Stock Market Today: Nifty Dips Below 21750 and Sensex Sheds 724 Points
Stock Market Today, 8 February 2024: Indian stock market indexes ended the volatile session with substantial losses Thursday. The domestic equity indices made an optimistic start on Thursday tracking overnight gains on Wall Street. Markets were trading higher with marginal gains in early deals ahead of the Reserve Bank of India`s (RBI) monetary policy outcome.
As widely expected the RBI MPC kept the key interest rate steady at 6.5%. Markets reacted negatively as there are expectations that the rates to remain unchanged until at least July as India`s CPI remains closer to the upper price band of 6%.
The domestic market sentiments were also downbeat and fell sharply due to higher US bond yields and a surge in oil prices. Also, foreign fund outflows hit the market sentiments. According to the NSE provisional data, Foreign institutional investors (FIIs) net sold shares worth Rs 1,691.02 crore on February 7.
Stock Market Today
The Nifty 50 index closed lower by 212.55 points or 0.97 percent and closed at 21717.95 levels while the Sensex slumped by 723.57 points or 1 percent and finished at 71428.43 levels. The Bank Nifty index ended sharply lower by 806.50 points or 1.76 percent on the spot level and closed at 45012 levels.
The broader markets also closed marginally lower today, as the Nifty midcap index was down by 24.25 points or 0.05 percent and closed at 49327.80 levels. The Nifty smallcap index ended lower by 65.25 points or 0.39 percent at 16500.95 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were SBI, Power Grid, BPCL, Hindalco, and Coal India, and the top losers were Britannia, ITC, Kotak Bank, ICICI Bank, and Axis Bank.
The top gainers in the Nifty midcap index were BDL, Cummins India, and Zeel and the top losers were PayTM, AUBank, and PEL.
The smallcap top gainers were TTML, Elgi Equipements, and FSL while the top losers were UCO Bank, IOB, and Jothy Lab.
The most active stocks in the Nifty index in terms of value were SBI, HDFC Bank, and Reliance. The most active stocks in terms of volume were SBI, Power Grid, and ITC.
On the sectoral front, PSU Bank, Media, and Energy closed higher while the sectors that closed in the red were FMCG, Financial Services, and Banks
Global Stock Market Today
The other Asian stock market indexes closed mixed on Thursday. The Asian indexes mostly opened higher tracking gains from Wall Street overnight and ahead of China’s inflation numbers. Japan’s Nikkei gained the most and closed at a 34-year record high after the country’s central bank governor said BoJ is unlikely to raise interest rates aggressively, even after ending its negative interest rate policy.
Australia’s S&P ASX 200 index ended higher by 0.31%, gaining for the third consecutive session, while South Korea’s Kospi index advanced 0.41%. The Shanghai Index closed higher by 1.26% as investors assessed the inflation number. China’s CPI Inflation for January fell 0.8% year on year, steeper than the 0.5% drop expected.
Hang Seng fell 1.27% after Alibaba shares fell sharply after the company missed revenue expectations in the December end quarterly results. Elsewhere, the Straits Times, Set Composite, and Jakarta closed in the red today. European stock market indexes are trading slightly higher on Thursday, as investors focus now shifted to a slew of corporate earnings today
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Editorial desk