Synopsis
On February 3, India's stock market faced a downturn with the Sensex and Nifty indices closing lower due to weak global cues and significant losses in metal and oil & gas sectors, impacting investor confidence.Key Takeaways
- Mumbai stock markets fell due to weak global cues.
- Sensex dropped by 319.22 points, closing at 77,186.74.
- Nifty decreased by 121.10 points, ending at 23,361.05.
- 35 out of 50 Nifty stocks closed in negative territory.
- Metal stocks were the biggest losers, down by 3 percent.
Mumbai, Feb 3 (NationPress) The Indian stock market faced a downturn on Monday, influenced by weak global cues and a decline in Asian markets, which negatively impacted investor sentiment.
The benchmark indices, Sensex and Nifty, struggled throughout the trading day, with most sectors experiencing losses.
By the end of the day, the BSE Sensex had fallen by 319.22 points, equivalent to 0.41 percent, closing at 77,186.74, while the Nifty decreased by 121.10 points, or 0.52 percent, ending at 23,361.05.
The slump in the Indian share market is attributed to US President Donald Trump imposing a 25 percent tariff on imports from Canada and Mexico, in addition to a 10 percent duty on Chinese goods.
Trump claims that these actions are essential for safeguarding American borders and limiting illicit activities.
Out of 50 stocks on Nifty, 35 closed in the red, indicating the exchange remained in negative territory throughout the trading session.
Leading companies such as Larsen & Toubro, Tata Consumer, Hero MotoCorp, Coal India, and Bharat Electronics were among the top losers on NSE, with declines reaching up to 4.67 percent.
Conversely, 13 stocks managed to stay in the green, led by Bajaj Finance, Shriram Finance, Mahindra & Mahindra, Wipro, and Bajaj Finserv, which experienced gains of up to 5.12 percent.
Most sectors faced declines, with the exception of IT, which rose by 0.39 percent, and consumer durables, which increased by 0.33 percent.
The most significant losses were seen in metal stocks, which dropped by 3 percent, and oil & gas stocks, which fell by 2.80 percent.
Other sectors under pressure included FMCG, down by 2.14 percent, PSU Banks, which decreased by 2.02 percent, and realty, declining by 1.20 percent.
The Nifty Bank index was also affected, slipping 0.61 percent, along with financial services, healthcare, and pharmaceutical stocks.
The broader markets faced difficulties as well, with the BSE SmallCap index falling 1.85 percent and the BSE MidCap index losing 1.29 percent.
Meanwhile, India's market volatility index, India VIX, rose by 2.30 percent to 14.42.
