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Taking stock: Sensex slides for second straight day; Nifty closes below 17,750

Auto and FMCG sectors, which saw profit booking by traders, were the biggest drags on the indices

February 07, 2023 / 06:48 PM IST

Weakness in the market continued for the second straight day on February 7 ahead of the Reserve Bank of India (RBI) monetary policy committee meeting outcome. Investors are waiting for the event to be over before taking any fresh bets.

Weak global cues also hit the morale on the Street. Auto and FMCG sectors, which saw profit booking by traders, were the biggest drags on the indices.

The NSE Nifty 50 index slid 0.24 percent or 43.10 points to 17721.50. The 30-share BSE Sensex declined 0.37 percent or 220.86 points to 60286.04.

"Sentiments in the domestic market were hammered by bears that dominated the US market post the release of strong jobs data," said Vinod Nair, Head of Research at Geojit Financial Services. "Global markets are currently driven by central bank policies and the surge in bond yields in expectation of more rate actions. A recovery was seen in the second half of the day as US futures inched higher as investors await Powell’s speech."

Adani Group stocks mixed
Some battered Adani Group stocks saw recovery as buyers converged to accumulate them at relatively lower valuation. However, a few of them continued to be locked at another lower circuit.

Adani Enterprises was the biggest gainer among this lot rising over 14 percent. Adani Total Gas and Adani Green Energy fell 5 percent each. Adani Ports, which came out with earnings earlier in the day, lost almost all of the gains of the day. It ended up a couple of percentage points.

Sectors and stocks
ITC, which is one of the best performers of the year so far, was one of the top losers of the day. Other FMCG names such as Emami and Dabur India also suffered during the day. Varun Beverage was a big gainer of the day after it beat earnings estimates.

Auto names including Maruti Suzuki saw profit booking. Hero Moto, Ashok Leyland also traded with cuts. Realty names performed relatively better led by gains in phoenix, Godrej Properties and Sobha.

Sensex57,925.28-289.31 -0.50%
Nifty 5017,076.90-75.00 -0.44%
Nifty Bank39,616.90-382.15 -0.96%
Nifty 50 17,076.90 -75.00 (-0.44%)
Thu, Mar 23, 2023
Biggest GainerPricesChangeChange%
Hindalco398.806.05 +1.54%
Biggest LoserPricesChangeChange%
SBI512.75-8.80 -1.69%
Best SectorPricesChangeChange%
Nifty FMCG45267.40157.90 +0.35%
Worst SectorPricesChangeChange%
Nifty PSU Bank3643.60-64.70 -1.74%

Nifty Smalcap 100 index also fell nearly 1 percent, but midcap benchmark Nifty Midcap 100 fared better and closed flat. India VIX, a measure of fear and volatility on the Street, softened nearly 4 percent to close to 14 level.

Shubham Raj
Shubham Raj has five years of experience covering capital markets. He primarily writes on stocks with special focus on PMS-AIF industry, telecom and new-age companies. His last stint was with The Economic Times where he wrote on stock markets and led IPO reportage.
first published: Feb 7, 2023 03:59 pm