Stock Market Fails Today: Sensex Drops 354, Nifty Below 21,800

by | Feb 5, 2024 | 0 comments

Stock Market Fails to Sustain Opening Gains Amid Volatility

Opening Gains Erased in Volatile Trading

Despite opening with gains amid positive global cues, the Indian equity benchmarks ultimately failed to maintain their early momentum, closing lower in a volatile session on February 5. The anticipation of the RBI’s meeting outcome, particularly regarding rate cuts and the inflation trajectory, left investors in a cautious stance. This resulted in last-hour selling that erased all early gains, marking another instance where the stock market fails to hold onto its optimism.

Sensex and Nifty Close Near Day’s Low

By the session’s end, a decrease of 354.21 points, or 0.49 percent, was recorded by the Sensex, closing at 71,731.42. Similarly, the Nifty was down by 82.10 points, or 0.38 percent, settling at 21,771.70. These closings near the day’s low underscore the challenges faced as the stock market fails to navigate through the session’s volatility successfully.

Mixed Performances Across Sectors

A mixed performance was observed across various sectors. Notably, the bank, capital goods, information technology, and FMCG sectors saw declines ranging from 0.3 to 0.9 percent. In contrast, sectors such as auto, pharma, metal, oil & gas, and realty experienced gains of approximately 1 percent each, highlighting the uneven impact on different market segments.

Individual Stock Movements Noted

Significant volume spikes were noted in individual stocks, including Ipca Laboratories, UPL, and Lupin, with increases exceeding 200 percent. A short build-up was observed in stocks like UPL, Shree Cements, and Aurobindo Pharma, whereas a long build-up was evident in IOC, Tata Motors, and Multi Commodity Exchange of India.

Record Highs and Sectoral Observations

The day also saw over 500 stocks hitting their 52-week highs on the BSE, showcasing a broad spectrum of market movements. Among these, stocks like Confidence Petroleum, Entertainment Network India, and Everest Kanto stood out, reflecting a diverse range of sectors reaching new milestones.

 

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