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Closing Bell: Nifty below 21,750, Sensex down 724 pts today; FMCG, bank top drag
Indian benchmark indices ended lower on February 9 with Nifty below 21,750 after RBI kept the policy rate unchanged. At close, the Sensex was down 723.57 points or 1.00 percent at 71,428.43, and the Nifty was down 212.50 points or 0.97 percent at 21,718.
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.
Prashanth Tapse, Senior VP (Research), Mehta Equities
Selling intensified after the RBI's monetary policy announcement in the first half with heavy selling in private banking scrips leading the slump. Banking industry has been facing liquidity issues in recent times and with the central bank's decision showing no signs of interest rate cut in the near term, investors slashed their positions in financial stocks. However, sharp gains in IT and oil & gas stocks helped markets pare losses, although underlying sentiment remains sluggish to negative.
Vinod Nair, Head of Research, Geojit Financial Services:
Though FY25 GDP growth forecast has improved, the RBI remains vigilant on inflation & banking liquidity. The incomplete transmission of the cumulative 250 bps and the inflation ruling above the target level adds uncertainty about the timing of the interest rate reduction. The ripple effect was seen in the government 10yr yield, which inched higher. A large pocket of the market slid into red like FMCG, banks, and auto. FMCG got higher impacted by weak Q3 result and downgrade in volume growth, in the near-term, due to weak rural demand.
Rupak De, Senior Technical Analyst, LKP Securities
Nifty experienced a sharp decline as follow-up selling emerged following profit booking in the previous trading session. However, on the lower end, it found initial support at the 20DMA. The trend could weaken if it drops below 21,690, at which point the index may decline towards 21,500. On the contrary, if it remains above 21,700, we might observe a recovery in the near term.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened on a positive note however as the day progressed the Nifty drifted lower and closed in the negative down ~212 points. On the daily charts we can observe that the Nifty has witnessed a sharp decline from the resistance zone 22000 – 22050. Despite multiple attempts the Nifty has been unable to surpass the resistance zone. On the downside the 20-day moving average (21694) has been providing support. The hourly momentum indicator has triggered a negative crossover while the daily is still in buy mode and thus providing divergent signals. This could lead to consolidation from short term perspective. Overall, we expect the consolidation to continue with negative bias. On the downside, the Nifty can drift towards 21500 – 21435 zone where support parameters in the form of 40-day average is placed.
Bank Nifty witnessed a sharp decline and closed deep in the red. The consolidation of the last three trading sessions has been breached on the downside. We expect the weakness to persist and expect the Bank Nifty to drift towards 44430 – 44000 from short term perspective. On the upside 45500 – 45600 shall act as an immediate hurdle.
Ajit Mishra, SVP - Technical Research, Religare Broking
Markets traded under pressure on the weekly expiry day and lost nearly a percent. After the flat start, Nifty slipped sharply lower in the first half however it tried to trim losses in the middle but sustained decline in the private banking majors continues to weigh on the sentiment. Most sectors traded in sync with the move wherein FMCG, banking and financials were among the worst hit. Amid all, the broader indices showed resilience and managed to end on a flat note.
The fresh decline in the private banking majors and select heavyweights like ITC has again pushed the Nifty to its crucial support zone of short term moving average i.e. 20 DEMA. And, a decisive close below 21,600 would again push the bulls on the back foot. We thus suggest hedging the existing longs and waiting for clarity.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index experienced a robust comeback by bears, encountering substantial selling pressure following the RBI policy announcement. The critical support zone of 45500 has been breached and is now expected to act as a resistance level. Pullbacks towards this mentioned resistance are considered opportune levels for selling. The subsequent support is positioned at 44400, and a break below this level is likely to intensify selling pressure, potentially leading the index towards the 44000 mark.
Aditya Gaggar Director of Progressive Shares
Once again the level of 22,000 worked well for the Bears as after the status-quo decision by the MPC committee, a steep fall was seen in the private banking and FMCG stocks which led to a sharp correction in the Index as well. In the mid-session, an attempt at recovery was seen but another round of selling in the last session dragged the Index further lower to end the session at 21,717.95 with a loss of 212.55 points. On a sector-wise performance, PSU Banks and Media were the top performers while defence stocks resumed their uptrend after a minor consolidation. On the daily chart, the Index has made a big negative candle but defended the level of 21,700 as well as 21DMA support which can be considered as immediate support while the upside seems to be capped at 21,900. In case of a decisive breakdown, the correction may extend to 21,500 while on the higher side, a convincing close above 22,100 is a must for resuming its uptrend.
Rupee Close:
Indian rupee ended flat at 82.96 per dollar on Thursday versus Wednesday's close of 82.97.
Aditya Agarwal, Head Derivatives & Technicals at Sanctum Wealth:
Post RBI policy, markets have witness profit booking particularly in private sector banking. However, we don’t expect a major selloff and this correction can be used as a buying opportunity. On lower side Nifty will find strong support around 21500-21400 levels and dips towards these levels can be used to initiate fresh long positions. From current levels in short term, upside will be limited and range of 22000-22200 will continue to act as stiff supply zone for index. Selected large Cap PSU banks and real estate stock looks positive and will be our preferred pick at this juncture.
Market Close: Indian benchmark indices ended lower on February 9 with Nifty below 21,750 after RBI kept the policy rate unchanged.
At close, the Sensex was down 723.57 points or 1.00 percent at 71,428.43, and the Nifty was down 212.50 points or 0.97 percent at 21,718.About 1341 shares advanced, 1908 shares declined, and 61 shares unchanged.
Biggest losers on the Nifty were Britannia Industries, ITC, Kotak Mahindra Bank, Axis Bank and Nestle India, while gainers were State Bank of India, BPCL, Power Grid Corporation, TCS and HCL Technologies.
Among sectors, auto, bank, realty, capital goods and FMCG down 0.6-2 percent, while oil & gas, power, Information Technology and PSU Bank up 0.3-2 percent.
BSE midcap index ended on a flat note and smallcap index down 0.4 percent.
Stock Market LIVE Updates | MMTC Q3 Results:
Net profit down 42.9% at Rs 55.7 crore against Rs 97.6 crore and revenue at Rs 0.73 crore versus Rs 763.2 crore, YoY.
Stock Market Live Updates | Power Finance Corporation Q3 Results:
Net profit rose 22.5% at Rs 4,727.4 crore versus Rs 3,860.3 crore and revenue up 20% at Rs 23,571.8 crore versus Rs 19,639.1 crore, YoY.
Stock Market LIVE Updates | Jefferies View On Trent
-Hold call, target raised to Rs 3,500 per share
-Continues to surprise positive with significantly better than expected Q3
-Overall revenue growth came impressive on a normal base
-Sharply raise EPS forecasts again
-Underestimated ramp-up in Zudio as well as management execution
Sensex Today | BSE Realty index down 1 percent dragged by Godrej Properties, Brigade Enterprises, Sobha
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Brigade Ent | 1,030.85 | -3.91 | 18.55k |
| Sobha | 1,425.00 | -3.2 | 40.20k |
| Godrej Prop | 2,251.75 | -1.84 | 9.45k |
| Macrotech Dev | 1,112.00 | -1.66 | 8.01k |
Stock Market LIVE Updates | Morgan Stanley View On Apollo Tyres
-Equal-weight call, target Rs 433 per share
-Standalone revenue 5 percent lower than estimate
-EBITDA margin was up 100 bps, driven by beat in gross margin
-Standalone EBITDA of Rs 780 crore was in-line with estimate
-Standalone EBITDA margin of 18.1 percent fell 100 bps QoQ
-Peers, JK Tyres & CEAT saw QoQ EBITDA margin declines of 40 bps & 90 bps respectively
-Europe business (manufacturing + distribution) revenue at Rs 2220 crore was 10 percent ahead of estimate
-EBIT margin stood at 12 percent versus estimate of 7 percent
-Consolidated EBITDA of Rs 1,210 crore (18.3 percent Margin) was 5 percent ahead of estimate
Sensex Today | Anuj Choudhary Research Analyst, Sharekhan by BNP Paribas:
Indian Rupee remained flat today as RBI maintained status quo in its monetary policy for the sixth consecutive time and left Repo Rate unchanged at 6.5, in line with street expectations. The Governor revised FY24 GDP projections higher at 7.3% from 7% and projected FY25 GDP at 7%. He also projected CPI in FY25 lower at 4.5%. However, Rupee lost earlier gains as domestic markets declined and US Dollar also recovered. The RBI did not provide cues on timing of rate cut or change in policy stance.
US Dollar eased on Wednesday for the second consecutive day as investors wait for more cues from Fed speakers and weak economic data. US trade deficit declined to $62.2 billion in December 2023 vs $61.9 billion in November 2023. However, Dollar recovered from lower levels as most Fed speakers continue their hawkish rhetoric. Fed officials said that they were in no hurry to cut rates until May at the earliest.
We expect Rupee to trade with a slight negative bias on expectations that US Dollar may recover amid hawkish Fed speak and geopolitical tensions. Israeli Prime Minister rejected a peace proposal by Hamas which may also lead to rise in crude oil prices. However, positive global markets may support Rupee at lower levels. Traders may take cues from weekly unemployment claims data from US and speeches by various Fed officials. USDINR spot price is expected to trade in a range of Rs 82.70 to Rs 83.30.
Stock Market LIVE Updates | Zomato Q3 Earnings:
Consolidated net profit at Rs 138 crore versus loss of Rs 347 crore and revenue was up 79% at Rs 3,288 crore versus Rs 1,948 crore, YoY.
Stock Market LIVE Updates | NCC Q3 Results:
Net profit up 40% at Rs 220.7 crore versus Rs 157.7 crore, YoY.
Stock Market LIVE Updates | Morgan Stanley View On Tata Consumer Products:
-Overweight call, target Rs 1,305 per share
-Topline better than estimate across all three segments
-Reported strong improvement in margins led by India branded F&B business
-Growth businesses rose at 42 percent YoY
-Their share in India branded business rose to 17 percent versus 13 percent in Q3FY23
Sensex Today | Escorts Kubota Q3 Results:
Net profit up 49% at Rs 277 crore versus Rs 186 crore and revenue up 2.5% at Rs 2,320 crore versus Rs 2,264 crore, YoY.
Sensex Today | FMCG stocks under pressure; index down over 2 percent:
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Venkys | 1,859.65 | -6.01 | 8.60k |
| Jyothy Labs | 470.00 | -4.75 | 45.54k |
| Mishtann Foods | 23.26 | -4.63 | 16.76m |
| DBOL | 141.55 | -3.9 | 17.23k |
| Britannia | 4,907.55 | -3.34 | 7.46k |
| ITC | 417.75 | -3.28 | 1.43m |
| TATA Cons. Prod | 1,130.55 | -3.05 | 101.74k |
| Nestle | 2,428.20 | -2.84 | 30.68k |
| Bectors Food | 1,202.20 | -2.74 | 21.50k |
| Sula Vineyards | 623.20 | -2.62 | 12.04k |
Sensex Today | Market at 3 PM
The Sensex was down 877.66 points or 1.22 percent at 71,274.34, and the Nifty was down 252.70 points or 1.15 percent at 21,677.80. About 1329 shares advanced, 1915 shares declined, and 60 shares unchanged.
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| SBI | 708.40 | 4.91 | 64.37m |
| BPCL | 629.25 | 4.52 | 15.58m |
| Power Grid Corp | 279.75 | 4.4 | 56.00m |
| HCL Tech | 1,633.05 | 1.1 | 2.79m |
| Hindalco | 597.90 | 0.95 | 9.74m |
| Coal India | 456.75 | 0.91 | 15.61m |
| Apollo Hospital | 6,229.75 | 0.84 | 386.04k |
| TCS | 4,112.05 | 0.7 | 1.87m |
| Hero Motocorp | 4,813.40 | 0.42 | 273.19k |
| Bajaj Auto | 7,725.85 | 0.31 | 205.72k |
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| ITC | 412.50 | -4.47 | 40.76m |
| Britannia | 4,851.60 | -4.46 | 500.26k |
| Eicher Motors | 3,796.50 | -3.34 | 307.41k |
| Kotak Mahindra | 1,733.35 | -3.31 | 3.35m |
| Nestle | 2,418.00 | -3.26 | 1.40m |
| Axis Bank | 1,035.25 | -3.17 | 7.72m |
| ICICI Bank | 990.40 | -3.11 | 17.30m |
| Grasim | 2,051.85 | -2.83 | 1.17m |
| UPL | 464.95 | -2.69 | 4.55m |
| Larsen | 3,304.75 | -2.65 | 2.83m |
| Company | Price at 14:00 | Price at 14:51 | Chg(%) Hourly Vol |
|---|---|---|---|
| Cybele Ind | 42.67 | 38.75 | -3.92 532 |
| Pan Electroncis | 32.90 | 30.11 | -2.79 24 |
| Hind Motors | 22.14 | 20.42 | -1.72 57.34k |
| Ceeta Industrie | 33.90 | 31.55 | -2.35 256 |
| Guj Intrux | 307.95 | 286.90 | -21.05 532 |
| Amarnath Sec | 54.00 | 50.46 | -3.54 0 |
| Preeti Sec | 23.90 | 22.50 | -1.40 175 |
| J.Taparia Proj | 37.84 | 35.69 | -2.15 10.66k |
| Prospect Commo | 55.08 | 52.00 | -3.08 0 |
| Shreyas Shippin | 304.70 | 288.50 | -16.20 4.26k |
| Company | Price at 14:00 | Price at 14:51 | Chg(%) Hourly Vol |
|---|---|---|---|
| Jindal Leasefin | 37.62 | 42.96 | 5.34 243 |
| Rajputana Inves | 37.98 | 41.89 | 3.91 2.08k |
| Solid Stone | 34.01 | 37.40 | 3.39 369 |
| Windlas Biotech | 493.70 | 533.00 | 39.30 259 |
| Indo Thai Secu | 324.05 | 349.65 | 25.60 2 |
| Beryl Securitie | 24.50 | 26.39 | 1.89 13 |
| Martin Burn Ltd | 57.80 | 61.85 | 4.05 37 |
| SP Capital Fin | 39.25 | 41.99 | 2.74 290 |
| Camex | 46.02 | 48.90 | 2.88 9.99k |
| Kalyani Cast | 497.00 | 527.60 | 30.60 2.61k |
Stock Market LIVE Updates | Morgan Stanley View On Britannia Industries
-Overweight call, target Rs 5,243 per share
-Volume growth improved to 5.5 percent in Q3
-Volume growth as management took a 2-2.5 percent price cut during the quarter
-Management remained focused on driving high-single-digit to low-double-digit volume growth
SBI clarified that the reported on Yes Bank shares sale are factually incorrect
Sensex Today | Nifty Bank index down 1.4 percent; fell 1000 points from day's high
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| AU Small Financ | 597.70 | -3.43 | 3.18m |
| Kotak Mahindra | 1,734.45 | -3.24 | 3.19m |
| Axis Bank | 1,034.65 | -3.22 | 6.75m |
| ICICI Bank | 993.25 | -2.83 | 16.54m |
| IndusInd Bank | 1,481.55 | -2.23 | 2.29m |
| IDFC First Bank | 81.40 | -2.1 | 25.27m |
| HDFC Bank | 1,410.00 | -1.4 | 26.45m |
| Federal Bank | 147.35 | -1.24 | 8.93m |
| Bandhan Bank | 214.50 | -0.81 | 9.34m |
Stock Market LIVE Updates | Page Industries net profit Rs 152 crore; revenue Rs 1230 crore
Stock Market LIVE Updates | Apollo Hospital Q3 net profit at Rs 245 crore; revenue Rs 4850 crore
Stock Market LIVE Updates | Balrampur Chini Q3 net profit Rs 91.13 crore; revenue at Rs 1230 crore
Stock Market LIVE Updates | Zydus Life receives final US FDA nod for Dexamethasone Tablets
Stock Market LIVE Updates | Kilburn Engineering reports its Q3 earnings
--Net Profit at Rs58 cr vs Rs6.4 cr (YoY)
--Revenue up 29.6% at Rs665.4 cr vs Rs513.5 cr (YoY)
--EBITDA at Rs35.4 cr vs Rs3.1 cr (YoY)
--Margin at 5.3% vs 0.6% (YoY)
Stock Market LIVE Updates | Kalyan Jewellers has 6.7% stake or 17.94 mln shares change hands in 10 blocks: Bloomberg
Stock Market LIVE Updates | Wonderla Holidays reports its Q3 earnings
--Net Profit down 3.9% at Rs37.4 cr Vs Rs38.9 cr (YoY)
--Revenue up 9.2% at Rs123.6 cr Vs Rs113.2 cr (YoY)
--EBITDA down 3.3% at Rs54.5 cr Vs Rs56.4 cr (YoY)
--Margin at 44.1% Vs 49.8% (YoY)
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| NIFTY 50 | 21740.10 -0.87 | 0.04 0.20 | 1.06 21.65 |
| NIFTY BANK | 45408.70 -0.89 | -5.97 -1.69 | -4.30 9.32 |
| NIFTY Midcap 100 | 49445.90 0.19 | 7.07 2.38 | 5.44 59.79 |
| NIFTY Smallcap 100 | 16558.15 -0.05 | 9.34 2.67 | 7.92 74.68 |
| NIFTY NEXT 50 | 57826.50 0.77 | 8.40 4.18 | 7.63 48.42 |
Sensex Today | Rudra Gas Enterprise IPO opens on February 8, 2024
Rudra Gas Enterprise is coming out with an IPO on BSE SME platform. It is a fresh issue of 2248000 Equity Shares with face value of ₹ 10/- each.
The issue is a fixed price of Rs.63. The Lot Size 2, 000 Equity Shares. The reservation for Market Maker is 116000 Equity Shares. Reservation for retail is 1066000 equity shares. The Issue Opens on 8th February, 2024 and closes on 12 February, 2024.
Stock Market LIVE Updates | Thermax Q3 Results:
Net profit up 89% at Rs 238 crore versus Rs 126 crore and revenue rose 13% at Rs 2,324 crore versus Rs 2,049 crore, YoY.
Sensex Today | Pankaj Shrestha - Head of Investment Services, at Prabhudas Lilladher
Despite January's volatility, equity mutual funds displayed resilience, recording an inflow of Rs 21,780 crore, up 28% from December. Moreover, Monthly Systematic Investment Plan (SIP) contributions reached an all-time high of Rs 18,838 crore, surpassing December's Rs 17,610 crore. This sustained confidence in equity MFs amidst market fluctuations underscores investors' commitment to long-term wealth creation strategies.
| Company | Price at 13:00 | Price at 12:50 | Chg(%) Hourly Vol |
|---|---|---|---|
| Walchand People | 218.00 | 192.05 | -25.95 6.27k |
| Jumbo Bag | 43.91 | 39.20 | -4.71 473 |
| Gogia Capital | 112.50 | 103.00 | -9.50 13 |
| Precision Elec | 67.97 | 62.63 | -5.34 97 |
| Shah Alloys | 78.00 | 74.25 | -3.75 5.34k |
| Ganesha Ecovers | 97.00 | 92.84 | -4.16 19.76k |
| Maxheights | 64.44 | 61.85 | -2.59 2.01k |
| Shree Precoated | 23.88 | 23.00 | -0.88 200 |
| Coral Labs | 435.00 | 420.00 | -15.00 105 |
| Shukra Pharma | 150.00 | 145.00 | -5.00 385 |
| Company | Price at 13:00 | Price at 12:50 | Chg(%) Hourly Vol |
|---|---|---|---|
| NPR Finance | 19.50 | 21.25 | 1.75 19 |
| Bhagwati Auto | 557.60 | 586.95 | 29.35 130 |
| SMIFS LIMITED | 55.10 | 57.98 | 2.88 268 |
| Uni Abex | 3,677.15 | 3,830.00 | 152.85 164 |
| Garnet Construc | 24.02 | 24.98 | 0.96 481 |
| Dutron Polymers | 159.65 | 166.00 | 6.35 72 |
| Balu Forge Indu | 267.00 | 276.50 | 9.50 12.33k |
| Quest Capital | 352.00 | 363.90 | 11.90 6 |
| WE WIN | 72.85 | 75.30 | 2.45 110 |
| Incap | 51.07 | 52.69 | 1.62 280 |
Stock Market LIVE Updates | Greaves Cotton Q3 Results:
Net profit at Rs 58 crore versus Rs 6.4 crore and revenue up 29.6% at Rs 665.4 crore versus Rs 513.5 crore, YoY.
Stock Market LIVE Updates | Munjal Showa Q3 Results:
Net profit at Rs 8.6 crore versus Rs 3.1 crore and revenue down 2% at Rs 303 versus Rs 308 crore, YoY.
Stock Market LIVE Updates | Morgan Stanley View On Nestle India
-Underweight call, target Rs 1,981 per share
-In Q3, company delivered slightly weaker than expected topline growth with better margins
-Double-digit growth in milk products and nutrition business is a positive
-Strong pricing and commodity deflation drove margin beat
Stock Market LIVE Updates | BEML Q3 Earnings:
Net profit down 27% at Rs 48 crore vs Rs 66 crore and revenue up 1% at Rs 1,047 crore vs Rs 1,037 crore, YoY.
Stock Market LIVE Updates | Bectors Food Specialities Q3 Results:
Net profit jumped 23.6% at Rs 35 crore versus Rs 28 crore and revenue up 17% at Rs 429 crore versus Rs 368 crore, YoY.
Sensex Today | Oil rises on slim progress in Gaza peace talks, weaker dollar
Oil extended gains on Thursday after Israel rejected a ceasefire offer from Hamas, while a weaker dollar also supported prices.
Brent crude futures rose 35 cents, or 0.4%, at $79.56 a barrel at 0730 GMT. U.S. West Texas Intermediate crude futures climbed 31 cents, or 0.4% to $74.17 a barrel.
Wider Middle East tensions have kept the market on edge since October, with limited progress in talks to end the Gaza conflict.
