Markets fall on global cues, high inflation

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Published: February 14, 2020 12:25:45 AM

Foreign portfolio investors (FPIs), however, remained net buyers, with the equity markets receiving flows worth $149 million, while domestic institutional investors (DIIs) sold equities worth $135 million.

Among the biggest losers on Sensex were IndusInd Bank, Tata Steel and ICICI Bank. On the other hand, Titan, State Bank of India and Infosys ended in the green.Among the biggest losers on Sensex were IndusInd Bank, Tata Steel and ICICI Bank. On the other hand, Titan, State Bank of India and Infosys ended in the green.

Equity markets declined on Thursday, snapping two-day winning streak, as they tracked negative global cues. Also, higher-than-expected inflation numbers crushed hopes of further monetary easing which hurt the market’s mood. The Sensex ended at 41,459.79, down 106.11 points or 0.26%, weighed down by the banking stocks, while the Nifty50 closed at 12,174.65, down 26.55 points or 0.22%.

Foreign portfolio investors (FPIs), however, remained net buyers, with the equity markets receiving flows worth $149 million, while domestic institutional investors (DIIs) sold equities worth $135 million.

Among the biggest losers on Sensex were IndusInd Bank, Tata Steel and ICICI Bank. On the other hand, Titan, State Bank of India and Infosys ended in the green.

Bank Nifty was down 262.25 points and ended the day at 31,230.25. All bank stocks, apart from State Bank of India and Yes Bank, ended in the red. IndusInd Bank, RBL Bank and ICICI Bank were the biggest losers on the Bank Nifty. IndusInd Bank stock corrected 4.8% in the last two trading sessions after Moody’s downgraded its outlook to ‘negative’ from ‘stable’.

Sectorally, BSE Bankex, BSE Oil and Gas and BSE Utilities were the biggest losers. The broader markets traded flat with BSE Midcap correcting by 0.01% and BSE smallcap trading 0.07% higher.

Vinod Nair, head of research, Geojit Financial Services, said, “Consumer price inflation indicated a prolonged pause in interest rate from the RBI as rise in core inflation from 3.5% to 4.2% came as a surprise which is expected to impact rate-sensitive stocks.”

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