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First Trade: Sensex falls 61 points, Nifty at 23,354

Published 1 month ago2 minute read

Indian equities in Tuesday's session (February 11) opened lower- extending its losing streak to the fifth consecutive day amid weak global cues. At the open, the 30-share Sensex was down 0.08 per cent or 60.95 points at 77,250.85 points, while the Nifty50 declined 0.12 per cent or 27.2 points to 23,354.4. Meanwhile, in volatile trade, broader markets underperformed, with the smallcap index losing over 1 per cent in early trade.

At the current juncture, uncertainty in the market has heightened by Trump's planned 25 per cent tariffs on steel and aluminum.

Sectorally, FMCG, IT and metal indices traded with mild gains, while all others witnessed selling pressure, with the most cut in realty, auto and consumer durable stocks.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "The significant trend in the ongoing bearish phase of the market is the outperformance of largecaps over the broader market. While the Nifty Midcap and Smallcap indices are down 8.6 per cent and 11.3 per cent respectively YTD, the Nifty is down only 1.52 per cent. This outperformance is likely to continue, going forward."

Anand James, Chief Market Strategist, Geojit Financial Services said, "Yesterday marked the largest decline in this selling spree that has now extended four consecutive days. Horizontal support near 23300 appears to have stepped in to pause the declines and allow regrouping of bulls. While we play for upswings today, oscillators fail to suggest a sizable move. Towards this end, we would be mindful of upsides getting challenged at either 23480 or 23530, with a break past 23600 required for bullish confirmation."

Rejection trades from 23600 will have the potential to aim for 23300 again or even 23220-23060, but a collapse is not expected, atleast today, he added.

Most Asian stocks in Tuesday's trade declined as renewed US tariffs by the US President Donald Trump led to a risk-off sentiment. Meanwhile, Japanese markets are shut today for a public holiday. The key MSCI Asia ex Japan index was down 0.22 per cent at 581.46.

Origin:
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