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Broader markets outperformed the benchmarks. Nifty Midcap 100 gained 0.75 percent while Nifty Smallcap 100 was up 0.71 percent. Nifty PSU Bank and realty were among top sectors movers.
Equity benchmarks the Sensex and the Nifty finished February 7 flat after a bumpy day, with the Nifty failing to defend the 22,000 level despite beginning above it. The indexes lost early gains as investors’ focus switched to the Reserve Bank of India’s monetary policy decision to be published on February 8.
The Sensex concluded 34.09 points lower at 72,152, while the Nifty close 1.1 points up at 21,930.50. About 1,954 shares gained, 1,314 sank and 63 were unchanged.
Broader markets outperformed the benchmarks. Nifty Midcap 100 gained 0.75 percent and Nifty smallcap 100 0.71 percent.
According to a Moneycontrol survey, the RBI is expected to leave the main interest rates steady on February 8. An overwhelming majority of the economists surveyed also expected that the central bank will retain the policy position of withdrawal from accommodation in the meeting, thereby mainly continuing the policy approach established in previous months.
Stocks and sectors
Nifty PSU Bank and realty were among the top sectors movers, rising 2.86 percent and 1.84 percent. IT and auto industries experienced profit booking. NSE advance-decline ratio was 1.4:1.
The top Nifty gainers were SBI, up 4.19 percent, Grasim 2.38 percent, HDFC Life 2.24 percent, JSW Steel 2.17 percent and Axis Bank ended 2.09 percent higher.
Stocks that brought the index down were Infosys, TCS, HDFC Bank and Adani Ports.
About 270 equities achieved 52-week high including Zaggle Prepaid, UCO Bank, Yes Bank, Triveni Turbine and Canara Bank. Only eight stocks on the NSE dropped to their hit 52-week low including Bannari Amman Sugars and Navin Fluorine.
A long buildup was noticed in Trent, Delta Corp and Canara Bank, whereas a brief buildup was recorded in IEX, Navin Fluorine and Mahanagar Gas.
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Outlook for February 8
Sheersham Gupta, Director and Senior Technical Analyst Rupeezy, said the short-term trend is continuing on the rise as the Nifty has been establishing higher highs and higher lows on the 30-minute period.
“The call option prices near at-the-money strike are much greater than the put option premiums for the weekly expiry. With positive global cues and decrease in the dollar Index, an upmove from here is more plausible,” he added.
Rupak De, Senior Technical Analyst, LKP Securities, stated mood remained fairly poor. “Support is positioned at 21,850, and a breach below this level might potentially trigger a decline towards 21,700. On the upside, resistance is indicated near 22,000,” he added.
| FII Bought | 518.88 Cr |
| DII Sold | 1,188.68 Cr |
Indian Market Stocks
| Sensex | -34.09 | -0.05% | 72152.00 |
| Nifty 50 | +1.10 | 0.01% | 21,930 |
| Bank Nifty | +127.70 | 0.28% | 45818.50 |
Market Movers
| SBI | 25.00 3.84% | Tech Mahindra | -33.05 -2.45% |
| Grasim | 45.50 2.20% | Power Grid Corp | -6.30 -2.30% |
| JSW Steel | 17.85 2.18% | Infosys | -35.70 -2.06% |
| HDFC Life | 12.40 2.09% | Adani Ports | -17.45 -1.37% |
| Axis Bank | 19.05 1.81% | TCS | -52.60 -1.27% |
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