1. Indian markets face profit-booking; small and mid-caps decline

Indian markets face profit-booking; small and mid-caps decline

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Upstox

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1 min read • Updated: February 12, 2024, 4:32 PM

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Summary

The broader markets faced severe selling pressure today. The NIFTY Midcap 100 index is down 2.4%, while the NIFTY Smallcap Index tanked 4%.

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IT and Pharma were top gainers.

India’s benchmark indices declined on Monday, dragged down by broad-based profit booking. Small and mid-caps also closed in the red.

The Nifty 50 index was down 0.7, while Sensex closed 0.7% lower.

Experts state that the Indian central bank’s decision to not ease the monetary policy is weighing on the markets. Last week, the RBI didn’t provide any signal of early rate cuts and estimated that inflation could remain elevated in the next financial year.

The broader markets faced severe selling pressure today. The NIFTY Midcap 100 index is down 2.4%, while the NIFTY Smallcap Index tanked 4%. Experts state that concerns of high valuation have triggered a sell-off.

Meanwhile, IT and Pharma were top gainers. Whereas, Media and PSU Bank were the top losers.

Now, all eyes will be on India's retail inflation numbers, which will be released later today.