FINAL TRADE: Investors get cold feet ahead of key economic data, F&O expiry; Sensex slumps 790 pts, Nifty gives up 22K

Stock market today: Jitters ahead of the release of key economic data coupled with the volatility given the expiry of futures and options (F&O) series for February back home due tomorrow played spoilsport on Dalal Street on Wednesday, February 28. The market witnessed a heavy sell-off in almost all the sectors.

Investors eagerly await key US data, including the US core personal consumption expenditures (PCE) price index reading, the Federal Reserve's preferred measure of inflation, which is due to be released on Thursday. Further, India's GDP data is also scheduled to be released tomorrow. The growth is expected to moderate to 6.6 per cent year-on-year in the October-December quarter, as per a Reuters poll.

"Indian markets were jittery, mirroring weak global markets. Global investors are awaiting key US economic data, like personal consumption expenditures. In anticipation of good forecasts, there is a fear that the Fed rate cut may be delayed, Vinod Nair, Head of Research at Geojit Financial Services, said.

Nifty cracked 1.11 per cent, or 247.2 points, to close at 21,951.15, while Sensex shed 1.08 per cent, or 790.34 points, to settle at 72,304.88. Power Grid, Bajaj Auto, Apollo Hospitals, Eicher Motors, and IndusInd Bank were among the top losers in the Nifty50, down in the range of 3–4 per cent. On the other hand, Hindustan Unilever, Bharti Airtel, Infosys, and TCS were the only four Nifty50 stocks to end in green. 

The broader, more domestically-focussed Nifty MidCap 100 and Nifty Small Cap 100 lost nearly 2 per cent each.

"Turmoil in China's property sector further impacted the Asian market trend. Profit booking weighed on Indian markets, fuelled by concerns about India's Q3 GDP growth potentially slowing to 6.6 per cent from 7.6 per cent in Q2. Rate-sensitive sectors faced pressure, contributing to the underperformance in the broader market," Nair added. FII selling was another factor.

Investors lost Rs 6 lakh crore in wealth as the market capitalisation of BSE-listed companies declined to Rs 385.95 crore at the end of trade on Wednesday from Rs 391.99 crore the previous day, according to provisional exchange data.

Global Market

European shares dipped on Wednesday as a raft of lacklustre corporate earnings weighed on sentiment, while global markets brace for inflation data from the U.S. and Europe later in the week for fresh clues on interest rate outlooks.

The pan-European STOXX 600 was down 0.1 per cent by 9:21 GMT, hovering a touch below recent highs. The technology index lost 1.1 per cent after a 6.6 per cent fall in Just Eat Takeaway. The food delivery firm reported full-year revenue below market expectations.

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