Sensex, Nifty50 end lower amid fall in Adani stocks, PSU banks, IT, metal stocks

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Sensex, Nifty50 end lower amid fall in Adani stocks, PSU banks, IT, metal stocks
Sensex and Nifty50 are likely to open in the red on MondayBCCL
  • Sensex closed 251 points or 0.41% lower at 60,432 while Nifty50 ended 86 points or 0.48% lower at 17,771.
  • All the nine Adani Group stocks witnessed a selloff as well, after ratings agency Moody’s cut outlook for four group companies.
  • Further analysts expect markets to remain tepid amid several economic data points to release this week.
  • PSU bank, IT, metals stocks were the top drags.
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India’s benchmark indices Sensex and Nifty50 end lower on Monday amidst heightened volatility and fall in Adani Group stocks. PSU bank, IT, metals stocks were the top drags.

Sensex closed 251 points or 0.41% lower at 60,432 while Nifty50 ended 86 points or 0.48% lower at 17,771.

All the nine Adani Group stocks witnessed a selloff as well, after ratings agency Moody’s cut outlook for four group companies.

“With the third quarter earnings season coming to a close this week. Markets traded weak throughout the day ahead of the inflation print expected today. PSU banks & IT stocks dragged Indices as traders booked profits on a rather dull day of trade wherein most of the sectoral indices ended in the red,” said S Ranganathan, head of research at LKP securities.

Top gainers and losers on Nifty50
Top gainersChangeTop losersChange
Titan Company2.08%Adani Enterprises-7.63%
L&T1.83%Adani Ports & SEZ-5.39%
NTPC1.67%SBI-2.88%
Bajaj Auto1.30%Infosys -2.56%
Eicher Motors1.10%Apollo Hospitals-1.82%
Source: NSE, as at 3:30 p.m., February 13, 2023
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Despite the heightened volatility, Indian equity markets closed the previous week in the green. Sensex closed 0.1% higher at 60,683, while Nifty50 closed 0.6% higher at 17,857. However, in 2023 so far, both the indices are down – Sensex is down 0.79%, while Nifty50 is down 1.87%.

Rupee fell 21 paise to 82.72 against the US dollar.

Investors await crucial US inflation data
Further analysts expect markets to remain tepid amid several economic data points to release this week.

“We expect the market to remain lacklustre as investors await key economic data on global as well as domestic front to provide some clear direction. Domestic CPI data to be announced today post market, while the US would release its monthly CPI data on Tuesday along with Europe’s GDP numbers. Auto and Capital goods stocks are likely to do well on back of good quarterly results,” said Siddhartha Khemka, head - retail research, Motilal Oswal Financial Services.

Ahead of the release of US inflation data on Tuesday, US markets experienced the worst week for stocks in 2023 so far amid increased expectations of higher interest rates. While the S&P 500 fell 1.1% in the last week, Nasdaq closed 2.1% lower.
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An improvement in the US consumer sentiment to a 13-month high also raised fears of a higher inflation print.

Markets in Asia were also largely negative, with Nikkei 225 declining the most at 0.88%, followed by KOSPI at 0.69%. The Hang Seng index was down 0.12%, while the Shanghai Composite gained 0.72%.
Sectoral indices Change
Nifty PSU Bank-2.52%
Nifty Media-2.45%
Nifty IT-1.88%
Nifty Realty -1.68%
Nifty Metal-1.19%
Nifty Private Bank-0.78%
Nifty Bank-0.67%
Nifty Auto-0.61%
Nifty Pharma-0.48%
Nifty Fin Service-0.47%
Nifty FMCG0.04%

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