The Indian benchmark indices ended lower on February 27, with the Nifty closing below the 25,200 mark amid broad-based selling across sectors, except IT and media. After a weak start, the market remained under pressure throughout the session due to subdued global cues and rising geopolitical tensions, which kept investor sentiment cautious.
At close, the Sensex was down 961.42 points or 1.17 percent at 81,287.19, and the Nifty was down 317.90 points or 1.25 percent at 25,178.65. Nifty Midcap and smallcap indices also down 1% each.
For the week, BSE Sensex and Nifty down 1.5% each.
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Dr Reddy's Labs, Bharti Airtel, M&M, HDFC Life, Sun Pharma were among the top drags on the Nifty, while gainers were Trent, HCL Tech, Infosys, Apollo Hospitals.
Among sectors, auto, bank, FMCG, metal, realty, telecom shed 1-2%, while IT, media, consumer durables ended in the green.
In stock specific action, Vishal Mega Mart shares plunged 7% after 14% equity change hands in block deals, Netweb Technologies India share price rose 4% on collaboration with Vertiv, MSTC shares added 2% on emerging lowest bidder for a tender of Coal India.
Infobeans Technologies shares gained 7% as shares trade ex-bonus, Mahanagar Gas share price rose nearly 2% after Ambit Capital upgrades to 'buy', RR Kabel share price rose 3% after Axis Capital upgrades to 'buy'.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 76,034.42 | -829.29 | -1.08% |
| Nifty 50 | 23,639.15 | -227.70 | -0.95% |
| Nifty Bank | 55,100.95 | -634.80 | -1.14% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Coal India | 470.10 | 23.35 | +5.23% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| M&M | 3,031.20 | -137.00 | -4.32% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 36834.35 | 695.85 | +1.93% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 25098.00 | -828.00 | -3.19% |
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Nearly 100 stocks touched their 52-week high, including Sai Life Sciences, Schaeffler Industries, Apar Industries, Graphite India, JK Bank, SAIL, Hitachi Energy, IOC, Polycab, Bharat Forge, Bank of Maharashtra, Lupin, Bank of India, Data Patterns, Eicher Motors, among others. Click to View More
More than 330 stocks touched their 52-week low, including Just Dial, Inox Wind, Firstsource Solutions, Suzlon Energy, Reliance Power, Afcons Infra, IRCTC, Cello World, Syngene International, Poly Medicure, Vedant Fashions, Emami, C. E. Info Systems, ACC, IRFC, BASF, Page Industries, Relaxo Footwear, Bajaj Housing, among others. Click to View More
Outlook for March 2
Ajit Mishra – SVP, Research, Religare Broking
Markets traded under pressure on Friday and ended sharply lower, extending the corrective tone amid weak cues. The Nifty opened on a weak note and remained under selling pressure for most of the session. A sharp bout of selling in the final hours dragged the index further down, and it eventually settled near the day’s low at around 25,178.65 level.
Selling was largely broad-based across sectors. Realty, auto and FMCG stocks were among the major laggards, while the IT pack showed some resilience and managed to end on a flat note. The broader markets also witnessed profit booking, with both midcap and smallcap indices declining by around 1% each, reflecting cautious sentiment among participants.
Investor sentiment weakened due to a combination of factors including inconsistent foreign flows, weak global cues and lingering geopolitical tensions. In addition, the underperformance of select heavyweights across sectors further intensified the decline.
The Nifty has not only surrendered the support zone of 25,400 but has also moved closer to the gap area around the 25,100 mark. It will be important to see how the relatively stronger sectors, especially banking, behave in the coming sessions, as that could determine whether the market witnesses a rebound or extends the decline towards the 24,800 zone. Meanwhile, participants are advised to maintain a cautious stance, keep position sizes light and manage risk carefully.
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities
On Friday, the benchmark index Nifty 50 opened with a minor gap-down and continued its downward trajectory throughout the session. The index has formed a strong bearish candle on the daily chart, reflecting sustained selling pressure. It eventually settled lower by 317 points near the 25,178 mark, indicating continued weakness in market sentiment.
From a technical perspective, Nifty has now slipped below its 200-day EMA, a key long-term trend indicator. This breakdown underscore that sellers remain firmly in control, with price action suggesting a potential retest of the 25,000 zone in the near term if weakness persists.
Going ahead, the 25,030 – 25,000 zone will act as an immediate support area for the index. A decisive break below 25,000 may accelerate the decline toward 24,800 levels. On the upside, the 25,350 – 25,380 zone will act as an immediate resistance, and any pullback toward this band is likely to face selling pressure.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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