Stock Market Today: Nifty 50, Sensex end marginally higher amid weak global cues; mid, smallcaps outperform
Nifty 50 closed at 19,443.50, up 37 points, or 0.19 per cent. Sensex closed at 64,975.61, up 33 points, or 0.05 per cent.
Domestic market benchmarks Nifty 50 and Sensex closed with nominal gains on Wednesday, November 8, amid mixed global cues as investors awaited comments from Federal Reserve Chair Jerome Powell to get cues on interest rate trajectory. Powell will speak on Wednesday and Thursday.
The market is optimistic that interest rates in the US may have reached their highest point and anticipates potential rate cuts starting as early as May or June next year. Nevertheless, the apprehension among investors persists due to the hawkish remarks made by Federal Reserve officials.
"Investors remain sensitive to the possibility of more hikes amid guarded remarks from central bank officials. Fed Governor Christopher Waller said on Tuesday that the economy bears watching after blowout third-quarter GDP figures, while fellow governor Michelle Bowman said she still expects higher rates will be needed," reported Reuters.
Factors, such as in-line September quarter earnings, healthy macroeconomic outlook and buying by retail as well as domestic institutional investors (DIIs) are supporting the domestic market.
On Wednesday, Nifty 50 opened at 19,449.60 against the previous close of 19,406.70 and touched its intraday high and low of 19,464.40 and 19,401.50 respectively. Eventually, Nifty 50 closed at 19,443.50, up 37 points, or 0.19 per cent.
Sensex opened at 65,101.95 against the previous close of 64,942.40 and touched its intraday high and low of 65,124 and 64,851.06 respectively. Sensex finally closed at 64,975.61, up 33 points, or 0.05 per cent.
Mid and smallcaps outperformed the benchmarks. The BSE Midcap index rose 0.78 per cent while the Smallcap index ended 0.60 per cent higher.
Nearly 250 stocks, including IndusInd Bank, Lupin, Indian Oil Corporation, Power Grid, Sun Pharma, Tata Consumer Products, Tata Elxsi and United Spirits, hit their fresh 52-week highs in intraday trade on BSE.
The overall market capitalisation of the firms listed on the BSE rose to about ₹320.5 lakh crore from about ₹319 lakh crore in the previous session, making investors richer by about ₹1.5 lakh crore in a single session.
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Meanwhile, crude oil prices dropped on concerns over weak demand from top consumers. Brent Crude traded 0.78 per cent lower near $81 per barrel around 4 pm.
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Top Nifty 50 gainers today
In the Nifty 50 index, some 29 stocks gained while the remaining 21 suffered losses today.
Shares of BPCL (up 2.74 per cent), Adani Ports (up 2.46 per cent) and Asian Paints (up 2.13 per cent) closed as the top gainers in the Nifty 50 index.
Top Nifty 50 losers today
Shares of ICICI Bank (down 1.31 per cent), Infosys (down 0.98 per cent) and NTPC (down 0.92 per cent) closed as the top losers in the Nifty 50 pack.
Sectoral indices today
Among the sectoral indices, Nifty Realty jumped 1.52 per cent, followed by Nifty Pharma (up 1.48 per cent) and Healthcare (up 1.19 per cent) index.
Nifty Oil & Gas (up 0.78 per cent), Metal (up 0.75 per cent) and FMCG (up 0.62 per cent) also clocked significant gains.
Nifty Bank, however, failed to perform today as the index fell 0.18 per cent to 43,658.65. Nifty PSU Bank index declined 0.03 per cent and Nifty Private Bank fell 0.14 per cent.
Experts' views on markets
"The domestic market traded rangebound with a positive bias. And further confidence may be derived from the global market cues post the Fed chair speech. Oil prices continued to fall, which will provide respite to the domestic economy and navigate a downward trajectory to inflation and fiscal," said Vinod Nair, Head of Research at Geojit Financial Services.
"Markets need a push to overcome the major hurdle at 19,500. Participants should continue with the stock-specific trading approach, with bias on the positive side," said Ajit Mishra, SVP - Technical Research, Religare Broking.
Technical views on Nifty 50
Rupak De, Senior Technical analyst at LKP Securities observed that Nifty remained within a trading range as traders chose to wait ahead of the Fed Chairman's speech. Nonetheless, the prevailing trend appears bullish as the Nifty closed above a critical short-term moving average.
"Significant support from put writers is evident at 19,400, where they have established a substantial position. On the lower side, support levels are at 19,400/19,300. Resistance on the higher end is at 19,500, where call writers have added significant positions," said De.
Aditya Gaggar, Director of Progressive Shares pointed out that despite ending the day in green, the kind of candles formed in the past two days near its crucial resistance zone does not give confidence in bullish momentum.
"A strong bullish candle above the hurdle of 19,500 will boost the conviction in the momentum. The immediate resistance stands at 19,500 while the downside is protected at 19,315," said Gaggar.
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