Stock Market Highlights: Nifty, Sensex Extend Losses To Second Week; M&M, ICICI Bank Top Draggers
The NSE Nifty 50 ended 117.25 points or 0.51% lower at 22,795.9, while the BSE Sensex closed 424.9 points or 0.56% lower at 75,311.06.
Incessant foreign capital outflows, global tariff concerns and lack of positive domestic triggers dragged India's benchmark stock indices for a second week in a row.
The Nifty and Sensex ended lower for the fourth consecutive session on Friday, as Mahindra & Mahindra Ltd. and ICICI Bank Ltd. underperformed.
The NSE Nifty 50 ended 117.25 points or 0.51% lower at 22,795.9, while the BSE Sensex closed 424.9 points or 0.56% lower at 75,311.06.
Intraday, Nifty fell 0.84% to crack below the crucial support of 22,800, while Sensex lost 0.82% to stay marginally above 75,100.
This week, the 50-share Nifty shed 0.64%, dragged by Mahindra & Mahindra, Bharti Airtel Ltd., and Dr. Reddy’s Laboratories Ltd. The 30-share Sensex lost 0.92%.
The total market capitalisation of stocks on the NSE went up by Rs 1.91 lakh crore. Largecaps lost Rs 88,418 crore, while midcaps added Rs 1.53 lakh crore and smallcaps gained Rs 77,766 crore.
Foreign portfolio investors have pulled out Rs 20,202 crore from domestic equities so far in February, as per NSDL data. Frequent tariff policy changes from the US have spooked global investor sentiment.
Shares of M&M, ICICI Bank and Tata Motors Ltd. weighed on the Nifty 50.
While those of Larsen & Toubro Ltd, HDFC Bank Ltd. and Tata Steel Ltd. cushioned the fall.
On NSE, eleven out of 12 sectors declined. The sharpest drop was seen in Nifty Auto and Nifty Pharma, while the Nifty Metal gained.
For the week, Nifty Auto emerged as the top sectoral loser, dragged by Mahindra & Mahindra, TVS Motor Co. and Maruti Suzuki India Ltd.
The Nifty Midcap 150 rose 1.58% for the week, led by Godrej Industries Ltd., GSK Pharma Ltd., NLC India Ltd. The Nifty Smallcap 250 gained 1.04%, led by Bikaji Foods Ltd., Rajesh Exports Ltd., and Archean Chemical Industries Ltd.
Broader markets ended mixed. The BSE Midcap ended up 1.18% and the BSE Smallcap fell 1.32%.
On BSE, all but one out of 21 sectors declined. The BSE Auto fell 2% and BSE Consumer Discretionary dipped 1.5%. The BSE Metal was the sole gainer with 1.23% increase.
Market breadth was skewed in the favour of sellers. In total, 2,248 stocks declined, 1,691 stocks advanced, and 121 stocks remained unchanged on the BSE.
