NIFTY50 and SENSEX Trim Morning Losses; Bajaj Finance, IndusInd Bank, and Adani Enterprises Among Top Gainers
Indian equity markets witnessed continued selling pressure during the mid-market session, with both the Nifty50 and Sensex trading lower amid ongoing uncertainty regarding the Trump administration’s trade and economic policies. Although fears related to tariffs eased somewhat last week after the U.S. President decided to delay tariff hikes until April, concerns remain about his administration’s plans for potential fresh levies. This uncertainty has kept investors on edge, contributing to the volatility seen in the domestic market.
Despite these challenges, Bajaj Finance, IndusInd Bank, and Adani Enterprises stood out as some of the top gainers during the trading session. However, the broader market sentiment remained in favor of the bears, with a substantial number of stocks trading in the red. As of February 17, the market breadth was largely negative, with 2,193 stocks in decline compared to just 525 stocks advancing. Additionally, 696 stocks were locked in the lower circuit, while 17 stocks were locked in the upper circuit, further highlighting the subdued market sentiment.
Sensex and Nifty50 Performances
The Sensex was trading at 75,712.18, down by 227.03 points or 0.30%, after oscillating between a range of 75,294.76 and 75,895.26. Despite the negative session, 12 stocks within the index showed some gains, while 18 stocks faced declines. Among the prominent losers, Mahindra & Mahindra dropped by 4.12%, while ICICI Bank, Wipro, Axis Bank, and Bharat Electronics also faced notable declines.
The Nifty50 stood at 22,856.25, down by 73.00 points or 0.32%, after trading within a range of 22,725.45 to 22,926.65. 20 stocks within the Nifty index advanced, while 30 stocks declined. On the positive side, Bajaj Finserv led the pack with a 2.38% increase, followed by Sun Pharma (+1.64%), IndusInd Bank (+1.22%), Cipla (+1.11%), and Power Grid (+0.95%).
The BSE mid-cap index fell by 0.76%, and the small-cap index saw a sharper decline, down by 1.71%, reflecting the widespread selling pressure in the broader markets.
Global Market Overview
On the global front, Asian markets showed a mixed performance, with most indices trading in the green despite the mixed cues from Wall Street on the previous day. Investors continued to evaluate the global economic outlook amid ongoing concerns about the trade war and potential repercussions for the global economy.
Among the Asian markets, Straits Times rose by 18.19 points or 0.47% to 3,895.69, Jakarta Composite gained 140.67 points or 2.08% to 6,779.13, KOSPI increased by 16.05 points or 0.62% to 2,607.10, and Taiwan Weighted added 352.72 points or 1.5% to 23,505.33.
However, some markets in the region saw declines. Hang Seng lost 163.29 points or 0.72% to 22,457.04, Shanghai Composite weakened by 7.2 points or 0.22% to 3,339.52, and the Nikkei 225 slipped by 5.43 points or 0.01% to 39,144.00.
Sector Performance and Market Outlook
In terms of sector performance, Bajaj Finance, IndusInd Bank, and Adani Enterprises emerged as leaders in the Nifty50 index, reflecting their strong market performance amidst the broader market slump. These companies continue to benefit from their robust business models and have been resilient despite the negative market sentiment. Conversely, sectors such as banking, automobile, and technology saw significant losses, primarily driven by declines in key stocks such as ICICI Bank, Wipro, and Axis Bank.
The ongoing trade war concerns and uncertainty surrounding the Trump administration’s economic policies will likely continue to create volatility in the markets. However, the positive movement in certain Asian markets signals that the global economic outlook remains cautiously optimistic.
