Closing Bell: Nifty below 23700, Sensex falls 313 pts; FMCG, Consumer Durables, realty top drags

Indian equity indices ended on a negative note with Nifty below 23,700 on February 5. At close, the Sensex was down 312.53 points or 0.40 percent at 78,271.28, and the Nifty was down 42.95 points or 0.18 percent at 23,696.30.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Markets took a pause after the recent rally and ended slightly lower. Following an initial uptick, Nifty remained range-bound throughout the session and ultimately settled at 23,686.65. Sectoral trend was mixed, with metals and energy registering decent gains, while realty and FMCG remained under pressure. However, the key highlight of the session was the strong participation from broader indices, which posted gains ranging from 0.7% to 1.85%.

Going forward, the Nifty index may continue to consolidate after its recent surge, but the broader trend remains positive unless there is a decisive close below the 23,400 level. With all key sectors contributing to the rally on a rotational basis, traders should focus on stock selection and prioritize accumulating fundamentally strong stocks during dips.

The Nifty remained mostly sideways during the session before closing slightly lower. On the lower end, the fall was limited to around 23,700, while the upside was capped at approximately 23,800. However, in the short term, the trend continues to favor the bulls as the index remains above the critical moving average, supporting a bullish outlook. On the higher end, the index may continue to move towards 24,050 in the near term. Meanwhile, support is placed at 23,500, where maximum put writing is visible.

Today, the benchmark indices witnessed narrow range activity. The Nifty ends 43 points lower, while the Sensex was down by 313 points. Among sectors, the Capital Market index was the top gainer, rallying over 4 percent, whereas the Realty index shed over 2 percent. Technically, after a positive opening, the market registered intraday selling pressure at higher levels. However, the short-term texture of the market is still on the positive side. A small bearish candle formation on the daily charts and lackluster intraday activity indicate the continuation of non-directional momentum in the near future.

We are of the view that the current market texture is non-directional; hence, levels-based trading would be the ideal strategy for day traders. On the downside, 23600/78000 and 23500/77700 would be the key support zones, while 23800-23900/78700-78900 could act as crucial resistance areas for traders. However, below 23500, /77700 traders may prefer to exit their long positions.

The markets opened strong but faced resistance around 23,800 levels and reversed. Without a strong momentum, the Index moved between positive and negative before ending at 23,696.30 with a loss of 42.95 points. The Media and Energy sectors performed well, while the Realty and FMCG sectors saw a drop of more than 1.5%. Broader markets showed positive movement, with Mid and Smallcaps outperforming the main Index. Nifty50 faced resistance at 23,780, where both the Falling Wedge pattern and the 50DMA came into play. This level now acts as an immediate support while on the downside 23,520 will continue to act as a support. The outlook suggests that it’s a “buy on dips” market, with a good chance of breaking the resistance and moving up to 24,000.

The domestic market traded within a narrow range in negative terrain. Investors are weighing the improved domestic outlook, buoyed by a favourable budget, against lingering global uncertainties stemming from the tariff war. While declining U.S. bond yields and lower crude oil prices have supported market sentiment, the rupee's depreciation could offset these gains.

Rate-sensitive sectors are attracting attention ahead of a potential RBI rate cut. Meanwhile, large-cap stocks are well-positioned, benefiting from moderation in valuations.

Indian rupee ended at fresh record low at 87.46 per dollar on Wednesday versus Tuesday's close of 87.07.

Indian equity indices ended on a negative note with Nifty below 23,700 on February 5.

At close, the Sensex was down 312.53 points or 0.40 percent at 78,271.28, and the Nifty was down 42.95 points or 0.18 percent at 23,696.30. About 2470 shares advanced, 1345 shares declined, and 130 shares unchanged.

Top losers on the Nifty were Asian Paints, Titan Company, Nestle India, HUL, Britannia Industries, while gainers included Hindalco Industries, ONGC, Apollo Hospitals, BPCL, Adani Ports.

Among sectors, except FMCG, Consumer Durables, realty and auto, all other indices ended in the green with oil & gas, metal, media, energy, PSU bank added 1-1.8 percent.

The Nifty midcap index rose 0.7 percent and Nifty smallcap index added nearly 2 percent.

Knowledge Marine & Engineering Works has received a work order from DCIL for chartering of the TSHD for carrying out Dredging in the Navigational Channel, Kandla Creek, Oil Jetties, & Cargo Berths at Deendayal Port.

The contract is for a period of one year and can be extended by one more year at mutual agreement of the DCIL and KMEW. The Contract is valued at Rs 48,45,55,509 inclusive of Taxes.

In its latest note, domestic brokerage JM Financial reiterated that food delivery player Zomato Ltd. and financial services firm Jio Financial Services may enter the frontline Nifty 50 index in the upcoming rejig, which is due in March.

On the other hand, JM Financial expects FMCG player Britannia Industries and oil marketing major Bharat Petroleum Corporation will likely be excluded from the benchmark index. Previously, the brokerage anticipated that Eicher Motors would be removed from the index instead of Britannia Industries. Read More

#1 One-time loss at Rs 46 crore vs nil, YoY

#2 Profit before exceptional items & tax down 44% at Rs 28 crore vs Rs 50 crore, YoY

#1 Net loss of Rs 15.5 crore versus profit of Rs 0.8 crore, YoY

#2 Revenue up 56.5 percent at Rs 371 crore versus Rs 351.6 crore, YoY

#1 Net profit up 36.5 percent at Rs 56.8 crore versus Rs 41.6 crore, YoY

#2 Revenue up 7.8 percent at Rs 975.2 crore versus Rs 904.3 crore, YoY

Gold prices touched a record high of $2880 level in international markets. The rally in prices of yellow metal is due to the softness in DXY which fell from 109 to 107 level. Also, rising concerns of a likely US-China trade war amidst the Trump’s tariff threats are playing a crucial role in supporting the prices of gold. Gold prices move upwards in times of economic uncertainty, which boosts the demand for safe-haven assets like gold.

While the US has agreed to postpone plans to impose 25% tariffs on Canada and Mexico by 30 days, they have reiterated their stance to impose 10% trade tariffs on Chinese goods. China, on the other hand, retaliated with tariffs on some US exports, which is paving the way for a possible trade war between both countries.

Going forward, we reiterate our view of gold hitting levels of $3000 for international markets. In the domestic market, gold prices are expected to hit around Rs 88,000 level.

#1 Net profit up 21.6 percent at Rs 162.5 crore versus Rs 133.6 crore, YoY

#2 Revenue up 14.1 percent at Rs 963.5 crore versus Rs 844.5 crore, YoY

#1 Net profit up 23.1 percent at Rs 53.9 crore versus Rs 43.8 crore, YoY

#2 Revenue down 9.6 percent at Rs 340.4 crore versus Rs 376.6 crore, YoY

#1 Net profit down 12.2 percent at Rs 82.7 crore versus Rs 94.2 crore, YoY

#2 Revenue up 5.1 percent at Rs 513.2 crore versus Rs 488.4 crore, YoY

#1 Net profit down 26 percent at Rs 103.6 crore versus Rs 140 crore, YoY

#2 Revenue up 13 percent at Rs 3,758.7 crore versus Rs 3,326.3 crore, YoY

#1 Net profit up 30.8 percent at Rs 489.3 crore versus Rs 374.1 crore, YoY

#2 Revenue up 2.1 percent at Rs 6,499.4 crore versus Rs 6,366 crore, YoY

#1 Net profit up 15.4 percent at Rs 31.4 crore versus Rs 27.2 crore, YoY

#2 Revenue up 11 percent at Rs 322.8 crore versus Rs 291 crore, YoY

#1 Net profit down 59.2 percent at Rs 19.3 crore versus Rs 47.3 crore, YoY

#2 Revenue down 8.8 percent at Rs 1,005.2 crore versus Rs 1,102.6 crore, YoY

Bajaj Finserv AMC has announced the launch of Bajaj Finserv Multi Cap Fund, an open-ended equity scheme investing across large cap, mid cap and small cap stocks.

The fund opens for subscription on February 6, 2025, and closes on February 20, 2025.

#1 Net profit down 71.4 percent at Rs 31.2 crore versus Rs 109 crore, YoY

#2 Revenue down 2.3 percent at Rs 2,256.7 crore versus Rs 2,310.4 crore, YoY

ITI Asset Management Company (ITI AMC) today announced the launch of ITI Bharat Consumption Fund, an open-ended thematic fund which will follow the consumption theme.

The scheme would predominantly invest in equity and equity related securities of companies engaged in consumption and consumption related activities or allied sectors. The scheme opens for subscription on February 06, 2025, and closes on February 20, 2025.

#1 Net profit up 36.7 percent at Rs 40.6 crore versus Rs 29.7 crore, YoY

#2 Revenue up 21.3 percent at Rs 513.8 crore versus Rs 423.7 crore, YoY

Ujjivan Small Finance Bank on February 04, 2025 has submitted the formal application to the Reserve Bank of India (“RBI”) for Universal Banking License.

#1 Net profit down 48.4 percent at Rs 54.3 crore versus Rs 105.3 crore, YoY

#2 Revenue up 3.8 percent at Rs 1,607.6 crore versus Rs 1,548.2 crore, YoY

The upcoming RBI February Monetary Policy review is coming against the backdrop of the Government delivering growth supportive budget with fiscal prudence. Conservative Fiscal projections are instrumental in providing the necessary space for monetary easing. At the same time, the fiscal impulses provided in the budget are growth supportive in medium term and thus will provide comfort to MPC in focusing on “inflation centric” policy measures.

While MPC is expected to take cognizance of the recent bouts of rupee depreciation and the resultant risk of imported inflation in the medium term, the comfort on the near-term trajectory of inflation and the need for giving further push to growth supportive measures announced in the budget, is expected to weigh on the decision making on rate action.

Taking all these factors into consideration, it would be prudent to start the rate easing cycle in the forthcoming FEB MPC meeting with 25 bp cut retaining a neutral stance with a commitment to maintaining adequate durable systemic liquidity necessary for credit pick up.

The company has received an order from the Additional Commissioner of Central Tax, Ranga Reddy GST Commissionerate, Hyderabad, passed under relevant provisions of the Central Goods and Services Tax Act, 2017 for the period 2017-18 to 2021-22 demanding GST along with interest and penalty.

Datamatics has been issued the Notification of Award for design, supply, installation, testing, commissioning and integration of

Automatic Fare Collection (AFC) system for 23 stations of Pune Metro Line 3 in Maharashtra, India.

#1 Net profit at Rs 19.9 crore versus Rs 3 crore, YoY

#2 NII up 12.5 percent at Rs 128.3 crore versus Rs 114 crore, YoY

Vinati Organics has subscribed to the additional 4,88,10,200 fully paid-up equity shares of the face value of Rs  10 each at par, amounting to Rs 48,81,02,000 by way of subscription towards the rights issue of Veeral Organics Pvt. Ltd., a Wholly Owned Subsidiary, the shares rank pari-passu to existing equity shares of the company.

Indian Energy Exchange's electricity traded volume up 16 percent YoY at 10,910 MU in January 2025

JSW Energy received letter of award (LoA) from West Bengal State Electricity Distribution Company (WBSEDCL) for development and operation of 1,600 MW greenfield (2 x 800 MW) super / ultra super critical domestic coal based thermal power plant.

Ola Electric today announced its entry into the EV motorcycle segment with the launch of its Roadster X series to redefine motorcycling with impressive performance and a thrilling riding experience.

Built on the company’s scalable motorcycle platform, the all-new Roadster X series is being introduced starting at Rs 74,999 for the Roadster X, Rs 1,04,999 for the Roadster X+ 4.5kWh, and Rs 1,54,999 for the Roadster X+ 9.1kWh (with 4680 Bharat Cell)

that offers an unrivalled range of 501 km/charge.

The Sensex was down 101.81 points or 0.13 percent at 78,482, and the Nifty was up 20.25 points or 0.09 percent at 23,759.50. About 2448 shares advanced, 856 shares declined, and 128 shares unchanged.

#1 Net profit at Rs 0.1 crore vs Rs 10 crore, YoY

#2 Revenue down 14.2 percent at Rs 70.3 crore vs Rs 81.9 crore, YoY

#1 Net profit down 69 percent at Rs 42.6 crore vs Rs 137.4 crore, YoY

#2 Revenue up 3 percent at Rs 1,600.3 crore vs Rs 1,553.6 crore, YoY

The company launched Kojiglo serum in India for managing facial hyperpigmentation, which is suitable for all skin types.

The company is the first Indian company to introduce a liposomal serum with Duo-Lipo technology.