Taking Stock | Rate hike worries sink market; Sensex crashes 928 points, Nifty slips below 17,760

The Indian equity benchmarks ended 1.5 percent lower on February 22 as profit booking extended for the fourth session, with investors worried about further rate hikes by central banks and Russia's fresh warnings to the West on the war in Ukraine.

The Sensex ended 927.74 points, or 1.53 percent, down at 59,744.98, and the Nifty 272.40 points, or 1.53 percent, lower at 17,554.30. Investors also turned cautious ahead of the release of minutes of policy meetings of the Reserve Bank of India and the US Federal Reserve that will offer cues to the rate hike plans.

The market's biggest single-day fall in two months wiped out Rs 3.7 lakh crore of investors' wealth, as the BSE's market capitalisation dropped to Rs 2,65,21,111.74 crore from Rs 2,61,43,241.59 crore on the previous day.

"Resurgence of cold war between US and Russia has brought apprehension in the market. Although it should be a short-term effect, the fear of sanctions against Russia and its degree of implication on the economy, especially on food and oil exports, is adding to the anxiety," said Vinod Nair, Head of Research at Geojit Financial Services.

For the market just recovering from the coronavirus pandemic, high interest rates are the headwinds.

"It is presumed that this war will be fought on an economic front, limiting its effect on strong economies like the US and India. Awaiting the release of Fed and RBI minutes are the other major elements that kept investors on the side lines," he added.

Also Read - Bank asset quality to improve on expected fall in fresh slippages, say analysts

Stocks and Sectors

Index	Prices	Change	Change%
Sensex	80,983.31	715.69	+0.89%
Nifty 50	24,836.30	225.20	+0.92%
Nifty Bank	55,347.95	712.10	+1.30%

Nifty 50 24,836.30 225.20 (0.92%)

Wed, Oct 01, 2025

• 1D
• 5D
• 1M
• 3M
• 6M
• 1Y
• 2Y

Biggest Gainer	Prices	Change	Change%
Tata Motors	718.35	38.15	+5.61%

Biggest Loser	Prices	Change	Change%
Bajaj Finance	987.70	-11.20	-1.12%

Best Sector	Prices	Change	Change%
Nifty Bank	55347.95	712.15	+1.30%

Worst Sector	Prices	Change	Change%
Nifty PSU Bank	7499.20	-27.55	-0.37%

Adani Enterprises, Adani Ports, Grasim Industries, JSW Steel and Bajaj Finance were among the major Nifty losers, while ITC, Bajaj Auto and Divis Laboratories gained the most.

All sectoral indices ended in the red, with Nifty auto, bank, energy, infra, information technology, PSU Bank and metal down 1-2 percent.

Broader indices performed in-line with benchmarks. BSE midcap and the smallcap shed a percent each.

On the BSE, the power index was down 2 percent. Metal, capital goods, information technology, realty, oil & gas, auto and bank closed more than a percent lower from the previous day.

More than 200 stock dropped to their 52-week low on the BSE. These included IPCA Laboratories, Sequent Scientific, Suven Life Sciences, Century Textiles, Jyoti Structures, Tide Water Oil, Gati, Arvind, Adani Green Energy and Adani Transmission.

Among individual stocks, a volume spike of more than 100 percent was seen in GMR Infrastructure, Rain Industries and Gail India.

A short build-up was seen in Adani Enterprises, Adani Ports and Ambuja Cements, while a long build-up was seen in Glenmark Pharma, Voltas and Aurobindo Pharma.

Also Read: Nifty breaks 200-day moving average but still maintains the Budget day low

Outlook for February 22

Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

On the daily charts, the Nifty closed decisively below the 61.82% Fibonacci retracement level (17,650) and is trading below the 40-week moving average (17,594), which is a sign of weakness.

The daily momentum indicator triggered a negative crossover from the equilibrium line, which is a sell signal. Thus, both price and momentum indicators are suggesting a further decline in the coming session.

On the way down, the Nifty can retest the recent swing low of 17,350, which coincides with the 200-day simple moving average and the recent swing low it touched on the budget day.

On the upside, the hourly moving averages and the gap area formed on February 22 in the 17,775-17,820 range will act as a stiff resistance.

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

The overnight slump in the US markets shook the Indian stocks as the Sensex plunged below the crucial 60,000 mark.

The sharp fall can accentuate the concerns around interest rates, inflation and slowing global growth for the markets, which has been range-bound with a negative bias for the last few sessions.

The Nifty formed a long bearish candle on daily charts and lower top formation on intraday charts, which indicate further weakness. Since the market is in an oversold zone, a sharp pullback rally is possible if the index trades above 17,600.

For the traders, 17,600 will be level to watch and above it, the pullback move can continue to 17,700-17,750.

Below 17,600, the Nifty can slip to 17,500-17,475. Contra traders can take a long bet near 17,475 with a strict support loss at 17,440.

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

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