Stock Market Today LIVE: The Indian stock market traded sharply lower on Thursday, February 19, amid heavy selling across sectors. The frontline indices, Sensex and Nifty 50 opened higher, but gave up early gains as sell-off intensified in realty, auto, FMCG, and metals and financial stocks.
The Sensex opened 235.57 points, or 0.28%, higher at 83,969.82, while the Nifty 50 gained 54.00 points, or 0.21%, to open at 25,873.35.
However, bears tightened grip and the Sensex slumped over 700 points, while the Nifty 50 slipped below 25,600 level.
Broader markets also weighed on the sentiment, as the Nifty Smallcap 100 index declined 0.6% and the Nifty Midcap 100 indices slumped 1%.
All the sectoral indices were trading in the red, with Nifty Realty, Nifty PSU Banks, Nifty FMCG, Nifty Auto and Nifty Media falling the most.
Globally, Asian markets traded higher, with South Korea’s Kospi index hitting a fresh record high. On Wall Street overnight, all three major indices of the US stock market ended higher, lifted by gains in technology stocks.
Why is stock market falling?
The domestic benchmark indices fell more than half a percent despite strong global cues on Thursday. Here are key reasons why Indian stock market fell today.
Firstly, investors opted for profit booking after three straight consecutive sessions of rally. With major macro triggers, including the Budget, India-US deal, and RBI policy, behind and the Q3 results season over, the market is witnessing stock-specific action amid a lack of fresh domestic triggers.
Secondly, the minutes of the US Federal Reserve’s January meeting showed that officials are divided on the interest rate path ahead, with several policymakers keeping the option of rate hikes on the table.
Technically, Nifty 50 faced resistance in the zone of 25,850 – 25,900 levels, wherein it witnessed selling pressure.
Gold, Silver Prices Today
In the commodity market, gold and silver prices traded lower after as the US dollar firmed ahead of a key US inflation report due later this week. Spot gold prices dipped 0.4% to $4,961.57 per ounce, while US gold futures for April delivery were down 0.6% at $4,981. Spot silver price eased 0.5% to $76.83 per ounce after dropping more than 5% in the previous session.
MCX gold rate today for April futures contracts opened lower by ₹629, or 0.40%, at ₹1,55,132 per 10 grams as against its previous close of ₹1,55,761 level. MCX silver price for March futures contracts opened lower by ₹1,829, or 0.74%, at ₹2,42,439 per kg as against its previous close of ₹2,44,268 level.
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