Market Wrap, February 21: SENSEX, NIFTY50 continue to fall; Religare Enterprises soars almost 19%

The equity benchmark indices extended their loss on Friday, February 21, closed in the negative, and extended their loss for the third consecutive week. The investors remained nervous amid US tariff policies and their impact. Traders were cautious ahead of monetary policy meeting minutes, which are due later in the day.

At close, the S&P BSE SENSEX stood at 75,311.06, falling 424.9 points, or 0.56%, while the NSE's NIFTY50 index ended at 22,795.90, declining 117.25 points, or 0.51%.

The market breadth was in favour of declines as 1,744 stocks declined on NSE against 1,100 stocks that gained. Similarly, 23 stocks made a new 52-week high, and 91 made a 52-week low.

Meanwhile, Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch on Friday said there is "no need" for the capital markets regulator to comment on the recent steep correction in small and midcap stocks.

On the global front, all Asian markets are trading higher despite the US Labour Department's report on Thursday; initial claims for state unemployment benefits rose by 5,000, reaching a seasonally adjusted total of 219,000 for the week ending February 15.

The US markets closed lower on Thursday after Walmart's poor earnings soured investor sentiments. A broad selloff pulled all three major US stock indices into negative territory, with the blue-chip Dow suffering the steepest loss, shedding 1.01%. The S&P 500 snapped its two-day string of record closing highs.

Brent crude, the global oil benchmark, fell 0.42% to $76.16 per barrel in futures trade.

As many as 2,916 stocks traded on the NSE on Friday. Out of this, 1,744 declined and only 1,100 stocks advanced while 72 scrips remained unchanged.

A total of 23 stocks hit their 52-week highs while 91 stocks touched their one-year lows. Besides, 170 stocks hit their upper circuit limits and only 70 touched their lower circuit bands on Friday.

After rallying for two sessions, the broader market also ended negative. NIFTY Midcap 100 index ended at 50,486.20, falling 677.60 points, or 1.32%, while the Nifty SmallCap 100 index settled at15,636.90 levels, declining 110.80 points, or 0.70%.

Except for Nifty Metal (1.02%), all the other sectoral indices on NIFTY50 ended lower. Nifty Auto (-2.58%), Nifty Midsmall IT and Telecom (-2.21%), Nifty Healthcare (-1.93%), Nifty Pharma (-1.92%) and Nifty Midsmall Healthcare (-1.59%) were the biggest draggers on the 50-share index.   

As many as 13 stocks on the NIFTY50 index traded positive, while the remaining 37 closed in red. The top five gainers on the index were Hindalco, Tata Steel, Eicher Motors, Larsen and Toubro (L&T) and SBI Life Insurance, rising as much as 2.09%.

On the flip side, the top five losers were Mahindra and Mahindra (M&M), Adani Ports, BPCL, Tata Motors and Adani Enterprises, declining as much as 6.2% on the 50-share index.

The Burman family has acquired a controlling stake in Religare Enterprises Limited (REL) after the completion of the open offer, and its shareholding post the acquisition stands at 83,201,819 equity shares, representing 25.16%.

SBI Mutual Fund, in an exchange filing on February 20, said that it sold 140,560 shares, representing 0.0529% of the paid-up share capital of the company on February 19 under its various schemes.