Stock Market Analysis
As of 17 Feb 2022
Benchmark indices fell further on Thursday, extending losses into the second session, weighed down by hawkish remarks from the Federal Reserve and the ongoing grave situation at the Ukraine-Russia border.
Stocks in the banking sector were particularly under pressure, while sales in IT and pharma did not aid the market. Investors were also kept guessing by weak transactions on European markets.
The 30-share Sensex index fell 104.67 points, or 0.18 percent, to 57,892.01. Its broader counterpart, the NSE Nifty, fell 17.60 points (0.10 percent) to 17,304.60.
At a glance: —
- Best Agrolife is up 6% after failing to make the cut. Spiromesifen
- Southern Petrochem rises 7% as its Q3 net expands by 9 times. YoY
- Zomato continues to see minimal levels of buying, up 5%.
- The India VIX, a measure of future volatility, has risen by 7% to 22.
- Nestle India’s stock is down after announcing a 20% earnings reduction.
Tata Consumer was the highest gainer among bluechip stocks, up 2.71 percent. Other notable gainers included HDFC, ONGC, Reliance Industries, HDFC Life Insurance, Hindalco Industries, and HUL.
The highest loser in the Nifty pack was ICICI Bank, which fell 2.15 percent. Other names that ended in the red were Axis Bank, UltraTech Cement, IndusInd Bank, UPL, Grasim Industries, Adani Ports, and Shree Cement.
The market breadth favored losers, with 1,303 equities ending in the green and 2,069 stocks ending in the red. A total of 112 securities, largely from the smallcap market, achieved 52-week highs.
Meanwhile, 31 stocks, largely from the microcap class, reached 52-week lows. Approximately 290 stocks reached upper circuit limitations and 300 stocks reached lower circuit restrictions. European markets were trading mixed.
