Nifty closes below 17,750 amid interest rate hike fears, Sensex falls 220 points

by Ana Lopez

MUMBAI: The Sensex lost 220 points while the Nifty slipped below 17,750 as selling pressure intensified amid speculation that the Reserve Bank would hike interest rates and Tata Steel’s poor results. After hitting the range of 60,655.14 points and 60,063.49 points during the session, the Sensex finally settled at the level of 60,286.04 points with a decrease of 220.86 points or 0.37 percent. While the Nifty, after hitting the range of 17,811.15 points to 17,652.55 points during the session, finally fell by 43.10 points or 0.24 percent and reached the level of 17,721.50 points. Midcap and smallcap stocks also witnessed a pullback. BSE’s midcap index advanced 0.02 percent, while Nifty’s midcap-100 index declined 0.02 percent. BSE’s small cap index slipped 0.16 percent. Auto, Financial Services, FMCG, IT, Metal, Pharma, PSU Bank, Healthcare, Consumer Durables and Oil & Gas were under selling pressure ranging from 0.01-1.16 percent. Bank Nifty closed at 41,490.95 with an increase of 0.28 percent. While improvement was seen in private bank and realty stocks.
Tata Steel was the top loser with a fall of 5.23 percent due to weak results. Tata Steel in the third quarter at Rs. 2501.95 crores net loss was recorded. Hindalco, ITC, Hero MotoCorp, Mati Suzuki and Sun Pharma closed down 1.62-5.32 per cent, while Adani Enterprises, Dr Reddy’s, Adani Ports, Kotak Mahindra Bank, IndusInd Bank, ONGC and Bajaj Finance closed at 0.82. -15.28 percent has increased and closed. Adani Ports and Special Economic Zone reported a 12.94 percent decline in December quarter results to Rs. 1336.51 crores net profit which last year was Rs. It was at the level of 1535 crores. Adani Port jumped 1.33 percent despite poor results and Adani Enterprises jumped 14.63 percent after hitting the upper circuit. Galaxy S-23 launched in India by Samsung, the country’s largest consumer brand, has received 1,40,000 pre-bookings in the first twenty-four hours. The company has launched three models with advanced technology that can also do astrophotography, priced at Rs. 75,000 to Rs. 1,25,000 or so. In the premium segment, the growth rate of the industry was 35 percent, while the growth rate of the company was 70 percent. Indore Municipal Corporation’s public issue of green bonds will open for subscription on February 10. A coupon rate of 8.25 per cent per annum will be payable semi-annually and the effective yield will be up to 8.42 per cent per annum. Each of the Secured Redeemable Non-Transferable Bonds has a face value of Rs. 1000 is The basic issue price of green municipal bonds is Rs. 122 crores.
Edelweiss General Insurance has announced its new identity as Zuno General Insurance Limited Zuno GI. Zuno GI is a new age digital insurance company to make insurance simple, convenient and transparent. Zuno General Insurance has been a leader in usage based insurance concept in India for over three years. The first Energy Transition Working Group meeting was held at Bangalore under the G-20 program under the chairmanship of India, in which clean energy was discussed.

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