Sensex and Nifty Decline Amid Market Volatility, Focus Shifts to US CPI Data

Mumbai, Feb 12 (NationPress) The Indian stock markets concluded Wednesday on a downward note following a volatile trading session, resulting in both the Sensex and Nifty finishing in negative territory.

The Sensex decreased by 122.52 points, or 0.16 percent, settling at 76,171.08. Throughout the day, the 30-share index experienced significant fluctuations, reaching a peak of 76,459.72 and a trough of 75,388.39.

Meanwhile, the Nifty dipped by 26.55 points, or 0.12 percent, to close at 23,045.25. It recorded an intraday high of 23,144.70 and a low of 22,798.35.

Initially, the Sensex plummeted over 900 points from its last close of 76,294, hitting an intraday low of 75,388.

Similarly, the Nifty saw a sharp drop in the early hours, falling more than 1 percent to touch 22,798.

Experts noted that the Nifty concluded the day with a long-legged Doji pattern following a highly volatile trading day. The index found support just above the previous swing low.

“As long as the previous low of 22,786 remains intact, there is a significant possibility that the Nifty could rebound towards 23,500–23,600 in the near future. The immediate resistance is at 23,200, while immediate support is at 23,000,” stated Rupak De from LKP Securities.

Despite the overall market weakness, some stocks managed to post gains.

Top gainers on the Nifty included SBI Life, Tata Steel, and HDFC Life, which surged by up to 2.72 percent.

However, declines in other major stocks impacted the market negatively. Mahindra & Mahindra, Eicher Motors, IndusInd Bank, and Power Grid Corporation of India were among the biggest losers, with reductions of up to 3.20 percent.

The heavyweight index component Reliance Industries also ended lower, with a drop of 1.44 percent.

The broader market indices reflected the weak overall sentiment, with Nifty Midcap100 and Nifty Smallcap100 both declining by 0.26 percent.

In terms of sector performance, the market exhibited mixed results. Banking, financial services, and metal stocks displayed strength, closing up by as much as 0.84 percent.

Conversely, real estate stocks faced substantial pressure, with the Nifty Realty index emerging as the worst performer, plummeting by 2.74 percent.

Other sectors such as IT, Auto, FMCG, Pharma, and Healthcare reported selling pressure, with losses up to 1.14 percent.

The rupee exhibited significant volatility, opening strongly near 86.43, up 0.45 Rs or 0.50 percent, before succumbing to selling pressure, retreating back to 86.89, trading flat.

Market participants are currently focused on the upcoming US CPI data, which is anticipated to influence sentiment regarding interest rate expectations and capital flows.