Stock Market Highlights: Nifty, Sensex Rises For Second Week; Tata Steel Top Gainer
The Nifty 50 ended 43.40 points, or 0.18% down at 23,559.95, and the Sensex settled 211.41 points, or 0.27% lower at 77,846.74.
The NSE Nifty 50 and BSE Sensex declined for three session in a row on Friday as ICICI Bank Ltd. and HDFC Bank Ltd. share prices dragged. However, on a weekly basis, both indices ended up for the second week.
Market participants parsed the Reserve Bank of India's Monetary Policy Committee statement after the rate-setting panel cut the repo rate.
The Nifty 50 ended 43.40 points, or 0.18% down at 23,559.95, and the Sensex settled 211.41 points, or 0.27% lower at 77,846.74.
The central bank unanimously voted to reduce the benchmark repo rate to 6.25% from 6.50% at the end of its policy meet on Friday, in line with market expectations.
"A rate cut aimed at reviving the slowing economy is a positive indicator. However, yields edged higher as investors were disappointed by the absence of anticipated liquidity measures, leading to profit booking in the indices," said Vinod Nair, head, research, Geojit Financial Services Ltd.
Additionally, a downward revision in the near-term growth forecast, influenced by global trade policies and inflation concerns, suggests that the central bank will adopt a cautious and gradual approach to future rate adjustments, he said.
Intraday, the Nifty 50 fell 0.68% to the day's low of 23,443.20, and the Sensex declined 0.75% to the day's low of 77,475.74.
Shares of ICICI Bank Ltd., ITC Ltd., Reliance Industries Ltd., HDFC Bank Ltd., and State Bank of India weighed on the Nifty 50.
While those of Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., Mahindra & Mahindra Ltd., Tata Steel Ltd., and Trent Ltd. share prices limited losses in the index.
On NSE, eight out 12 sectors ended lower, and four advanced. The NSE PSU Bank declined the most, while the NSE Metal rose the most.
Broader markets ended on a mixed note. The BSE Midcap ended 0.13% higher, and the BSE Smallcap ended 0.68% down.
On BSE, 12 sectors out of 21 ended lower, and nine sectors ended higher. The BSE Telecommunication rose the most, and the BSE Oil and Gas rose the most.
Market breadth was skewed in the favour of sellers. Around 2,397 stocks declined, 1,524 stocks advanced, and 143 stocks remained unchanged on BSE.
On a weekly basis, the Nifty 50 and Sensex extended gains to second week. The benchmark indices ended 0.33% and 0.46% higher, respectively.
On NSE, seven sectors advanced, and five declined out of 12. The NSE Nifty Energy declined the most, while the NSE Nifty Pharma rose the most in the week ended on Feb. 7.
