Market Update: Nifty 50 Witnesses Losses, Sensex and Nifty Close in Red

26 Feb 2024 , 03:38 PM

Benchmark indices concluded the volatile session on February 26 with Nifty closing below 22,150. Sensex closed down by 352.67 points or 0.48% at 72,790.13, while Nifty was down by 90.70 points or 0.41% at 22,122. Across the market, 1538 shares advanced, 1907 shares declined, and 107 shares remained unchanged.

Top losers on the Nifty include Asian Paints, Hindalco Industries, Apollo Hospitals, Divis Labs, and Titan Company. Gainers on the Nifty are Power Grid Corp, L&T, Adani Enterprises, BPCL, and Tata Consumer.

In terms of sectors, Information Technology and Metal witnessed a 1% decline each, while Bank and Pharma experienced a 0.5% decline each. On the other hand, oil & gas, power, and capital goods saw gains ranging from 0.5% to 1%.

BSE Midcap index reported a 0.4% loss, while the Smallcap index ended on a flat note.

The Nifty PSU Bank Index demonstrated outstanding performance with a 162% return since March 2022, surpassing the Nifty Private Bank Index’s 24% returns during the same period. PSU banks’ aggregate market capitalization surged from ₹5.3 Lakh Crore in March 2021 to ₹17 Lakh Crore in February 2024. In contrast, private banks’ market cap grew by 43% to ₹30.4 Lakh Crore in February 2024, even after the HDFC-HDFC Bank merger.

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