Sensex Falls Over 50 Points, Nifty Slips Below 12,200 As Markets Erase Early Gains

Sensex Falls Over 50 Points, Nifty Slips Below 12,200 As Markets Erase Early Gains

Losses in banking, auto, consumer goods shares pulled the markets lower

Domestic stock markets gave up early gains amid volatile trade on Thursday, a day after official data showing higher-than-expected consumer inflation dashed hopes of further monetary easing for the time being. The S&P BSE Sensex index declined as much as 98.41 points to hit 41,467.49 in the first few minutes of trade after opening higher at 41,707.21, and the broader NSE Nifty benchmark dropped to as low as 12,171.60, down 29.6 points from the previous close. Losses in financial, automobile and metal stocks pulled the markets lower.

Here are 10 things to know about the stock markets (Sensex and Nifty LIVE updates) today:

  1. At 9:41 am, the Sensex traded 89.38 points – or 0.22 per cent – lower at 41,476.52 while the Nifty was down 25.40 points – or 0.21 per cent – at 12,175.80. 

  2. Thirty four stocks on the 50-scrip benchmark index moved lower at the time. Top percentage laggards were HCL Tech, IndusInd Bank, Kotak Mahindra Bank, Maruti Suzuki and Tata Motors, trading between 0.85 per cent and 1.32 per cent lower. 

  3. On the other hand, Yes Bank, Zee Entertainment, SBI, Titan and Dr Reddy’s – up between 0.62 per cent and 4.26 per cent – were the top Nifty gainers. 

  4. ICICI Bank, Kotak Mahindra Bank and HDFC were the top drags on the Sensex. 

  5. Equities in other Asian markets wobbled on  as the number of new coronavirus cases and deaths in the outbreak’s epicentre increased. China’s Hubei province, where the virus is believed to have originated, reported 242 new deaths, double the previous day’s toll, and confirmed 14,840 new cases on February  12.

  6. MSCI’s broadest index of Asia-Pacific shares outside Japan was steady in morning trade but the news knocked the week’s momentum from stock markets. Japan’s Nikkei 225 benchmark index was flat.

  7. Government data released after market hours on Wednesday showed annual retail inflation – or the rate of increase in consumer prices – in India accelerated to to 7.59 per cent in January, its highest level recorded in nearly six years.

  8. Economists said the rising inflation could prompt the Reserve Bank of India (RBI) to leave interest rates unchanged in coming months as it tries to support the faltering economy.

  9. Separate official data on the same day showed industrial output contracted 0.3 per cent unexpectedly in December, after rising for the first time in three months in November. That highlighted that the economy, which is staring at its worst pace of annual expansion since the 2008-09 global financial crisis – remains troubled.

  10. Earlier on Wednesday, the S&P BSE Sensex index had climbed up 349.76 points – or 0.85 per cent – to end at 41,565.90, and the broader NSE Nifty benchmark settled at 12,201.20, up 93.30 points – or 0.77 per cent – from the previous close, both the highest closing levels recorded since January 24.

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