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Taking Stock | Market ends lower amid high volatility; PSU banks drag, realty gains

More than 100 stocks, including GMDC and Mirza International, hit a 52-week high on the BSE

February 16, 2022 / 04:41 PM IST

Selling pressure in the final hour of the trade dragged the Indian equity benchmarks into the red on February 16 in a session that saw the market swing between gains and losses as investors tracked the Ukraine crisis.

At close, the Sensex was down 145.37 points, or 0.25 percent, at 57,996.68, and the Nifty was down 30.30 points, or 0.17 percent, at 17,322.20. The Sensex lost 573 points from the day’s high and Nifty 168 points.

The market opened higher but erased all the gain in the initial hour but again turned positive in the afternoon. Selling at higher levels, however, pulled the market in the negative zone.

"Indian equities staged a rebound to recoup most of its losses in the mid-noon session on the back of de-escalating tensions along the Russia-Ukraine border. However, falling western markets prompted a quick sell-off during closing hours," said Vinod Nair, Head of Research at Geojit Financial Services.

In another blow to global inflationary pressure, inflation in the UK jumped to 5.5 percent in January to a 30-year high, putting pressure on the Bank of England for a further rate hike sooner than anticipated, he said.

Power Grid Corporation, UltraTech Cement, NTPC, ICICI Bank and SBI were the top Nifty losers, while gainers included Divi’s Labs, Adani Ports, ONGC, IOC and HDFC Life.

Among sectors, except Nifty pharma, all indices ended in the red, with Nifty bank, metal and PSU bank down 0.5-1 percent.

Broader markets had a mixed session. The BSE midcap index ended flat, while the smallcap index rose 0.42 percent.

Sensex57,476.59-513.31 -0.89%
Nifty 5016,944.15-155.90 -0.91%
Nifty Bank39,199.55-398.55 -1.01%
Nifty 50 16,944.15 -155.90 (-0.91%)
Mon, Mar 20, 2023
Biggest GainerPricesChangeChange%
BPCL359.408.00 +2.28%
Biggest LoserPricesChangeChange%
Adani Enterpris1,790.10-86.45 -4.61%
Best SectorPricesChangeChange%
Nifty FMCG45136.60278.30 +0.62%
Worst SectorPricesChangeChange%
Nifty Metal5446.50-156.10 -2.79%

Stocks and sectors

On the BSE, bank, capital goods and metal indices shed 0.5 percent each, while realty, oil & gas and healthcare indices rose 0.5-1 percent.

A short build-up was seen in the Balkrishna Industries, Firstsource Solutions and Persistent Systems, while long build-up was seen in the Mahindra & Mahindra Financial Services, Crompton Greaves Consumer Electrical and Divi’s Labs.

Among individual stocks, a volume spike of more than 200 percent was seen in Punjab National Bank, Tata Power and Mahindra & Mahindra Financial Services.

More than 100 stocks, including GMDC and Mirza International hit a 52-week high on the BSE.

Outlook for February 17

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Technically, the Nifty failed to sustain above the 50-day simple moving average, which is broadly negative.

For the bulls, 17,250 and 17,200 will be the key support zones, whereas 17,500-17,550 will act as an important hurdle.

Ajit Mishra, VP- Research, Religare Broking

Markets are currently dancing to the global tunes and we don’t see this changing anytime soon.

The US Fed meeting minutes and lingering tensions over the Russia-Ukraine crisis will remain on the radar. Besides, the scheduled weekly expiry would add to the choppiness. We reiterate our cautious stance and suggest waiting for further clarity.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.

Rakesh Patil
first published: Feb 16, 2022 04:41 pm