Sensex and Nifty Recover, Ending Eight-Day Decline
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Synopsis
On February 17, the Indian benchmark equity indices witnessed a reversal of their early losses, successfully ending an eight-day losing streak. The Sensex and Nifty closed positively, with key stocks showing gains despite some losses in other sectors.
Key Takeaways
- Sensex rose to 75,996.86, a 0.08% increase.
- Nifty ended at 22,959.50, up by 0.13%.
- 34 out of 50 Nifty stocks closed in the green.
- Adani Enterprises led the gains with nearly 4% rise.
- Expert caution due to global policy shifts.
Mumbai, February 17 (NationPress) The leading Indian stock market indices managed to bounce back on Monday, halting an eight-day losing streak and finishing the intra-day trading in positive territory.
The Sensex concluded the day at 75,996.86, marking an increase of 57.65 points or 0.08 percent from its last closing value.
It rose approximately 702.10 points above its intra-day low of 75,294.76, with the Sensex reaching an intra-day peak of 76,041.96.
In a similar pattern, the Nifty index ended the day at 22,959.50, up 30.25 points or 0.13 percent. The index fluctuated between 22,974.20 and 22,725.45 during the trading session.
Of the 50 stocks comprising the Nifty index, 34 stocks closed in positive territory, with Adani Enterprises leading the charge with an almost 4 percent rise.
Top gainers included Adani Ports, Bajaj Finance, Power Grid, and IndusInd Bank.
Conversely, Mahindra & Mahindra, Bharti Airtel, Infosys, TCS, and ICICI Bank were significant losers, with declines reaching as high as 3.45 percent.
The broader markets also exhibited recovery in the latter half of the trading session.
The Nifty Midcap100 index closed with a gain of 0.39 percent, while the Nifty Smallcap100 index saw a slight increase of 0.04 percent.
Among sector performances on the NSE, Pharma, Banks, Financial Services, Healthcare, OMCs, Consumer Durables, and Metals showed positive trends.
The Nifty Pharma index was the standout performer, climbing 1.27 percent during the session, with Glenmark Pharma and Ajanta Pharma driving the gains.
However, the Nifty Auto, FMCG, IT, and Media indices registered declines of up to 0.71 percent.
Experts suggest that recent changes in global policies, particularly from the United States, are creating uncertainty among foreign institutional investors (FIIs), prompting a shift in their investment strategies in dynamic markets such as India.
Furthermore, the prevailing high valuations in the Indian stock market are contributing to investor caution, according to Vipul Bhowar from Waterfield Advisors.
Last week, both indices concluded their two-week winning streak with heavy losses.
