Stock Market Today: Nifty and Sensex settle lower on Monday

Ronit Kawale
Ronit Kawale - Senior Editor
3 Min Read

On Monday, India’s Nifty and Sensex experienced a decline, closing in the red due to cautious global markets. The negative trend was influenced by the metals and pharma sector stocks. The cautious sentiment in Asian and European stock markets contributed to the weakness. Investors are closely watching developments such as renewed tensions between China and Taiwan and upcoming global inflation data. Indian traders are particularly cautious ahead of India’s third-quarter Gross Domestic Product (GDP) data and the expiry of monthly derivatives contracts later in the week.

The NSE Nifty 50 and BSE Sensex 30 both recorded a nearly 0.45% drop, settling at 22,122.05 and 72,790.13, respectively.

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Key gainers on Nifty included Powergrid, L&T, SBI Life Insurance, Adani Enterprises, and Tata Consumer Products. On the other hand, top losers comprised Hindalco, Divislab, Tech Mahindra, Asian Paints, and Apollo Hospitals.

In corporate news, TVS Motor launched the TVS HLX variant HLX 150F, and Vodafone Idea’s Board is planning a large fundraising initiative in the coming months. China’s Commerce Ministry addressed the US’s claims of overcapacity, describing it as reflecting unilateralism and hegemonic behavior.

US stock markets closed flat to lower on Friday, with US stock futures trading 0.15% lower at the time of reporting.

Last week, traders considered mixed Indian and US preliminary business PMI data and a hawkish tone in the Reserve Bank of India (RBI) February meeting minutes. HSBC Bank’s data showed a drop in India’s Manufacturing PMI from 56.9 to 56.7 in February, while Services PMI rose to 62.0. RBI Governor Shaktikanta Das emphasized the need for vigilant monetary policy and navigating the ‘last mile’ of disinflation.

Looking ahead, attention is on US PCE inflation data and India’s GDP data later in the week. The market is currently pricing in a 20% chance of the US Federal Reserve easing rates in May, a significant decrease from over 90% a month ago. For the June meeting, the probability of a rate cut is approximately 70%, down from 77% a few days ago.

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