FINAL TRADE: Stocks fall amid across-the-board sell-off; Sensex slips 523 pts, Nifty settles at 21,616

Stock market today: The equity market settled in the red on Monday, February 12, as muted Q3 earnings by ONGC and Tata Power Company dented investor sentiment. Selling was witnessed in almost all the sectors. The S&P BSE Energy index ended 2.80 per cent lower at 11,777.67 levels, while the S&P BSE Realty index fell 3 per cent. The S&P BSE IT index, however, ended in green.

Moreover, an uninspiring commentary by the RBI Governor last week on liquidity as well as rate cuts, too, weighed on investor sentiment.

"An uptick in exchange margin requirements caused a decrease in positions, primarily in mid and small caps. Aside from the pharma and IT sectors, selling was widespread, with notable struggles seen in PSU banks. The premium valuation gap between mid- and large caps has notched to its all-time high. Despite a robust economic forecast, corporate earnings are expected to slow due to moderated operating margins. It is going to be a challenge for the broad market to sustain the premium valuation. Large caps are predicted to excel amid consolidation," said Vinod Nair, Head of Research, Geojit Financial Services.

At the close, the S&P BSE Sensex stood at 71,072.49, down 523 points, or 0.73 per cent while the NSE Nifty ended at 21,616.05, down 166 points, or 0.76 per cent. Nifty Bank tumbled 752 points, or 1.65 per cent, to end the session at 44,882.25. All 12 constituents of the index settled in the red.

Tata Steel (down 2.76 per cent) emerged as the biggest loser on the Sensex. Next on the list were NTPC (down over 2.7 per cent) and SBI (down 2.26 per cent). Wipro, on the other hand, was the top gainer on the index, up 2.26 per cent.

Broader market

The second-rung stocks fell more than their bigger peers. The S&P BSE MidCap index cracked 2.62 per cent to 38,531.14 levels while the S&P BSE SmallCap index ended at 44,206.78, down over 3 per cent.