Sensex, Nifty50 end lower due to sell off in metals, IT stocks

• India’s benchmark indices Sensex and Nifty50 ended lower on Monday due to a constant sell off by foreign institutional investors (FIIs).
• Metals and IT were the top sectors with big losses, dragging the benchmark indices down.
• While the 30-stock Sensex declined 0.50% or 334 points at 60,506, the 50-stock Nifty50 ended 0.5% or 89 points lower at 17,764.
• Investors await the outcome from RBI’s monetary policy meeting this Wednesday that will provide direction to the market.

India’s benchmark indices Sensex and Nifty50 ended lower on Monday due to a constant sell off by foreign institutional investors (FIIs). Metals and IT were the top sectors with big losses, dragging the benchmark indices down.

While the 30-stock Sensex declined 0.50% or 334 points at 60,506, the 50-stock Nifty50 ended 0.5% or 89 points lower at 17,764.

Foreign institutional investors (FIIs) continued to sell Indian equities with ₹1,218 crore outflows on Monday while domestic institutional investors (DIIs) pumped in ₹1,203 crore. FIIs have already sold ₹41,464 crore in January while DIIs infused ₹33,411 crore during the same time.

RBI monetary policy outcome on investors’ minds
Investors await the outcome from RBI’s monetary policy meeting this Wednesday that will provide direction to the market. Markets expect a 25 basis points hike in repo rate to 6.5%. The last time $4, with the hike standing at 35 basis points.

“A strong job market in the United States pushed the global market lower on rate hike fears, as it offers the Fed more leeway in enacting stricter policy measures. This was in contrast to the recent rally in the global indices on the expectation that the economy is in its last phase of policy tightening. RBI’s policy announcement on Wednesday will provide more colour on its future rate actions, which is expected to hike rate by 25bps,” said Vinod Nair, head of research at Geojit Financial Services.

Top gainers	% change	Top losers	% change
Adani Ports & SEZ	8.63%	Divi’s Laboratories	-3.58%
IndusInd Bank	2.49%	JSW Steel	-3.03%
BPCL	2.19%	Hindalco Industries	-2.81%
Apollo Hospitals	1.73%	Tata Steel	-2.62%
Hero MotoCorp	1.69%	Infosys	-2.15%
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Source: NSE

Global markets tumble on strong jobs data in the US
Markets in the US and Asia tumbled on strong jobs and other economic data in the US. Heightened geopolitical concerns between the US and China also made markets in Asia jittery, after the US downed an alleged Chinese spy balloon.

Strong jobs data in the US sparked concerns of interest rate hikes by the Fed.

The Dow Jones Industrial Average declined 0.38%, while the S&P 500 declined 1.04%. The tech-heavy Nasdaq declined 1.59%.

In Asia, markets declined amid concerns of rate hikes continuing further amid strong jobs data in the US and elsewhere.

While the Hang Seng index declined 2.02%, the Taiwan Weighted index fell 1.34% and Shanghai Composite was down 0.76%. On the other hand, Nikkei 225 was up 1.67%.

Sectoral indices	% change
Nifty Media	0.78%
Nifty FMCG	0.56%
Nifty Realty	0.52%
Nifty PSU Bank	0.25%
Nifty Pharma	0.07%
Nifty Auto	-0.13%
Nifty Pvt Bank	-0.13%
Nifty Bank	-0.30%
Nifty Fin Service	-0.41%
Nifty IT	-0.61%
Nifty Metal	-2.20%
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Source: NSE




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