Market slips for 5 consecutive series for the 1st time in 29 years

The Indian stock market ended mixed on Thursday (February 27), with the Sensex edging up 10 points to 74,612, while the Nifty slipped 2 points to 22,545. However, both indices have now declined for five consecutive series —their longest losing streak in 29 years.

The Nifty has fallen over 14% in this period, including a 4% drop in the February series. Midcaps continued to underperform, with the Nifty Midcap 100 index sliding 1% and nearly 20 of its stocks hitting 52-week lows. Six Nifty stocks, including Tata Motors, SBI, and Hero MotoCorp, hit 52-week lows, while nearly 20 stocks from the Nifty Midcap 100 index also touched fresh 52-week lows.

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Among sectoral moves, the RBI’s decision to roll back the increase in risk weights lifted NBFCs and select banks, with AU Small Finance Bank, RBL Bank, L&T Finance, Shriram Finance, and Chola Finance rising 3-6%. On the other hand, UltraTech’s foray into the cables and wires business dragged stocks in the sector, with Polycab, Finolex Cables, KEI Industries, and Havells falling up to 21%.

SRF gained 3% following positive demand commentary in an analyst meeting, while Prestige Estates dropped 5% amid reports of a tax department search. Auto stocks ended largely in the red ahead of monthly sales data, dragging the sectoral index down by 2%. Despite overall weakness, select midcaps such as GNFC, PVR, Varun Beverages, IEX, Bata, and Amara Raja ended among the top gainers.

Also Read: Polycab, Havells India, KEI Industries shares fall up to 21% after UltraTech’s announcement