Closing Bell: Losing streak continues; Nifty holds 17000

After starting the day on a positive note, domestic equity bourses amid a mixed trend in global markets, remained focussed on the Russia-Ukraine conflict.

The Indian market on Wednesday extended its losing run for the sixth straight session led by selling pressure in financial and automobile shares. Both the benchmarks started on a higher note but gave up all of their respective gains in the last hour.

At the closing bell on February 23, the Sensex fell 69 points or 0.12% to close at 57,232; while the broader NSE Nifty moved 29 points or 0.17% lower to end at 17,063.

However, the mid and smallcap index closed on a positive note as Nifty Midcap 100 index rose 0.64% and smallcap gained 1.16%. Nifty Financial Services and Nifty Auto underperformed the index by slipping as much as 0.24% and 0.21%, respectively. On BSE, the overall market breadth remained positive as 2,194 shares advanced while 1,172 declined.

On the 30-share BSE platform, NTPC, L&T, Bajaj Finserv, Nestle India, ICICI Bank and HDFC twins (HDFC and HDFC Bank) were the top losers with their shares sliding as much as 1.40%.

On the economic front, India Ratings has revised downwards its GDP growth forecast for 2021-22 to 8.6% from the consensus 9.2% projected earlier. The National Statistical Organisation (NSO), which has forecast 9.2% real GDP growth for the year, will release the second advance estimate of national income on Monday.

According to an India Ratings analysis, NSO is likely to peg the FY22 real gross domestic product growth at Rs 147.2 lakh crore. This translates into a GDP growth rate of 8.6%, down from the 9.2% forecast in the first advance estimate released on January 7, 2022.

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