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Business News/ Markets / Stock Markets/  Market close: Nifty 50, Sensex extend gains; investors pocket about 2 lakh crore in a day

Market close: Nifty 50, Sensex extend gains; investors pocket about ₹2 lakh crore in a day

Nifty 50 and Sensex extended their gains into the second consecutive session on Wednesday. Nifty 50 closed at 19,811.35, up 122 points, or 0.62 per cent. The Sensex settled at 66,473.05, up 394 points, or 0.60 per cent.

Sensex closed with healthy gains on Wednesday, October 12. (Agencies)Premium
Sensex closed with healthy gains on Wednesday, October 12. (Agencies)

Nifty 50 today: Key equity indices the Sensex and the Nifty 50 extended their gains into the second consecutive session on Wednesday, October 12, in light of positive global cues as bond yields eased ahead of the USFederal Reserve's latest meeting minutes and US inflation prints.

US bond yields have cooled off from their highest levels since 2007 after signals from the Fed officials that rate hikes could be over.

The minutes from the Fed's September meeting are due to be released today. On Thursday, the US inflation data is expected to show that inflation slowed slightly to 3.6 per cent in September, from 3.7 per cent in August, according to Reuters.

India's September CPI-based inflation, or retail inflation, is also expected on Thursday. Experts expect the inflation print to come near 5.5 per cent in September against 7.44 per cent in July and 6.83 per cent in August.

Moreover, reports emerged that China was planning to announce stimulus to help its economy. This also underpinned market sentiment.

"In a fresh effort to shore up the slowing economy, Beijing is considering raising its budget deficit and mulling the issuance of additional debt for infrastructure spending," Bloomberg reported on Tuesday.

Nifty 50 opened at 19,767 against the previous close of 19,689.85 and touched the intraday high and low of 19,839.20 and 19,756.95 respectively. Nifty 50 finally closed at 19,811.35, up 122 points, or 0.62 per cent.

The 30-share pack Sensex opened at 66,376.42 against the previous close of 66,079.36 and touched its intraday high and low of 66,592.16 and 66,299.79 respectively. The index settled at 66,473.05, up 394 points, or 0.60 per cent.

The BSE Midcap index rose 0.55 per cent while the Smallcap index clocked a gain of 0.77 per cent.

The overall market capitalisation (mcap) of BSE-listed firms rose to about 321.6 lakh crore from 319.7 lakh crore in the previous session, making investors richer by about 1.9 lakh crore in a single day.

As many as 271 stocks, including Bharti Airtel, Cholamandalam Investment and Finance Company, Coal India, DLF and Zomato, hit their fresh 52-week highs in intraday trade on BSE.

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Top Nifty 50 gainers today

Out of the total 50 stocks, 37 stocks ended in the green in the Nifty index while 12 stocks ended lower. One stock - Sun Pharma - closed flat.

Shares of Hero MotoCorp (up 4.04 per cent), Grasim (up 3.31 per cent) and Wipro (up 3.27 per cent) closed as the top gainers in the Nifty index.

Top Nifty 50 losers today

Shares of HCL Tech (down 1.65 per cent), Coal India (down 0.64 per cent) and LTIMindtree (down 0.58 per cent) closed as the top losers in the Nifty pack.

Sectoral indices today

Barring Nifty PSU Bank (down 0.73 per cent) and Nifty IT (down 0.07 per cent), all sectoral indices ended with gains.

Nifty Bank closed 0.35 per cent higher while the Nifty Private Bank index rose 0.51 per cent.

Experts' views on markets

"The total market breadth was strong, as investors believe that the Middle East skirmish will be contained within the region and should not impact the crude price. Amid dovish comments from the US Federal Reserve, the US 10-year bond yield traded lower. Sequentially, the September India CPI is expected to cool due to ease in food and fuel inflation. And Q2 earning season will kick-start with the IT sector, which has a moderate expectation, however, the broad corporates are expected to provide a bumper result," said Vinod Nair, Head of Research at Geojit Financial Services.

"Positive global cues helped domestic markets extend gains for a second straight session as moderating US bond yields improved the sentiment. With oil prices seeing little movement in the wake of the Israel-Palestine conflict, the focus has once again quickly shifted back to the global macroeconomy. If the US treasury yields don't spike from here on, it would bring some stability to global equity markets and encourage investors to undertake risk-on strategy," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

Technical views on Nifty 50

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas pointed out that the daily momentum indicator has triggered a positive crossover and hence in case of a dip it should be used as a buying opportunity.

"Today’s intraday consolidation is a bullish sign as it sustained the gains, and we expect the positive momentum to continue over the next few trading sessions till 19,883 which is the 61.82 per cent Fibonacci retracement level of the entire fall from 20,222 to 19,333. On the downside, the gap area formed today in the range 19,718 – 19,757 is likely to act as short-term support," said Gedia.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 11 Oct 2023, 03:32 PM IST
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