Share Market Live Updates: Sensex Sheds 181 Points, Nifty Below 21,830 Amid Volatile Trade; SAIL Gains 7.79%

Domestic benchmark indices Sensex and Nifty traded in a volatile manner on February 5, 2024. BSE Sensex declined 181 points or 0.13% to 71,994 and Nifty 50 declined 27 points to 21,826 at 2:40 pm on Monday.

Nifty Bank fell 151 points to 45,819 and Nifty Midcap 100 surged marginally by 31 points to 48,508. Shares of large cap public sector undertaking from the Iron & Steel industry, Steel Authority of India Limited (SAIL) shares jumped 7.79% intraday today as it will consider results and dividend on February 12.

While Nifty traded in the range of 21,964.30 and 21,833.40. Stocks like Tata Motors, Power Grid, Sun Pharma, NTPC, M&M, and Tata Steel were top gainers. Meanwhile, Bharti Airtel, Kotak Bank, HDFC Bank, ICICI Bank, and HUL are spoilsport.

In terms of sectoral indices, utilities, auto, energy, metals and oil & gas stocks were top gainers. While marginal drop was seen in telecoms, FMCG and financial stocks. Banking stocks were top loser after SBI Q3 results.

For today’s performance, Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The global construct for equity markets continues to be good with the mother market US doing well aided by a surprisingly strong economy. The latest data on job creation in January has again surprised with the addition of 3,53,000 jobs.

There are no signs of the US economy tipping into a mild recession any time soon. This means that the Fed rate cuts expected this year are likely to be back-loaded. This has pushed up the 10-year bond yield again above 4% and the dollar index to 104. This might prompt some selling by FIIs.”

The analyst added, “But the market momentum is good supported by strong DII and retail buying. Among the recent results Tata Motors and Interglobe Aviation stand out and these stocks have more room to go up. RIL also is exhibiting strength.”