Stock Market Today: Nifty 50, Sensex end with tepid gains; BSE Smallcap snaps 5-day winning streak

Domestic market benchmarks the Sensex and the Nifty 50 closed with mild gains on Wednesday, November 22, supported by gains in select heavyweights, including Infosys, ITC and Reliance Industries, amid mixed global cues.

The domestic market benchmarks are currently trading within a range as the optimism surrounding the possibility of interest rates reaching their peak in the US fades and investors are redirecting their attention towards the outcomes of state elections.

Mixed global cues failed to give any significant boost to domestic market sentiment.

Among the Asian peers, China's Shanghai Composite Index fell 0.80 per cent while Korea's Kospi saw a nominal gain of 0.05 per cent.

Among major European markets, the UK's FTSE traded lower while Germany's DAX and France's CAC traded with mild gains when the Sensex closed.

Nifty 50 opened at 19,784 against the previous close of 19,783.40 and touched its intraday high and low of 19,825.55 and 19,703.85 respectively. Nifty 50 closed with a gain of 28 points, or 0.14 per cent, at 19,811.85.

Sensex opened at 65,839.62 against the previous close of 65,930.77 and touched its intraday high and low of 66,063.43 and 65,664.85 respectively. The Sensex closed 92 points, or 0.14 per cent, higher at 66,023.24.

The BSE Midcap index outperformed the benchmark Sensex. It hit its record high of 33,553.39 during the session but closed 0.33 per cent higher at 33,517.21.

But the Smallcap index snapped its five-day winning streak and closed 0.63 per cent lower at 39,577.98.

Also Read: Sensex at euphoric highs in 2024: Case for cautious optimism

Over 300 stocks, including Bharti Airtel, Bajaj Auto, Hero MotoCorp, Cipla, Lupin, Sun Pharma and Titan, hit their fresh 52-week highs in intraday trade on BSE.

Also Read: Prabhudas Lilladher sees Nifty at 22,584 in 12 months; lists top stock picks for model portfolio

Meanwhile, crude oil prices declined further. Brent crude traded 0.80 per cent lower around the $81.80 mark around 3:55 pm.

Some 29 stocks ended higher in the Nifty 50 pack while 20 suffered losses. One stock - ONGC - ended flat.

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Top Nifty 50 gainers today

Shares of BPCL (up 3.69 per cent), Cipla (up 1.57 per cent) and Bajaj Auto (up 1.36 per cent) ended as the top gainers in the Nifty 50 index.

Top Nifty 50 losers today

Shares of IndusInd Bank (down 2.10 per cent), Kotak Mahindra Bank (down 1.26 per cent) and Adani Ports (down 1.17 per cent) ended as the top losers in the Nifty 50 pack.

Sectoral indices today

Among the sectoral indices, Nifty PSU Bank fell 1.14 per cent, followed by Nifty Metal (down 0.90 per cent) and Media (down 0.87 per cent) indices.

Nifty Realty (down 0.69 per cent), Private Bank (down 0.67 per cent), Nifty Bank (down 0.55 per cent) and Financial Services (down 0.23 per cent) also closed lower.

Among the gainers, Nifty IT (up 0.74 per cent), Auto (up 0.66 per cent) and Pharma (up 0.63 per cent) gained significantly.

Experts' views on markets

"Despite Fed adopting a cautious stance in its minutes and refraining from indicating a rate cut, the market recovered from the day’s correction and ended with mild gain. On the other hand, the broad market witnessed some profit booking as investors' focus shifted to the primary market, marked by a set of IPOs scheduled for this week. However, the undercurrent is positive, with a cooling of inflation and an easing US bond yield supporting a short- to medium-term rally," said Vinod Nair, Head of Research at Geojit Financial Services.

"The move in the Nifty index was largely in continuation to the prevailing trend wherein weakness in banking continued to weigh on the sentiment and buying in other heavyweights capped the damage. Amid all the choppiness, we reiterate our positive view and suggest preferring sectors other than banking for long trades," said Ajit Mishra, SVP - Technical Research at Religare Broking.

Technical views on Nifty 50

Shrey Jain, Founder and CEO of SAS Online pointed out that the current consolidation pattern suggests the possibility of a significant upside breakthrough, either from the current level or slightly lower, surpassing the 19,900 hurdle.

"For a bullish momentum toward 19,850 and 20,000, it is crucial for Nifty to maintain levels above 19,750, with support levels at 19,650 and 19,550. Traders are recommended to consider buying during market dips, as long as the Nifty remains above 19,550. However, a decline below 19,550 has the potential to trigger panic among traders," said Jain.

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