Indian market extended the losses in the second session and ended marginally lower in the highly volatile session on February 19 with Nifty above 22,900. The investors remained cautious after US President Donald Trump announced plans to impose 25 percent tariffs on auto, semiconductor, and pharmaceutical imports. However, investors will keep eyes on the FOMC meeting minutes to be released tonight.
At close, the Sensex was down 28.21 points or 0.04 percent at 75,939.18, and the Nifty was down 12.40 points or 0.05 percent at 22,932.90.
Dr Reddy's Labs, TCS, HUL, Infosys, Adani Enterprises were among major losers on the Nifty, while gainers were Bharat Electronics, Hindalco, L&T, Axis Bank, Eicher Motors.
Broader indices outperformed with BSE Midcap index rising 1.3 percent and Smallcap index adding 2.4 percent.
Among sectors, IT index shed 1.3 percent and pharma index down 0.7 percent, while media, energy, metal, PSU bank, realty, capital goods rose 1-2 percent.
More than 380 stocks touched their 52-week low on the BSE, including Natco Pharma, Zydus Life, Timken India, Grindwell Norto, Carborundum Universal, Aether Industries, Star Health, Kirloskar Oil, Can Fin Homes, PVR INox, Mahindra Life, Sun Pharma Advanced, Ratnamani Metal, Kajaria Ceramic, Godrej Consumer, KNR Construction, Central Bank, Elgi Equipments, Sonata Software, among others. Click here to view more
Outlook for February 20
Aditya Gaggar Director of Progressive Shares
The market showed signs of recovery and engaged in rangebound trading throughout the session. It began with a subdued opening due to concerns over a tariff-related trade war. However, the Index progressed towards the north before encountering resistance around the 23,050 level, leading to a reversal. The market oscillated between gains and losses for the remainder of the session, ultimately closing at 22,932.90 with a marginal loss of 12.40 points.
Realty and Media were the performers, while IT saw a decline of over 1%, followed by Pharma. A notable highlight was the sharp recovery and sustained gains in the Mid and Smallcap segments. Nothing has changed for Nifty50 as it remained within its established range of 22,800 to 23,100, signaling that the market is waiting for a breakout on either sides to determine its next directional move.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty has moved within a band, keeping the volatile vibe intact. On the lower end, 22,800 is likely to remain crucial support. Until 22,800 is broken, we do not expect a significant fall in the market. A decisive fall below 22,800 might trigger a meaningful correction. However, until that happens, we believe the market is likely to remain range-bound. On the higher end, 23,000/23,150 might act as resistance for Nifty. A decisive breakout above 23,150 could induce a significant rally in the market.
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