Mid, small-caps nurse losses as benchmarks stay rangebound; PSU stocks sink

Stock market highlights on February 9, 2024: Among sectors, the Nifty Metal index declined 1.5 per cent, followed by the Nifty Auto, and IT indices (0.4 per cent each)

Closing Bell on Friday, February 9, 2024: Domestic benchmark indices were lacklustre in trade on Friday, while mid and small-cap indices dropped 1 per cent each amid lack of directional cues and dashed hopes of an early rate cut by the Reserve Bank of India.

The S&P BSE Sensex traded within a band of 470 points through the day, before ending at 71,595, up 167 points or 0.23 per cent. The Nifty50, on the other hand, shut shop at 21,783, up 65 points or0.3x per cent. 

In the broader markets, however, profit booking in public sector undertakings dragged the indices nearly 3 per cent lower each intraday. The BSE MidCap and Smallcap indices, eventually, ended 0.82 per cent and 1.4 per cent lower, respectively. 

Among sectors, the Nifty Metal index declined 1.5 per cent, followed by the Nifty Auto, and IT indices (0.4 per cent each). On the upside, the Nifty Bank index gained 1.5 per cent. 

3:58 PM

Tech View :: 'Nifty to see recovery if it moves beyond 21,800'

Nifty started flat and remained sideways during the trading session. It found support at the 20DMA for the second day in a row. The trend could weaken if it decisively drops below 21,690. A decisive fall below 21,690 may trigger a correction towards 21,500. On the contrary, if it moves above 21,800, we might observe a recovery in the near term.

Views by: Rupak De, Senior Technical Analyst, LKP Securities

 

3:41 PM

Tech View :: 'Next resistance for Bank Nifty at 46,000'

The Bank Nifty bulls exhibited strength as they successfully defended the crucial support level of 45,000, establishing it as a critical support zone. The index is currently in a "buy on dip" mode, and as long as the mentioned support holds on a closing basis, the bullish sentiment remains intact.

Looking ahead, the immediate resistance on the upside is situated at 46,000, and a decisive break above this level is anticipated to trigger further short-covering moves in the market.

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:40 PM

Comment :: 'Mid, small-cap indices bled the most amid rich valuations'

After a volatile session, the market ended on a positive note, aided by a rebound in banking stocks after yesterday's sell-off. Mid- and small-cap indices bled the most as the sentiment on the broader indices remains vigilant due to their rich valuation. Caution prevails in the market ahead of the release of US, UK, and Indian inflation data next week, while the US 10 yr yield is inching higher.

Views by: Vinod Nair, Head of Research, Geojit Financial Service

3:38 PM

Currency check :: Rupee ends 8 paise weaker at 83.03/$

3:37 PM

BROADER MARKETS :: Mid, SmallCap indices end lower on profit booking

3:36 PM

NIFTY HEATMAP :: Grasim Jumps 5% post Q3 nos, SBI, Apollo Hosp rally up to 3.6%

3:35 PM

CLOSING BELL :: Nifty reclaims 21,750 in a volatile trade

3:34 PM

CLOSING BELL :: Sensex ends over 150 pts higher after gyrating between zones

3:29 PM

Cement shares soar up to 17%; ACC, Birla Corp, JK Lakshmi hit 52-week highs

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3:15 PM

ALERT :: DB Realty to demerge hospitality, real estate business

3:03 PM

Global check:: US, UK stock futures trade more or less unmoved

Source: Investing.com

2:53 PM

Max Healthcare buys Nagpur-based Alexis Hospital for Rs 412 cr; stock down 1%

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2:43 PM

Earnings ALERT:: Finolex Cables Q3 net slips 5%; stock plunges 6%

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2:34 PM

ONGC in talks to restart Libya operations, expand in Venezuela: Report; stock down 2%

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2:25 PM

Petronet draws Rs 40,000 cr investment plan to increase profit by 2028

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