Stock Market Today: Nifty 50, Sensex end in the green on fag-end buying; mid, smllcaps outperform

Fag-end buying in select heavyweights, including HDFC Bank and ITC, helped equity benchmarks Nifty 50 and Sensex end in the green on Friday, November 10, despite weak global cues as concerns over interest rate hikes persisted after Fed Chair Jerome Powell's hawkish comment on Thursday while the Israel-Hamas continues.

According to a Reuters report, "US Federal Reserve officials including Fed Chair Jerome Powell said on Thursday they are still not sure that interest rates are high enough to finish the battle with inflation."

This dealt a blow to market optimism that interest rates have reached their peak, dispelling earlier notions of potential rate cuts in the forthcoming months of May and June next year.

Meanwhile, Iran, as reported by Reuters, has warned that Israel's war on Hamas would inevitably lead to an expansion of the conflict.

“The comments from Iranian Foreign Minister Hossein Amir-Abdollahian could ramp up concerns over whether Washington's diplomatic efforts and deployment of U.S. naval forces to the eastern Mediterranean will be able to keep the conflict from further destabilising the Middle East,” reported Reuters.

Nifty 50 today opened at 19,351.85 against the previous close of 19,395.30 and touched its intraday high and low of 19,451.30 and 19,329.45 respectively, before ending at 19,425.35, up 30 points, or 0.15 per cent.

Sensex opened the day at 64,756.11 against the previous close of 64,832.20 and touched its intraday high and low of 65,014.06 and 64,580.95 respectively. The 30-share pack ended 72 points, or 0.11 per cent, higher at 64,904.68.

Mid and smallcaps outperformed the benchmarks. The BSE Midcap index rose 0.33 per cent while the Smallcap index ended with a gain of 0.38 per cent.

Nearly 230 stocks, including Coal India, DLF, Power Grid and Trent, hit their fresh 52-week highs in intraday trade on BSE.

Crude oil prices gained as concerns over supply disruption due to the Israel-Hamas war persisted. Benchmark Brent crude traded 0.87 per cent higher near $81 per barrel around 3:55 pm.

The Indian rupee fell 6 paise to close at 83.34 per dollar, Bloomberg data showed.

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!)

Top Nifty 50 gainers today

Shares of NTPC (up 1.91 per cent), ONGC (up 1.66 per cent) and Tata Consumer Products (up 1.27 per cent) closed as the top gainers in the Nifty 50 index.

Top Nifty 50 losers

Shares of Hero MotoCorp (down 2.08 per cent), Mahindra and Mahindra (down 1.84 per cent) and HCL Tech (down 0.91 per cent) ended as the top losers in the Nifty 50 index.

Also Read: Diwali 2023: Can Nifty 50 hit 25,000, Sensex touch 75,000 in Samvat 2080? Here's what experts say

Sectoral indices today

A majority of sectoral indices ended with gains today, with Nifty Metal (up 0.70 per cent) and Oil & Gas (up 0.60 per cent) clocking decent gains.

Among the losers, Nifty Media fell 1.23 per cent, followed by Nifty Auto (down 0.42 per cent) and IT (down 0.26 per cent).

Nifty Bank ended 0.31 per cent higher at 43,820.10.

Also Read: Diwali 2023: Nifty 50 may see healthy gains in Samvat 2080. Which sectors should you bet on?

Experts' views on markets

"The benchmark index is taking cues from the global market as the US central bank is not confident that headline inflation is under control and bond yields are mounting higher. Despite these concerns, the market has displayed strong resistance, anticipating that India's October inflation will be manageable and upside revision is expected for Q1FY24 GDP growth," said Vinod Nair, Head of Research at Geojit Financial Services.

"Selective buying helped markets end marginally higher despite other Asian and European counterparts struggling on the back of selling pressure. Foreign fund outflows from the domestic market have been a concern. Also, the volatile US treasury yields have been prompting overseas investors to exit emerging markets over the past few months," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Also Read: Retail Inflation preview: India's CPI expected to be around 4.6-4.9% in October

Also Read: Stock Markets and Diwali 2023: What could be the top challenges before Nifty 50 in Samvat 2080? Analysts explain

Technical views on Nifty 50

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas observed that the Nifty held on to the support zone of 19,310 – 19,270 which coincided with the gap area and the 40-hour moving average.

"Buying interest emerged from that zone indicating that unless that is breached on the downside, we can expect the momentum to continue. The hourly momentum indicator has triggered a positive crossover from the equilibrium line indicating that the consolidation has matured, and it has started a new cycle on the upside. A decisive close above 19,500 shall lead to a further extension till 19,690. Broad market outperformance is likely to continue," said Gedia.

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.