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Business News/ Markets / Stock Markets/  Stock Market Today: Nifty 50, Sensex end higher; investors earn over 2 lakh crore in a day
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Stock Market Today: Nifty 50, Sensex end higher; investors earn over ₹2 lakh crore in a day

Nifty 50 closed 95 points, or 0.48 per cent, higher at 19,889.70 while the Sensex ended with a gain of 204 points, or 0.31 per cent, at 66,174.20.

The overall market capitalisation of the firms listed on the BSE rose to nearly ₹331.1 lakh crore from nearly ₹328.7 lakh crore in the previous session. (Agencies)Premium
The overall market capitalisation of the firms listed on the BSE rose to nearly 331.1 lakh crore from nearly 328.7 lakh crore in the previous session. (Agencies)

Frontline indices the Sensex and the Nifty 50 ended with gains on Tuesday, November 28, snapping their two-day losing run despite weak global cues. 

Nifty 50 today opened at 19,844.65, 50 points higher from the previous close of 19,794.70, and traded in a range for the most part of the session. However, fag-end buying helped the market benchmark end with decent gains.

Nifty 50 closed 95 points, or 0.48 per cent, higher at 19,889.70 while the Sensex ended with a gain of 204 points, or 0.31 per cent, at 66,174.20.

Among the global peers, major European markets, including the UK's FTSE 100, France's CAC and Germany's DAX, traded lower, showing caution ahead of the release of several global economic data later this week.

“Investors will look ahead to UK mortgage data, inflation prints across the eurozone, and a Personal Consumption Expenditures (PCE) report in the U.S. - the Federal Reserve's preferred inflation gauge - later this week," reported Reuters. 

India's Q2 GDP data is due on Thursday. Experts believe India's Q2FY24 GDP expanded in the range of 6.8-7.1 per cent, lower than the 7.8 per cent in Q1FY24.

Also Read: India Q2 GDP preview: India's growth likely moderated to about 7% in Q2; experts expect further moderation

Mid and smallcap indices also ended in the green on Tuesday. The BSE Midcap index rose 0.30 per cent while the Smallcap index inched up by 0.06 per cent.

The overall market capitalisation of the firms listed on the BSE rose to nearly 331.1 lakh crore from nearly 328.7 lakh crore in the previous session, making investors richer by about 2.4 lakh crore in a single session.

Over 300 stocks, including Bharti Airtel, NTPC, Tata Motors and Titan, hit their fresh 52-week highs in intraday trade on BSE.

Also Read: Stocks to buy this week: Bharti Airtel, Bharat Forge, DMart, Tata Teleservices among 12 technical picks; do you own any?

Meanwhile, crude oil prices saw a significant jump ahead of the OPEC+ meeting on expectations that the oil producers will extend output cuts. Brent Crude traded 1.19 per cent higher at $80.93 per barrel around 3:50 pm.

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Top Nifty 50 gainers today

Shares of Adani Enterprises (up 9.19 per cent), Adani Ports (up 5.65 per cent) and Tata Motors (up 3.61 per cent) ended as the top gainers in the Nifty 50 index.

As many as 39 stocks ended in the green and 11 stocks ended lower in the Nifty 50 index.

Also Read: 35 lakh weddings in less than a month! Which sectors and stocks should you invest in this season?

Top Nifty 50 losers today

Shares of Cipla (down 0.60 per cent), Apollo Hospitals (down 0.58 per cent) and Hindustan Unilever (up 0.50 per cent) ended as the top losers in the Nifty 50 index.

Sectoral indices today

Barring Nifty Healthcare (down 0.50 per cent), Pharma (down 0.34 per cent) and FMCG (down 0.17 per cent), all sectoral indices closed higher.

Nifty Oil & Gas (up 2.28 per cent), Metal (up 1.85 per cent) and PSU Bank (up 1.35 per cent) closed with strong gains.

Experts' views on markets

"The gradual return of FIIs in the month of November post the global selloff during the three months of (August to October) is having a steady positivity in India. However, currently, the Indian market is facing resistance to edge above 19,800 levels," said Vinod Nair, Head of Research at Geojit Financial Services.

"Oil prices are stable ahead of the OPEC meeting and OMCs stand to benefit from the ease. The metal sector gained in line with expectations of Chinese stimulus, and PSU banks are doing well due to better peer performance. The market may await state exit polls for further cues, in the short term," Nair said.

Ajit Mishra, SVP - Technical Research at Religare Broking pointed out that the Nifty has finally surpassed the hurdle at 19,850 and now he expects the index to inch toward a new high.

However, Mishra added that the quantum of rise would depend upon the performance of the banking sector, which has also reached closer to its immediate hurdle.

"We reiterate our view to continue with the 'buy on dips' approach and prefer stocks with relatively higher strength for fresh buying," said Mishra.

Technical views on Nifty 50

"The Nifty has risen above the recent consolidation high, indicating increased optimism among market participants. Furthermore, it has held steady above the critical near-term support level of 19,700. The sentiment is expected to stay positive, potentially leading to a new lifetime high in the short term. At the lower end, 19,700 could remain a crucial short-term support level," said Rupak De, Senior Technical analyst at LKP Securities.

“After last week's rangebound trend, markets registered gains led by an uptick in power, metal and auto stocks as hopes of strong growth momentum going ahead and receding worries of rate hikes in the US strengthened the mood. FIIs turning net buyers of local equities in the last few sessions too has brought some cheers to the market, even as caution could prevail in the next few sessions ahead of monthly F&O expiry and exit poll results of five state elections later this week. Technically, Nifty could find support in the 19797-19689 range and resistance at 20000-20551," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Read all market-related news here

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: 28 Nov 2023, 03:30 PM IST
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