Sensex slips 251 pts ahead of inflation data; SBI, IT shares fall

Stock Market Highlights: The key benchmark indices started the week on a shaky note, with investors adopting a cautious approach ahead of the key inflation numbers in India and the US. After slipping to a low of 60,245, the S&P BSE Sensex recouped some of the day's losses and eventually settled 251 points lower at 60,432 on Monday.

The NSE Nifty 50 hit a low of 17,720, before settling with a loss of 86 points at 17,771.

A Reuters poll indicated that India’s CPI-based inflation was expected to inch higher to 5.9 per cent in January. Investors will also keep a close track of the US inflation print to be released on Tuesday, after strong US jobs data prompted fears of more rate hikes in the US.

Back home, the broader markets ended with deeper cuts. The BSE Midcap and Smallcap indices were down over a per cent each. The overall breadth too was fairly negative, with nearly two declining stocks for every advancing share on the BSE.

Also read: Analysts cautious on mid, smallcaps; await earnings catch-up

SBI was the major loser among the Sensex 30 pack.  The stock was down nearly 3 per cent at Rs 537. Infosys was the other major loser, down 2.5 per cent. TCS, Tech Mahindra, Bajaj Finance, Wipro, Bajaj Finserv, Tata Motors and Axis Bank were also down over a per cent each.

On the positive side, Larsen & Toubro and Titan gained around 2 per cent each. NTPC, PowerGrid, ITC and Sun Pharma were the other prominent gainers.

Adani Group stocks fall again

Shares of Adani Group witnessed a broad-based selling pressure after the Group cut revenue target and capex plans amid the current market rout. The flagship firm, Adani Enterprises tanked nearly 8 per cent. Adani Ports, Adani Power, Adani Green, Adani Transmission, Adani Wilmar, Ambuja Cement  and NDTV plunged 5 per cent each. ACC was down 3 per cent.

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