Bank Ltd., ICICI Bank Ltd., ITC Ltd., Kotak Mahindra Bank Ltd., and Axis Bank Ltd. dragged the Nifty.
Meanwhile, those of Reliance Industries Ltd., State Bank Of India Ltd., Tata Consultancy Services Ltd., Power Grid Corp. of India Ltd., and Bharat Petroleum Corp. Ltd. limited the fall.
Broader markets ended on a mixed note on BSE. The S&P BSE Midcap rose 0.08%, and Smallcap fell 0.44%.
On BSE, 12 out of 20 sectors fell, while six rose. The S&P BSE FMCG index fell the most among sectoral indices.
Market breadth was skewed in favour of sellers. Around 2,176 stocks rose, 1,666 stocks fell, and 103 stocks remained unchanged on BSE.
Garware Hi Tech Locked In Upper Circuit
The scrip rose as much as 20% to hit a fresh life high of 1,906.50 apiece. It recently hit life high on Jan. 24. This compares to a 0.95% decline in the NSE Nifty 50 Index at 3:10 pm.
It has risen 187.82% in the last 12 months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 72.
Page Industries Q3 Results Key Highlights (Consolidated, YoY)
Revenue at Rs 1,228.8 crore vs Rs 1,200 crore, up 2.4%
Ebitda at Rs 229.71 crore vs Rs 192.75 crore, up 19.17%
Margin at 18.69% vs 16.06%
Net profit at Rs 152.4 crore vs Rs 123.7 crore, up 23.2%
