Market Retreats as Budget Caution Prevails

30 Jan 2024 , 03:59 PM

Bulls relinquished control on January 30, with benchmark indices experiencing a 1% decline as investors exercised caution ahead of the Interim Budget.

Selling pressure in power and FMCG sectors contributed to market losses, while gains in metal, realty, and oil & gas stocks helped mitigate overall losses.

Sensex closed at 71,140, down 801.67 points (1.11%), and Nifty fell 215.50 points (1%) to 21,522. Market breadth showed 1,891 advancing stocks, 1,781 declining stocks, and 87 unchanged stocks.

BSE Midcap index fell by 0.53%, but the BSE Smallcap index outperformed, ending 0.18% higher.  Sectoral performance witnessed losses in Nifty FMCG, Nifty Infra, Nifty Pharma, while Nifty Bank, Nifty Energy, Nifty Auto, and Nifty IT indices ended in the red.

Positive momentum was observed in Nifty PSU Bank index and Nifty Metal. The rupee settled 5 paise higher at 83.11 against the US dollar. Corporate updates included Gillette India reporting a 39.6% rise in Q2 profit due to increased demand and the launch of premium products

Renault’s shares rose by 4.5% as the company abandoned plans to list its electric vehicle business Ampere, citing sluggish stock market conditions.

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