Markets snap 3-day winning run; Sensex slips over 700 points; Nifty settles below 17,400

11 Feb 2022 , 03:47 PM

Domestic equities closed lower, snapped a three-day winning streak following weak global markets, as high inflation set the stage for aggressive interest rate hikes. The Nifty declined by 1.45%.

Broader markets underperformed in comparison to main indices with Nifty Midcap and SmallCap decreasing by 2.13% and 2.45% respectively.

All sectoral indices ended in the red. Nifty IT declined the most at 2.83% followed by Nifty PSU Bank (-2.27%) and Nifty Realty (-2.16%).

The overall market breadth on the BSE stood weak as 934 shares advanced while 2,373 declined.

The 30-share BSE Sensex slumped 773 points or 1.31 per cent to ended at 58,153, while the broader NSE Nifty settled 231 points or 1.31 per cent lower at 17,375.

Grasim Industries was the top Nifty laggard as the stock dived over 3 per cent, followed by Tech Mahindra, Infosys, UPL and HCL Tech were also among the losers.

On the flip side, IOC, IndusInd Bank, Tata Steel, NTPC and BPCL were among the gainers.

Meanwhile, European stock markets trading lower. London’s FTSE 100 was down 0.7 per cent even though official data showed the UK economy posting a record 7.5 per cent growth last year following the pandemic recession.