Sensex, Nifty Halt Record Closing Streak Ahead Of Q2 GDP Data
A trader reacts as he monitors financial information on computer screens on the trading floor. (Photographer: Chris Ratcliffe/Bloomberg)

Sensex, Nifty Halt Record Closing Streak Ahead Of Q2 GDP Data

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Closing Bell: Sensex, Nifty Halt Record Closing Streak Ahead Of Q2 GDP Data

Indian equity benchmarks halted their record closing streak ahead of the release of quarterly GDP growth data.

The S&P BSE Sensex fell 0.82 percent or 336.36 points to 40,793.81 and the NSE Nifty 50 fell 0.78 percent to 12,056. The broader markets represented by the NSE Nifty 500 Index fell 0.57 percent.

The Nifty may witness correction if it extends today's decline, according to Kunal Rambhia.

“The markets are witnessing profit booking today. If we see a decline on Monday too, The Nifty could be heading towards 300-point correction,” the founder and fund manager at The Streets told BloombergQuint in an interaction.

The market breadth was tilted in favour of sellers. About 901 stocks declined and 867 shares advanced on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 2.5 percent fall. On the flipside, the NSE Nifty Realty Index was the only sectoral gainer, up 0.98 percent.

Home First Finance Files For IPO, Plans To Sell Shares Worth Rs 1,500 Crore

Home First Finance plans to raise as much as Rs 1,500 crore, which includes Rs 1,100 crore worth of shares offered for sale by founders and existing investors though initial public offering, Bloomberg reported quoting its draft red herring prospectus on issue manager Axis Capital’s website.

The proceeds from the issue will be used for future capital requirement, the report added.

Stocks Moving On Heavy Volumes

Adani Ports & SEZ

  • Stock rose as much as 3.3 percent to Rs 384.95.
  • Trading volume more than 20 times its 20-day average.

Adani Gas

  • Stock rose as much as 12.9 percent to Rs 168.70.
  • Trading volume was more than 17 times its 20-day average.

Varroc Engineering

  • Stock rose as much as 1.8 percent to Rs 456.95.
  • Trading volume was almost 14 times its 20-day average.

Future Retail

  • Stock rose as much as 18.35 percent to Rs 389.40.
  • Trading volume was almost seven times its 20-day average.

IDFC First Bank

  • Stock rose as much as 8.2 percent to Rs 47.95.
  • Trading volume was more than six times its 20-day average.

Indiabulls Housing Finance Drops 20%

Shares of Indiabulls Housing Finance swung from a gain of as much as 13 percent to fall as much as 19.9 percent after Delhi High Court adjourns Citizen Whistle Blower Forum PIL against the firm to Feb. 28, 2020.

Sensex, Nifty Halt Record Closing Streak Ahead Of Q2 GDP Data

Market Commentary: Nifty May Witness Correction If It Declines Further From Current Levels

India's equity benchmark—NSE Nifty 50—may witness correction if it extends today's decline, according to Kunal Rambhia

“The markets are witnessing profit booking today. If we see a decline on Monday too, The Nifty could be heading towards 300-point correction,” the founder and fund manager at The Streets told BloombergQuint in an interaction.

Aditya Birla Capital Rises After Arm Lists Commercial Paper

Shares of the financial services firm rose as much as 4.1 percent to Rs 114.60 each—its highest level over the last 12 months.

The company’s lending arm Aditya Birla Finance listed its commercial paper due Feb. 7 on National Stock Exchange. The commercial paper is worth Rs 100 crore which yields at 5.38 percent, according to a Bloomberg report.

The relative strength index on the stock was above 70, indicating it may be overbought.

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