Stock Market Today, 21 February 2024: Indian stock markets ended sharply lower on Wednesday, snapping a six-day winning streak. The domestic markets opened higher and traded volatile throughout the session. Markets fell sharply in the afternoon session and closed in the deep red.
The domestic market sentiments were positive in the morning deal, as the Reserve Bank of India’s (RBI) latest Bulletin said that a fresh round of capital expenditure by the corporate sector is likely to fuel the next leg of growth. It stressed that stable and low inflation at 4% provides the bedrock for sustaining GDP expansion.
Besides, the Government of Japan has committed to an Official Development Assistance (ODA) loan of an amount of Japanese Yen (JPY) 232.209 billion for nine projects across various sectors in India such as road connectivity, climate change response, horticulture, and water supply system.
However, markets turned red in the second half as investors were cautious ahead of the FOMC minutes of the last meeting that will be released later in the day. Investors are also concerned about the persistent selling pressure from foreign investors.
Stock Market Today
The Nifty 50 index closed lower by 141.90 points or 0.64 percent and closed at 22055.05 levels while the Sensex was down by 434.30 points or 0.59 percent and finished at 72623.10 levels. The Bank Nifty index ended lower by 74.50 points or 0.16 percent on the spot level and closed at 47019.70 levels.
The broader markets underperformed their larger peers today, as the Nifty midcap index was down by 617.95 points or 1.25 percent and closed at 48630.50 levels. The Nifty smallcap index ended lower by 167.50 points or 1.04 percent at 16004.85 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Tata Steel, SBI, IndusInd Bank, JSWSteel, and Tata Consumer, and the top losers were BPCL, Coal India, NTPC, Hero Motors, and Power Grid.
The top gainers in the Nifty midcap index were PayTM, PEL, and Union Bank and the top losers were ZeeL, Sona Blw, and Mphasis
The smallcap top gainers were Raymond, CAMS, and Kalyan Jewellers while the top losers were MRPL, NLC India, and BSE.
The most active stocks in the Nifty index in terms of value were HDFC Bank, Reliance, and SBI. The most active stocks in terms of volume were Tata Steel, Power Grid, and HDFC Bank.
On the sectoral front, Realty, PSU Bank, and Metal closed higher while the sectors that closed in the red were Media, Energy, and IT.
Global Stock Market Today
The other Asian stock market indexes mostly ended lower on Wednesday, tracking losses from the US markets overnight. Japan’s Nikkei 225 closed lower by 0.27%, as investors digested the trade data and the Reuter’s Tankan poll that showed that the country’s manufacturers’ business confidence fell in February.
Australia’s S&P ASX 200 index is down by 0.66%, while South Korea’s Kospi trimmed some early losses and closed lower by 0.17%. The Shanghai erased early losses and closed higher by 0.96%, while Hang Seng pared some intraday gains and closed higher by 1.5% due to a rally in property, technology, and healthcare sectors. The Straits Times and Taiwan closed lower, while the SET composite ended in the green.
European markets are trading mixed on Wednesday, as investors remained cautious ahead of the FOMC minutes. HSBC shares are down more than 6% in the early trade after reporting a drop in pre-tax profits in the December end quarter.
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Also, read – Key factors that are likely to impact the stock market this week
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Editorial desk