The stock market fell into the red as the trading session for the week began on Monday, February 24. Real estate, Midsmall IT and telecom, and media stocks dropped the most.
At 9:20 am IST, the benchmark BSE Sensex was down 536.17 points or 0.71%, reaching 74,774.89. The broader NSE Nifty opened 161.80 points down or 0.71% in the red, reaching 22,634.10.
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Which stocks fell the most?
Among the 30 Sensex stocks, Zomato fell the most by 2.04%, trading at ₹225.55. This was followed by HCL Technologies, which fell 1.52%, trading at ₹1,674.95, and Power Grid Corporation of India, which fell by 1.38%, trading at ₹258.15
Only 5 of the 30 Sensex stocks were in the green.
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How did individual sectors perform?
Among the Nifty sectoral indices, the Nifty Realty Index fell the most by 2.21%, reaching 825.80, followed by Nifty Midsmall IT & Telecom, which fell 2.04%, reaching 9,280.55, and the Nifty Media, which fell 1.73%, reaching 1,466.55.
How did the stock market perform during the previous session?
The stock market closed well into the red after last week’s trading session ended on Friday, February 21, 2025, with auto, mid and small cap IT and telecom, and healthcare stocks declining the most.
The Sensex closed 424.90 points or 0.56% in the red, reaching 75,311.06. The Nifty was down by 117.25 points or 0.51% in the red, closing at 22,795.90.
“The Nifty Index closed negatively for the second consecutive week, forming lower highs and lower lows, indicating bearish sentiment,” said Kunal Kamble, Senior Technical Research Analyst at Bonanza. “A break below 22,700 could push the index towards 22,500, followed by 22,200.”
“Options data suggests that the market is likely to remain below 22,500 unless it sustains above 23,100,” he added. “A move above 23,100 could trigger short-covering, leading to a potential recovery in the index.”
Meanwhile, “the Nifty is primed to open in the red, with any break of 22,707 denoting a rather large shot-in-the-arm for bears, with the next downside targets at 22,500 and 22,370,” said Akshay Chinchalkar, Head of Research at Axis Securities. “Additionally, a break of this key support level would bolster the strength of the resistance area that lies between 23,050 & 23,280.”
“We believe that with the virus related news making headlines, caution is the name of the game even with breadth so depressed,” he added.
Foreign Institutional Investors (FIIs) were net sellers, offloading ₹3,449.15 crore of equities towards the end, while Domestic Institutional Investors (DIIs) remained net buyers like the previous session, buying ₹2,884.61 crore.
Among the 30 Sensex stocks, Mahindra & Mahindra dropped the most by 6.07%, closing at ₹2,667.80. This was followed by Adani Ports & Special Economic Zone, which fell 2.57%, closing at ₹1,082.95, and Tata Motors, which fell 2.46%, closing at ₹672.90.
Only 8 out of the 30 Sensex stocks were in the green.
Among the Nifty Sectoral Indices, the Nifty Auto Index fell the most by 2.58%, reaching 21,505.90, followed by Nifty Midsmall IT & Telecom, which fell 2.21%, reaching 9,473.40, and Nifty Healthcare which was down 1.93%, closing at 13,117.40.
Nifty Auto was dragged down by Mahindra & Mahindra (6.07% down), TVS Motor Company (3.94% down), and Exide Industries (2.93% down).
Nifty Midsmall IT & Telecom was dragged down by Cyient (6.29% down), Coforge (4.02% down), and Persistent Systems (3.72% down).
Nifty Healthcare was dragged down by Biocon (4.63% down), Divi’s Laboratories (4.61% down), and Granules India (3.71% down).
