Index-based market sluggish: Sensex down 168 points to 60093: IT stocks gain traction

- Nifty down 62 points to 17895 : FPIs net selling Rs 750 crore, DIIs net buying Rs 685 crore

MUMBAI: Corporate India's quarterly results season saw an index-based slowdown as funds offloaded into banking-finance, automobile, metal stocks against a rally in IT stocks on encouraging results from IT companies. On the international front, index-based caution was seen in the stocks as the recent death toll due to Covid in China was negligible from the actual figure and the fear of recession was looming with whispers that a new wave of Corona could still hit the world. As the preparations for the Union Budget are underway, there was caution in the fresh trading of bullish funds amid speculations about what provision Finance Minister Nirmala Sitharaman would make in the budget. At the end of the two-way volatility, the Sensex closed down 168.21 points at 6092.97 and the spot Nifty closed down 61.75 points at 17894.85.

- IT Index rises 318 points:

Stocks were buoyed by the release of Infosys' full-year revenue estimates, along with expected good results from IT companies Infosys and HCL Technologies. The BSE IT index fell by 318.01 points to close at 29273.48. Allied Digital increased by Rs.7.40 to Rs.96, Nugen Software increased by Rs.21.90 to Rs.404.90, Explio Solutions increased by Rs.59.35 to Rs.1308, Tech Mahindra increased by Rs.31.50 to Rs.1034. 60, HCL Technology increased by Rs.15.95 to Rs.1093.90, Infosys increased by Rs.21.75 to Rs.1525.25, Wipro increased by Rs.5 to Rs.398.65, TCS increased by Rs.34.85 to Rs.3334. .40, Coforge rose by Rs.33.95 to Rs.3920.

- Metal index decreased by 210 points

Funds in metal-mining stocks were selling off today on China reports. Reports of 60,000 deaths a month due to Corona in China being unrealistic and reports of further uncertainty prompted funds to ease off by selling away from the new bullishness. The BSE Metal Index closed down 209.95 points at 21261.42. Jindal Steel fell by Rs.20.80 to Rs.589.25, Hindustan Zinc fell by Rs.5.15 to Rs.344, JSW Steel fell by Rs.9.30 to Rs.759.25, SAIL fell by Rs.1 to Rs.87.85. , Hindalco fell by Rs.5.40 to Rs.482.95, Vedanta fell by Rs.2.15 to Rs.317.

- In auto stocks, Motherson, Cummins, Mahindra, Maruti declined

Funds sold on expectations that sales of automobile companies would fall due to a global slowdown. The BSE Auto Index fell 170.88 points to close at 29252.74. Motherson fell by Rs.1.35 to Rs.75.80, Bosch fell by Rs.251.65 to Rs.17086, Cummins India fell by Rs.18.65 to Rs.1446.70, Tube Investment fell by Rs.32.80 to Rs.2618. 30, TVS Motors fell by Rs.11.05 to Rs.990.90, Maruti Suzuki fell by Rs.68.10 to Rs.8384.55, Eicher Motors fell by Rs.25.45 to Rs.3139.35. While Hero Motocorp increased by Rs.29.45 to Rs.2758.30, Tata Motors increased by Rs.1.70 to Rs.413.15. The international prices of crude oil remained moderate with Brent at 85 dollars and Nymax at 79.69 dollars.

- Profit booking in banking stocks

The BSE Bankex index fell 272.83 points to close at 47890.04 on overall profit booking in banking-finance stocks today. Axis Bank decreased by Rs.21.10 to Rs.913.10, HDFC Bank decreased by Rs.15.60 to Rs.1585.25, ICICI Bank decreased by Rs.7.70 to Rs.865.55. While Federal Bank increased by Rs.1.80 to Rs.140.25, Bandhan Bank increased by Rs.2.65 to Rs.240.65, AU Small Finance Bank increased by Rs.3.80 to Rs.623.60, State Bank of India increased by Rs. .2.95 up to Rs.603, IndusInd Bank rose by Rs.5.75 to Rs.1239.20.

- Caution in small, mid cap, cash stocks

Sensex, Nifty based today market showed softness at the end of the chaos, market breadth again turned negative as small, mid cap, cash stocks also funds, high net worth investors eased the bullish trade in the market. Out of the total 3778 scrips traded in BSE, the number of gainers was 1619 and the number of decliners was 1993.

Foreign Portfolio Investors-FPIs, Foreign Institutional Investors-FIIs had a net sale of Rs.750.59 crore shares in cash segment today-Monday. A total of Rs.7010.66 crore was sold against a total purchase of Rs.6260.07 crore. While DII-domestic institutional investors made a net purchase of Rs.685.96 crore in the cash segment today. A total of Rs.4534.07 crore was sold against a total purchase of Rs.5220.03 crore.

- Investors' wealth-Rs. 56 thousand crores decreased

With index based weakness in the stocks today, funds, investors sold in small, mid cap, cash stocks, the aggregate market capitalization of the companies listed in BSE, i.e. the wealth of the investors, decreased by Rs.56 thousand crores to Rs.280.70 lakh crores in a single day.