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SENSEX, NIFTY subdued ahead of monthly expiry of February F&O contracts
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2 min read | Updated on February 27, 2025, 10:18 IST
SUMMARY
UltraTech Cement was top loser in the NIFTY50 basket of shares; the stock dropped nearly 5% to hit an intraday low of ₹10,415.
Stock list
On a weekly basis, SENSEX dropped by 628 points, or 0.83%, while NIFTY shed 133 points, or 0.58% | Image: Shutterstock
As of 9:37 am, the NIFTY50 index was up 23 points, or 0.1%, at 22,570, and SENSEX was up 19 points at 74,621.
Most of the Asian markets were trading with a negative bias after US President Donald Trump announced 25% tariffs on imports from the European Union (EU), further igniting concerns about the global trade setup. Japan's Nikkei fell 0.1%, China's Shanghai Composite declined 0.4%, Hong Kong's Hang Seng declined 0.9%, and South Korea's KOSPI fell 1%.
Back home, UltraTech Cement was the top loser in the NIFTY50 basket of shares; the stock dropped nearly 5% to hit an intraday low of ₹10,415 after the company on Wednesday announced its foray into the wires and cables business. UltraTech's announcement had a negative impact on other wire companies, as shares of Polycab India and KEI Industries were locked in a 10% lower circuit.
Grasim, Bajaj Auto, Trent, Hero MotoCorp, ONGC, Bharat Petroleum, Cipla, and Power Grid were also among the losers.
On the flipside, Bajaj Finance was among the NIFTY50 gainers; the stock advanced as much as 2.3% to hit a fresh 52-week high of Rs 8,683.95 after the Reserve Bank of India lowered risk weights for bank finance to non-banking finance companies (NBFCs) and microfinance, a move that will unlock more funds and boost credit. Following RBI's decision, Shriram Finance, Cholamandalam Investment, Muthoot Finance, Bajaj Finserv, and SBI Card also rose between 2-5%.
Broader markets were trading with a negative bias as the NIFTY SMALLCAP100 index declined 0.4% and the NIFTY MIDCAP100 index declined 0.11%.
Ten of 19 sectoral gauges compiled by the National Stock Exchange were trading lower, led by the NIFTY Consumer Durable Index's 1.2% fall. Auto, media, IT, real estate, and oil & gas shares were also facing selling pressure. On the other hand, banks, financial services, metals, PSU banks, and private bank shares were witnessing buying interest.
The overall market breadth was negative as 2,145 shares were declining while 1,076 were advancing on the BSE.
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