Mixed performance in stock market as Sensex dips marginally and Nifty closes slightly up
Feb 07, 2024
Mumbai (Maharashtra) [India], February 7 : The stock market concluded Wednesday's trading session on a mixed note, as equities initially surged but later fluctuated within a narrow range before settling.
The benchmark indices, Sensex and Nifty, displayed contrasting movements, with Sensex closing slightly down while Nifty managed to eke out marginal gains.
The Sensex closed at 72,152, down 34 points or 0.05 per cent, reflecting the subdued sentiment in the market.
On the other hand, the Nifty50 ended at 21,931, up 1 point or 0.01 per cent, maintaining its position in positive territory.
Among the Nifty companies, there were 29 advances and 21 declines. Notable gainers included SBI, JSW Steel, HDFC Life, Grasim, Bajaj Finance, Hindalco, Asian Paints, Ultratech Cement, Axis Bank, Sun Pharma, and Nestle India, with gains ranging from 1.5 per cent to 4 per cent.
Conversely, Tech Mahindra, Power Grid, Infosys, Adani Ports, and TCS experienced declines of over 1 per cent each, contributing to the mixed performance of the market.
Varun Aggarwal, founder and managing director, Profit Idea, said, "In broader market movements, the BSE MidCap index rose by over 1.48 per cent, reflecting positive sentiment among mid-sized companies, while the BSE SmallCap index advanced 0.35 per cent. Sector-wise, all sectors except Nifty IT showed gains, with the Nifty PSU Bank index leading (up 3.49 per cent), followed by Nifty Realty (1.4 per cent) and Nifty Media (1.37 per cent)".
He added, "Internationally, global shares reached their highest levels in over a year, supported by robust earnings and a weakening dollar".
The MSCI All-World index rose by 0.1 per cent, with Chinese blue-chips surging nearly 5 per cent in the last two trading days. However, European stocks remained mostly flat due to mixed earnings, while S&P 500 and Nasdaq futures were down 0.1 per cent.
In China, stocks continued their rally as investors anticipated further market support measures following a leadership change in the China Securities Regulatory Commission, signaling increased efforts to stabilize markets.
Oil prices saw a third consecutive day of gains, driven by lower-than-expected U.S. crude inventories and a reduced output growth forecast in the U.S., easing concerns of oversupply.
Overall, market movements showcased volatility with mixed performances across sectors and regions, influenced by earnings reports, geopolitical events, and monetary policy expectations. Investors remain cautious amid fluctuating market dynamics and uncertainties.
