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Sensex declines 220 pts on selling in FMCG, steel shares

Source: PTI
February 07, 2023 16:56 IST
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Benchmark equity indices Sensex and Nifty closed lower on Tuesday due to selling in FMCG, metal and auto shares amid rising concerns over interest rate hikes by central banks.

The 30-share BSE barometer declined by 220.86 points or 0.37 per cent to close at 60,286.04 as 22 of its constituents ended in the red.


Photograph: Utpal Sarkar/ANI Photo

The index opened flat amid mixed global trends.

It moved in a range of 60,655.14 to 60,063.49 during the day.

The broader Nifty of the National Stock Exchange fell by 43.10 points or 0.24 per cent to settle at 17,721.50, with 31 of its scrips ending in the red.


The index touched a high of 17,811.15 and a low of 17,652.55 during the session.

"Sentiments in the domestic market were hammered by bears that dominated the US market post the release of strong jobs data.

"Global markets are currently driven by central bank policies and the surge in bond yields in expectation of more rate actions," said Vinod Nair, head of research at Geojit Financial Services.

A recovery was seen in the second half of the day as US futures inched higher as investors await Fed Chief Jerome Powell's speech, Nair added.

Among Sensex stocks, Tata Steel fell the most by 5.23 per cent after posting weak financial results for the December quarter.

The steel maker slipped into the red in the third quarter due to a drop in revenue and higher cost.

ITC, Sun Pharma, Maruti, M&M, Tata Motors, HCL Tech, Wipro, Infosys, HUL, Bharti Airtel and Reliance were among the major losers.

Kotak Bank rose the most by 1.59 per cent, followed by IndusInd Bank, Bajaj Finance and Bajaj Finserv. L&T, SBI, TCS and HDFC Bank also closed higher.

Adani group flagship Adani Enterprises snapped its declining trend and rose by 14.63 per cent after hitting the upper circuit during the day.

Adani Ports advanced 1.33 per cent despite a decline in profit for the December quarter.

Global stock markets were mixed as investors looked ahead to a speech by the Federal Reserve chief for clues to interest rate plans.

In Asia, the Nikkei 225 in Tokyo declined 0.1 per cent, while Shanghai Composite Index rose 0.3 per cent, and the Hang Seng in Hong Kong advanced 0.6 per cent.

In Europe, the FTSE 100 in London gained 0.3 per cent, while Frankfurt's DAX fell 0.4 per cent, and the CAC 40 in Paris lost 0.3 per cent.

Foreign portfolio investors were net sellers on Monday, offloading shares worth Rs 1,218.14 crore, according to data available with the BSE.

The international Brent crude futures rose 0.79 per cent to $81.78 per barrel.

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