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Benchmark indices were trading over 1 per cent lower during the afternoon on Monday amid volatility.
Market opened on a weak note amid weak global cues. Benchmark indices slipped further in the first half, witnessing selling pressure across multiple counters, tracking losses in heavyweights such as HDFC Bank.
At 1 pm, the BSE Sensex was trading at the day’s low of 57,757.31 on the BSE, down 887.51 points or 1.51 per cent. It recorded an intraday high of 58,707.76. The Nifty 50 was trading at 17,269.15, down 247.15 points or 1.41 per cent, near the day’s low of 17,265.70. It recorded an intraday high of 17,536.75.
Powergrid, Tata Steel, ONGC, Coal India and NTPC were the top gainers on the Nifty 50 while HDFC Life, HDFC Bank, SBI Life, L&T and Titan were the top laggards.
FII selling has been weighing on investor sentiments in the near term. Market is looking forward to the outcome of the RBI Monetary Policy committee meeting, which was scheduled to open today but got postponed to February 8 in view of Maharashtra declaring a public holiday on February 7 to mourn the death of Bharat Ratna legendary singer Lata Mangeshkar. The outcome would be announced on February 10. Analysts expect RBI to change its stance from an “accommodative” policy to “Inflation control,” embarking on a gradual normalisation of the reverse repo rate.
PSU Bank, metals in focus
On the sectoral front, all indices except Nifty PSU Bank, Nifty Metal and Nifty Oil & Gas were in red. Banks, FMCG, pharma and auto witnessed increased pressure.
Nifty PSU Bank was up over 2 per cent while Nifty Metal was up nearly 2 per cent. Nifty Oil & Gas was up 0.21 per cent.
Meanwhile, Nifty Financial Services and Nifty FMCG were down 2 per cent. Nifty Private Bank was down nearly 2 per cent. Nifty Bank, Nifty healthcare Index and Nifty Consumer Durables were down around 1.5 per cent each. Nifty Pharma and Nifty Auto were down over 1 per cent each. Nifty IT and Nifty Realty were down nearly 1 per cent each.
Broader indices
Broader indices were in the red.
Nifty Midcap 50 was down 0.87 per cent while Nifty Smallcap 50 was down 1.54 per cent. The SP BSE Midcap was down 0.84 per cent while the S&P BSE Smallcap was down 0.46 per cent.
The volatility index rose 5.49 per cent to 19.94.
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