Sensex down 246 pts; European mkt slides

The frontline indices traded with minor losses in the afternoon trade. The Nifty hovered below the 22,150 mark. Media and auto shares were in demand. On the other hand, IT, healthcare and metal stocks corrected.

At 13:28 IST, the barometer index, the S&P BSE Sensex, was down 246.39 points or 0.34% to 72,896.41. The Nifty 50 index shed 67.50 points or 0.30% to 22,145.45.

In the broader market, the S&P BSE Mid-Cap index shed 0.43% and the S&P BSE Small-Cap index rose 0.05%.

The market breadth was negative. On the BSE, 1,766 shares rose and 2,156 shares fell. A total of 141 shares were unchanged.

Economy:

India�s forex reserves declined $5.24 billion to $617.23 billion for the week ended 9 February 2024, according to the latest RBI data. The forex kitty stood at $622.5 billion for the week ended 2 February 2024.

The reserves had peaked in October 2021, when kitty had reached $ 645 billion. In the current financial year 2023-24, the forex reserves have increased $50.28 billion, the RBI data showed.

Foreign currency assets, which constitute the largest component of the reserves, dropped $4.07 billion to $546.52 billion during the week under review, as per the latest data. The country�s reserve position with the IMF also declined $28 million to $48.32 billion in the reporting week.

Gainers & Losers:

Larsen & Toubro (up 2.92%), Power Grid Corporation of India (up 2.38%), Adani Enterprises (up 1.46%), Adani Ports and Special Economic Zone (up 1.41%) and Eicher Motors (up 0.97%) major Nifty gainers.

Asian Paints (down 3.64%), Hindalco Industries (down 2.20%), Divi`s Laboratories (down 2.01%), Apollo Hospitals Enterprise (down 1.98%) and Bharti Airtel (down 1.55%) were major Nifty losers.

Larsen & Toubro advanced 2.92% after the civil construction firm�s construction arm secured a �significant order� for its Railways Strategic Business Group, to construct the Jakarta Mass Rapid Transit (MRT) project (phase 2A).

Stocks in Spotlight:

Narayana Hrudayalaya added 1.65% after the company informed about the allotment of 7.26 acres of land in CBD Area, New Town, Kolkata on a freehold basis for setting up a healthcare facility.

Suven Pharma rose 1.15% after the inspection was conducted by the US Food & Drug Administration (USFDA) from 12 February 2024 to 23 February 2024.

Shilpa Medicare rose 0.53%. The company announced that it has received Europe approval for closure of decentralized procedure for Varenicline tablets, 0.5 mg and 1 mg.

Global Markets:

European and Asian stocks declined on Monday as investors awaited the monthly personal consumption expenditures price index, the U.S Federal Reserve�s preferred inflation gauge, which is due on Thursday.

Japan�s Nikkei 225 index hit a fresh record high Monday as traders returned from a long weekend. Investors will focus on a slew of economic data expected this week including China�s manufacturing purchasing managers� index.

In US, the S&P 500 and Dow Jones Industrial Average eked out record closing high on Friday, as artificial intelligence stocks had enough steam to keep the rally chugging along.

Meanwhile, Federal Reserve Bank of New York President John Williams reportedly said in an interview published Friday that the economy is headed in the right direction, and it will likely be appropriate to cut rates later this year.

Powered by Capital Market - Live News