The Indian stock market opened on a weak note on Monday, February 24, with both benchmark indices trading in the red. The S&P BSE SENSEX stood at 74,750.44, down 560.62 points or 0.74%, while the NSE NIFTY50 dropped 176 points or 0.77% to 22,619.65.
Market breadth favored the bears, with 42 out of 50 NIFTY stocks declining. Top gainers on the NIFTY50 included Dr. Reddy’s, Sun Pharma, Maruti, Cipla, and Bajaj Finserv. On the other hand, HCL Technologies, Trent Ltd, BEL, Wipro, and IndusInd Bank were among the top losers.
In stock-specific news, Pfizer shares gained 3% to ₹4,217.30 after announcing a Marketing and Supply Agreement with Mylan Pharmaceuticals for its Ativan and Pacitane brands. Meanwhile, Swiggy’s stock fell 3% to ₹349.70 following its announcement of a ₹1,000 crore investment in Scootsy Logistics to strengthen its supply chain business.
Out of 3,164 stocks traded on the BSE, 2,309 declined, 726 advanced, and 129 remained unchanged, highlighting bearish sentiment. Additionally, 174 stocks hit their 52-week lows, while only 20 reached their yearly highs. Moreover, 134 stocks were locked in lower circuits, while 87 hit upper circuits, reflecting significant market volatility.
Overall, the stock market exhibited weakness amid broader selling pressure, with investors keeping an eye on global trends, macroeconomic data, and corporate earnings for further direction.
