Synopsis
On February 20, India's benchmark indices fell for the third consecutive day, impacted by declines in IT, pharma, and financial sectors. However, small and midcap stocks showed notable gains. Experts suggest a breakout could influence market direction.Key Takeaways
- Indian stock market indices dropped for the third day.
- IT, pharma, and financial sectors faced selling pressure.
- Nifty and Bank Nifty remained range-bound.
- Small and midcap stocks showed resilience.
- FIIs sold equities, while DIIs were net buyers.
Mumbai, Feb 20 (NationPress) The Indian stock market's benchmark indices closed in the red for the third straight session on Thursday, driven by declines in the IT, pharmaceutical, and financial services sectors.
The Sensex finished at 75,735.96, down 203.22 points or 0.27 percent. The index peaked at an intra-day high of 75,794.15 but dipped to a low of 75,463.01 before settling.
The Nifty index ended nearly flat at 22,913.15, slipping by 19.75 points or 0.09 percent. Throughout the session, the broader index fluctuated between 22,923.85 and 22,812.75.
Experts noted another day of the Nifty remaining trapped within a limited range, unable to surpass a particular level.
“Despite a notable rise in broader market stocks, the primary indices, Nifty and Bank Nifty, primarily remained constrained. Support for Nifty is set at 22,800, while resistance is at 23,150. A significant breakout in either direction could initiate a directional shift in the market,” stated Rupak De, Senior Technical Analyst at LKP Securities.
The Nifty Bank concluded at 49,334.55, down 235.55 points or 0.48 percent. Meanwhile, the Nifty Midcap 100 index closed at 51,163.80, climbing 636.55 points or 1.26 percent, and the Nifty Smallcap 100 index finished at 15,747.70, adding 221.80 points or 1.43 percent.
On the NSE, sectors including PSE, Auto, PSU Bank, Metal, Realty, Media, Energy, Infra, and Commodities exhibited positive movements.
The Nifty PSE index was the standout performer, increasing by 2.15 percent during the session.
On the Bombay Stock Exchange (BSE), 2,699 stocks closed in the green, while 1,273 stocks ended in the red, with 111 stocks remaining unchanged.
In the Sensex pack, the top losers included HDFC Bank, Maruti Suzuki, Tech Mahindra, HCL Tech, ITC, ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, Zomato, and Sun Pharma. On the other hand, the top gainers were NTPC, Adani Ports, M&M, Tata Steel, Tata Motors, IndusInd Bank, Power Grid, Infosys, and Axis Bank.
In institutional trading, foreign institutional investors (FIIs) sold equities worth Rs 1,881.30 crore on February 19, while domestic institutional investors (DIIs) were net buyers, acquiring equities for Rs 1,957.74 crore on the same day.
The rupee saw a slight increase, gaining 0.34 Rs to settle at 86.68, bolstered by a drop in crude prices and a dollar index below 107$.
