Share Market Update: Financial, auto, FMCG stocks weigh on Nifty50, Sensex; IT index bucks trend

Stock Market News Update: Domestic equity benchmarks faced selling pressure on Tuesday amid weakness in financial, auto, FMCG and metal stocks, though buying in select IT counters lent some support. The Sensex fell as much as 465.9 points, or 0.6 per cent, to 75,531 during the session, while the Nifty 50 slipped to as low as 22,801.5, down 158 points, or 0.7 per cent, from its previous close.

Analysts say that tepid financial results and persistent selling by foreign institutional investors (FIIs) continues to weigh on the market.

At 11:45 am, the Sensex was was down 250.3 points, or 0.3 per cent, at 75,746.6 while the Nifty was down 86.9 points, or 0.4 per cent, at 22,872.7.

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Barring the Nifty IT, which was up 0.3 per cent, all sectoral gauges traded in the red in late morning deals. The Nifty Bank was down 0.4 per cent, while the Nifty Auto, Nifty Metal and Nifty Consumer Durables were down around 1.0 per cent each.

Share Market News | Top Nifty 50 Gainers vs Losers

Trent, Mahindra & Mahindra, BEL, Adani Enterprises, Grasim, Tata Steel and UltraTech, trading between 1.4 per cent and 2.8 per cent lower, were the top laggards in the Nifty basket of 50 blue-chip stocks. On the other hand, Tech Mahindra, Apollo Hospitals Enterprise, Wipro, Bajaj Finserv—trading between 0.2 per cent and 1.2 per cent higher—were rising the most among 10 gainers in the pack.

Bharti Airtel shares traded lower amid buzz about a potential block deal. The stock was trading 0.4 per cent lower at Rs 1,669.1 apiece on BSE, trading in huge volumes.

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Nifty Midcap 100 & Nifty Smallcap 100 Indices

Broader indices also bore the brunt of overall market weakness, with the Nifty Midcap 100 and Nifty Smallcap 100 trading 0.9 per cent and 1.8 per cent lower, respectively.

ABB India shares jumped more than 5.0 per cent after the technology firm staged a better-than-expected performance for the October-December period. Read more on ABB India shares

Overall market breadth was extremely negative, with an advance-decline ratio of 3:10 as 869 stocks rose while 2,881 fell on BSE.

As of February 17, foreign institutional investors have net sold Indian shares to the tune of Rs 33,121 crore for the month whereas domestic institutional investors (DIIs) have made net purchases worth about Rs 30,779 crore, according to provisional exchange data. 

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