edited by: Namit Singh Sengar
Last Update: February 07, 2023, 09:37 IST
A bird flies past a screen displaying Sensex results on the façade of the Bombay Stock Exchange (BSE) building in Mumbai on February 1, 2023. (Reuters)
On Monday, Tata Steel was the biggest loser in the Sensex pack, plunging 2.08 per cent, followed by Kotak Bank, Infosys, ICICI Bank, M&M, Ultra Cement and Tata Motors.
The Sensex rose 76.15 points to 60,583.05 in early trade on Tuesday. smelly 50 rose 29.20 points to 17,793.80.
The Sensex opened at 60,511.32, while the Nifty 50 opened at 17,790.10.
The rupee appreciated 10 paise to 82.66 against the US dollar in early trade.
Besides, Sensex and Nifty declined over half a per cent each on Monday due to selling in IT, power and metal stocks triggered by global equities slump on rate hike fears and FII outflows.
BSE Sensex ended at 60,506.90, down 334.98 points or 0.55 per cent, snapping a five-day winning streak. During the session, the index fell 500 points to touch its intra-day low of 60,345.61.
The broader NSE Nifty ended 89.45 points, or 0.50 per cent, lower at 17,764.60 as 34 stocks declined.
“A strong job market in the United States lifted global markets lower on rate hike fears, as it provides more leeway for the Fed to implement tighter policy measures. This contrasts with the recent rally in global indices on this expectation. The economy is in its final stages of policy tightening.
“The RBI’s policy announcement on Wednesday will provide more color on future rates actions, which is expected to hike rates by 25 bps,” the news agency said. PTI Vinod Nair, Head of Research, Geojit Financial Services said this.
On Monday, Tata Steel was the biggest loser in the Sensex pack, plunging 2.08 per cent, followed by Kotak Bank, Infosys, ICICI Bank, M&M, Ultra Cement and Tata Motors.
On the other hand, IndusInd Bank, Bajaj Finance, POWERGRID and ITC were among the major winners.
State Bank of India closed with a slight gain of 0.17 percent after the Finance Minister Nirmala Sitharaman Said that banks and insurance companies are not ‘overexposed’ to any single company and assured that the Indian markets are very well managed by its regulators.
In the broader market, the BSE Midcap gauge rose 0.75 per cent and the Smallcap index rose 0.49 per cent.
Sectoral indices declined in metal 4 per cent, utilities 1.26 per cent, power 1.01 per cent, IT 0.67 per cent and tech 0.65 per cent.
Winners included Telecom, Services, Capital Good and Bankex.
Foreign investors pulled out Rs 28,852 crore from Indian equities in January, the worst outflow in the last seven months, mainly due to the attractiveness of Chinese markets.
With retail inflation showing signs of softening and the US Fed reducing the pace of its benchmark interest rate hike, the Reserve Bank is set to marginally hike the repo rate by 25 basis points in its upcoming bi-monthly monetary policy later this week. is likely to do. ,
(With PTI inputs)
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