Sensex, Nifty 50 today: Stock market opens red as metals and healthcare drag
Sensex, Nifty 50 today: The stock market plunged into the red upon opening as trading began on Monday, February 10, 2025.
Sensex, Nifty 50 today: The stock market plunged into the red upon opening as trading began on Monday, February 10, 2025, dragged down by metal and healthcare stocks.
At 9:20 am IST, the benchmark BSE Sensex was down by 302.65 points or 0.39%, reaching 77,557.54. The broader NSE Nifty opened 98.80 points down or 0.42% in the red, reaching 23,461.15.
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Which stocks fell the most?
Among the 30 Sensex stocks, Tata Steel Ltd fell the most by 2.68%, trading at ₹134.60. This was followed by Power Grid Corporation of India Ltd, which fell 1.99%, trading at ₹272.75, and NTPC Ltd, which fell 1.17%, trading at ₹313.15.
Only 5 out of the 30 Sensex stocks were in the green. These included Mahindra & Mahindra Ltd (Up 1.57%, trading at ₹3,247.85), Bharti Airtel Ltd (Up 1.10%, trading at ₹1,696.30), SBI (Up 0.64%, trading at ₹741.80), Hindustan Unilever Ltd (Up 0.58%, trading at ₹2,377.30), and Adani Ports & Special Economic Zone Ltd (Up 0.41%, trading at ₹1,151.25).
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How did individual sectors perform?
Among the Nifty sectoral indices, the Metal index fell the most by 1.97%, reaching 8,416.80, followed by the Nifty Midsmall Healthcare Index, which fell 1.42%, reaching 41,364.25, and Nifty Healthcare Index, which fell 1.24%, reaching 14,042.50.
The Nifty Metal Index was dragged down by Vedanta Ltd (3.61% down), Steel Authority of India Ltd (3.40% down), and JSW Steel Ltd (2.45% down).
The Nifty Midsmall Healthcare Index was dragged down by Poly Medicure ltd (4.90% down), Alkem Laboratories Ltd (4.65% down), and Piramal Pharma Ltd (2.35% down).
The Nifty Healthcare Index was dragged down by Alkem Laboratories ltd (4.65% down), Max Healthcare Institute Ltd (1.99% down), and Laurus Labs Ltd (1.86% down).
Meanwhile, the rupee also plunged 44 paise to reach an all-time low of 87.94 against the US dollar in early trade today.
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How did the stock market perform during the previous session?
The stock market closed in the red after Reserve Bank of India (RBI) governor Sanjay Malhotra announced the Monetary Policy Committee (MPC) decision to cut the benchmark repo rate by 25 basis points (bps).
The benchmark BSE Sensex closed 197.97 points or 0.25% in the red, reaching 77,860.19. The broader NSE Nifty was down by 43.40 points or 0.18% in the red, closing at 23,559.95.
Right after the announcement at 10:35 am IST, the Sensex was down 192.14 points or 0.25%, reaching 77,866.02, while the Nifty was down 73.05 points or 0.31%, reaching 23,530.30.
Among the 30 Sensex stocks, ITC Ltd fell the most by 2.38%, closing at ₹430.90. This was followed by SBI, which fell 2.03%, closing at ₹737.05, and Adani Ports & Special Economic Zone Ltd, which fell 1.44%, closing at ₹1,147.15.
14 out of the 30 Sensex stocks were in the red.
Among the Nifty sectoral indices, the Nifty PSU Bank Index fell the most by 1.38%, reaching 6,196.75, followed by Nifty FMCG, which fell 1.30%, reaching 55,113.30, and Nifty Media which was down 1.01%, closing at 1,621.75.
Nifty PSU Bank was draged down by Bank of Maharashtra (2.23% down), State Bank of India (2.11% down), and Bank of Baroda (1.57% down).
Nifty FMCG was dragged down by Balram Chinni Mills Ltd (3.13% down), Varun Beverages Ltd (2.57% down), and ITC Ltd (2.49% down).
Nifty Media was dragged down by Tips Music Ltd (3.17% down), PVR INOX Ltd (2.80% down), and Hathway Cable & Datacom Ltd (1.79% down).
The 10-year India Government bond was down to ₹100.62. This was a drop of 0.22% or ₹0.22.
The rupee meanwhile reached 87.4275 to the dollar. This is a fall of ₹0.16 or 0.18%.
What did RBI Governor Sanjay Malhotra announce?
RBI governor Sanjay Malhotra announced that the repo rate would be cut from the prevailing 6.5% by 25 bps to 6.25%. This was the first rate cut in nearly five years after it remained unchanged for 11 consecutive policy meetings.
Malhotra also announced that the RBI estimates real GDP growth for the next year to be at 6.75%. For the first quarter, it is estimated to be 6.7%, for the second quarter, the estimate is 7%, and it is 6.5% for both the third quarter and fourth quarter.
He also announced other measures such as deferring the digital payments buffer mandate for banks by about a year and also providing an additional authentication facility for international transactions to improve online payment security.
This comes at a time when India’s GDP growth was down to a 5.4% for the second quarter of the financial year 2024-25, the slowest growth in seven consecutive quarters.
It also comes at a time when inflation for December 2024 was found to have eased down to a four-month low of 5.22%, making the conditions for a rate cut more favourable.
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