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Informist, Friday, Feb. 28, 2025

 

By Akshita Kumar

 

MUMBAI – Benchmark equity indices saw a sharp fall of 2% Friday as investors dumped information technology stocks on concerns that a slowdown in the US economy would impact these technology companies' earnings. The Nifty 50 was in negative territory for the fifth straight month with the index down nearly 6% in February.

 

Global markets saw a sell-off after weekly jobless claims in the US were higher-than-expected and GDP figures for the December quarter confirmed that growth has slowed down in the US. Further, IT stocks across global markets were hit after Nvidia reported lower-than-expected guidance for gross margin.    

 

On Friday, the Nifty 50 ended at 22124.70 points, down 420.35 points or 1.9%, and the BSE Sensex ended at 73198.10 points, down 1414.33 points or 1.9%. Of the 20 trading sessions in February, the 50-stock index has ended higher only in two of them. The broader market indices declined more than their benchmark peers on Friday with the mid-cap indices down 2.0-2.5% and small-cap indices ended down 2.5-3.0%.

 

Most large-cap IT companies such as Tech Mahindra and Wipro ended down nearly 6?ch, and were among the worst hit in the 50-stock index Friday. Index-heavyweight IT stocks such as Infosys and Tata Consultancy Services also ended down 4.3% and 3.6%, respectively. Due to the huge sell-off in IT stocks, the Nifty IT plunged 4.2% to close at its lowest level in eight months at 37318.30 points. The index ended down for the seventh straight session during which it lost 10%.

 

US President Donald Trump's threats to impose tariffs against countries have raised concers that it would negatively affect economic growth in the US. The tariffs could lead to inflation in the US, thereby giving less room to the US Federal Reserve Committee to cut interest rates, which in turn could impact growth. Discussions surrounding tariffs cause more turbulence to our market as compared to its actual implementation, Anita Gandhi, head of institutional business at Arihant Capital Markets Ltd., said.

 

Technology stocks in India, Asia, and the US fell amid the global sell-off. Shares of the chipmaker Nvidia fell over 8% overnight after the company's management gave a subdued outlook for the next quarter. Other IT stocks in the US also fell, with heavyweights such as Microsoft, Alphabet, and Accenture ending lower on Thursday.

 

All the sectoral indices ended in the red, with the Nifty Auto being the second worst-performing sectoral index. Shares of automakers Mahindra & Mahindra, Tata Motors, and Bajaj Auto ended down over 4?ch amid concerns that the monthly sales figures for February may not be good. Most of the companies are likely to report their monthly sales on Saturday.

 

Among other stocks that fell, shares of BSE were down 10%, ending lower for the fifth straight session. Shares of Fertiliser and Chemical Travancore, and Jubilant Foodworks ended down almost 7?ch. Shares of TBO Tek closed at its all-time low of INR 1,200.85.

 

Shares of Granules India ended down 9%. Post market hours Thursday, the US Food and Drug Administration gave a warning letter to the company's facility at Gagillapur, which is expected to have a temporary impact on the regulator's review of pending product submissions from this facility.

 

Only five Nifty 50 stocks ended in the green. Shares of index-heavyweight HDFC Bank ended up nearly 2%, and was the top Nifty 50 gainer. Shares of Coal India ended up 1.5?ter the company's subsidiary, Northern Coalfields, announced the levy of "Singrauli Punarasthapan Charge" of INR 300 per tonne on its entire volume effective May 1. This charge would lead to a surge in Coal India's earnings before interest, tax, depreciation, and amortisation by 9% in 2025-26 (Apr-Mar) and by 10% in FY27, brokerage Nuvama Institutional Equities said in a research report.

 

* Of the Nifty 50 stocks, 5 rose and 45 fell

* Of the Sensex stocks, 1 rose and 29 fell

* On the NSE, 490 stocks rose, 2,414 fell, and 68 were unchanged

* On the BSE, 759 stocks rose, 3,234 fell, and 89 were unchanged

* Nifty IT: down 4.2%; Nifty Auto: down 3.9%; Nifty Media: down 3.5%

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BSE                                               NSE

Sensex: 73198.10, down 1414.33 points or 1.9%     Nifty 50: 22124.70, down 420.35 points or 1.9%

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S&P BSE Sensitive Index	Nifty 50
Lifetime High: 85978.25 (Sept. 27, 2024)	: Lifetime High: 26277.35 (Sept. 27, 2024)
Record Close High: 85836.12 (Sept. 26, 2024)	: Record Close High: 26216.05 (Sept. 26, 2024)
2025 1st day close: 78507.41 (Jan. 1)	: 2025 1st day close: 23742.90 (Jan. 1)
2025 Closing High: 79943.71 (Jan. 2)	: 2025 Closing High: 24188.65 (Jan. 2)
2025 Closing Low: 73198.10 (Feb. 28)	: 2025 Closing Low: 22124.70 (Feb. 28)
2025 High (intraday): 80072.99 (Jan. 3)	: 2025 High (intraday): 24226.70 (Jan. 2)
2025 Low (intraday): 73141.27 (Feb. 28)	: 2025 Low (intraday): 22104.85 (Feb. 28)
2024 1st day close: 72271.94 (Jan. 1)	: 2024 1st day close: 21741.90 (Jan. 1)
2024 Closing High: 85836.12 (Sept. 26)	: 2024 Closing High: 26216.05 (Sept. 26)
2024 Closing Low: 70370.55 (Jan. 23)	: 2024 Closing Low: 21238.80 (Jan. 23)
2024 High (intraday): 85978.25 (Sep. 27)	: 2024 High (intraday): 26277.35 (Sept. 27)
2024 Low (intraday): 70001.60 (Jan. 24)	: 2024 Low (intraday): 21137.20 (Jan. 24)
2023 1st day close: 61167.79 (Jan. 2)	: 2023 1st day close: 18197.45 (Jan. 2)
2023 Closing High: 72410.38 (Dec. 28)	: 2023 Closing High: 21778.70 (Dec. 28)
2023 Closing Low: 59288.35 (Feb. 27)	: 2023 Closing Low: 17311.80 (Oct. 17)
2023 High (intraday): 72484.34 (Dec. 28)	: 2023 High (intraday): 21801.45 (Dec. 28)
2023 Low (intraday): 58699.20 (Jan. 30)	: 2023 Low (intraday): 17098.55 (Jan. 17)
2022 1st day close: 59183.22 (Jan. 3)	: 2022 1st day close: 17625.70 (Jan. 3)
2022 Closing High: 63284.19 (Dec. 1)	: 2022 Closing High: 18812.50 (Dec. 1)
2022 Closing Low: 51360.42 (Jun. 17)	: 2022 Closing Low: 15293.50 (Jun. 17)
2022 High (intraday): 63583.07 (Dec. 1)	: 2022 High (intraday): 18887.60 (Dec. 1)
2022 Low (intraday): 50921.22 (Jun. 17)	: 2022 Low (intraday): 15183.40 (Jun. 17)
2021 Closing High: 61305.95 (Oct. 14)	: 2021 Closing High: 18338.55 (Oct. 14)
2021 Closing Low: 46285.77 (Jan. 29)	: 2021 Closing Low: 13634.60 (Jan. 29)
2021 High (intraday): 61353.25 (Oct. 14)	: 2021 High (intraday): 18350.75 (Oct. 14)
2021 Low (intraday): 46160.46 (Jan. 29)	: 2021 Low (intraday): 13596.75 (Jan. 29)
2020 Closing High: 47751.33 (Dec. 31)	: 2020 Closing High: 13981.95 (Dec. 30)
2020 Closing Low: 25981.24 (Mar. 23)	: 2020 Closing Low: 7610.25 (Mar. 23)
2020 High (intraday): 47896.97 (Dec. 31)	: 2020 High (intraday): 14024.85 (Dec. 31)
2020 Low (intraday): 25638.90 (Mar. 24)	: 2020 Low (intraday): 7511.10 (Mar. 24)
2019 High (intraday): 41809.96 (Dec. 20)	: 2019 High (intraday): 12293.90 (Dec. 20)
2019 Low (intraday): 35287.16 (Feb. 19)	: 2019 Low (intraday): 10583.65 (Jan. 29)
2018 High (intraday): 38938.91(Aug. 28))	: 2018 High(intraday): 11760.20 (Aug. 28)
2018 Low (intraday): 32483.8 (Mar. 23)	: 2018 Low (intraday): 9951.9 (Mar. 23)
2017 High (intraday): 34005.37 (Dec. 26)	: 2017 High(intraday): 10515.10 (Dec. 26)

 

 

End

 

Edited by Tanima Banerjee

 

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