February 8, 2023

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Sensex, Nifty End Choppy Session Slightly Lower

2 min read

Indian shares ended a choppy session slightly lower on Monday as traders looked ahead to the European Central Bank meeting and the U.S. inflation report due this week for directional cues.

The downside was capped by positive global cues, as investors reacted to reports of possible U.S. tariff cut on China’s goods, loosening of Covid-19 restrictions in Beijing and improved Caixin Services PMI data for May from China.

Closer home, the RBI delivers its rate decision on June 8, with the central bank expected to announce another 40-basis points rate hike amid rising inflationary pressures in the economy.

The central bank is also expected to revise upward the inflation trajectory by 70-80 bps accounting for the upside price pressures.

The benchmark S&P BSE Sensex slipped 93.91 points, or 0.17 percent, to 55,675.32 while the broader NSE Nifty index ended the session down 14.75 points, or 0.09 percent, at 16,569.55.

Hero MotoCorp, UltraTech Cement, Asian Paints, BPCL and Shree Cement fell 2-3 percent while Bajaj Auto surged as much as 4 percent after the two-wheeler manufacturer released positive sales data for May 2022.

Apollo Hospitals Enterprise, ONGC, Tata Consumer Products and JSW Steel climbed 2-3 percent.

Oil India soared 12.5 percent after an analyst meet.

IDBI Bank advanced 1.7 percent amid reports that India-born Canadian billionaire Prem Watsa is keen on taking a controlling stake in the bank.

LIC shares tumbled 3 percent to a record low, extending losses for the fifth straight session.

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2022-06-06 06:53:43

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