Stock Market News

Choppy Sensex, Nifty trade lower; Mid & Smallcap outperform

The market continued to see selling pressure in afternoon trade, dragged by index heavyweights like Reliance Industries, ICICI Bank, HDFC, Infosys and L&T.

The Sensex declined 101.13 points to 29361.14 and the Nifty slipped 25.55 points to 8869.75. However, the broader markets saw buying interest as the BSE Midcap and Smallcap indices gained 0.3 percent and 0.6 percent, respectively.

About 1455 shares have advanced, 1299 shares declined, and 202 shares are unchanged on the Bombay Stock Exchange.

Nirmal Jain, chairman, IIFL said it is unlikely to see a big rally or crash in market till Budget. He believes the government is moving in the right direction and all circumstances are conducive for a ‘historic’ Budget.

Jain also said that Budget is not the only criterion to judge the big-ticket reforms taken by the government as it is taking lot of efforts to push through the goods and services tax (GST) which is set to get implemented from 2016 onwards.

Reliance Industries topped the selling list, falling nearly 3 percent followed by ICICI Bank, HDFC, Infosys, Bharti Airtel, Tata Power and Wipro with 1-1.7 percent loss. L&T, Maruti and HUL declined over half a percent.

However, BHEL was the biggest gainer on Sensex, up 4 percent. ITC, Tata Motors, TCS, State Bank of India, M&M, Dr Reddy’s Labs, Tata Steel and Hindalco Industries climbed 0.7-1 percent.

In global data, markets in Europe opened lower by 0.5 percent amidst continued uncertainty over Greece. On data front, German producer prices showed further fall in January, leading to increased fears that region is falling into a deflationary spiral.

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