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Business News/ Markets / Stock Markets/  Stock market today: Nifty 50, Sensex jump almost 2% each on all-round buying; investors earn 6 lakh crore

Stock market today: Nifty 50, Sensex jump almost 2% each on all-round buying; investors earn ₹6 lakh crore

Stock market today: Nifty 50 closed with a gain of 385 points, or 1.80 per cent, at 21,737.60 while the Sensex ended 1,241 points, or 1.76 per cent, higher at 71,941.57.

Stock market today: Nifty 50 closed at 21,737.60 while the Sensex ended at 71,941.57 on Monday. (Agencies)Premium
Stock market today: Nifty 50 closed at 21,737.60 while the Sensex ended at 71,941.57 on Monday. (Agencies)

Stock market today: The domestic equity market experienced widespread buying on Monday, January 29, propelling key indices- the Sensex and the Nifty 50 - to soar by nearly 2 per cent each, amid positive global cues.

The market is witnessing strong volatility ahead of the Interim Budget 2024. Volatility index India VIX jumped 13 per cent on Monday. Moreover, the US Fed policy decision on January 31 and Fed Chair Jerome Powell's commentary are also on investors' radar.

The Budget and the US Fed meeting are unlikely to have a major impact on the market sentiment. 

The Budget on February 1 is unlikely to have any big-bang announcements as it will be a Vote on Account ahead of the General Elections 2024. However, economists and market experts expect the government to stick to the path of fiscal consolidation and continue its focus on infra and manufacturing. 

The US Fed is expected to maintain a pause on interest rates. Even though a rate cut is not anticipated in this Fed meeting, experts are hopeful that the Fed Chair will sound dovish due to the ongoing easing of inflation pressures in the US.

"Two important events are due this week: the interim Budget and the Fed meeting on rate decision. But these events are unlikely to impact the market in a big way. The Budget will be a Vote on Account without major announcements capable of impacting the market. Regarding the Fed decision, no rate cut is expected, but the commentary will be keenly watched," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Nifty 50 opened at 21,433.10 against its previous close of 21,352.60 and touched its intraday high of 21,763.25. The index finally closed with a gain of 385 points, or 1.80 per cent, at 21,737.60.

The Sensex opened at 70,968.10 against its previous close of 70,700.67 and touched its intraday high of 72,010.22. The 30-share pack ended 1,241 points, or 1.76 per cent, higher at 71,941.57 with only five stocks - ITC, Infosys, JSW Steel, Tech Mahindra and TCS - ending in the red.

Also Read: Sensex, Nifty surge over 1%: From gains in RIL, HDFC Bank to strong global cues, 4 key factors driving the rally

The mid and smallcap indices also clocked healthy gains. The BSE Midcap index rose 1.68 per cent and the Smallcap index ended 1.03 per cent higher.

The overall market capitalisation of the firms listed on the BSE rose to nearly 377.2 lakh crore from nearly 371.1 lakh crore in the previous session, making investors richer by about 6.1 lakh crore in a single session.

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Top Nifty 50 gainers today

As many as 40 stocks ended higher in the Nifty 50 index.

Shares of ONGC (up 8.89 per cent), Reliance Industries (up 6.80 per cent) and Coal India (up 6.20 per cent) ended as the top gainers in the Nifty 50 index.

Top Nifty 50 laggards today

Shares of Cipla (down 2.05 per cent), ITC (down 1.53 per cent) and Infosys (down 1.08 per cent) ended as the top laggards in the Nifty 50 index.

Sectoral indices today

Most sectoral indices ended with strong gains. The Nifty Oil & Gas index jumped 5.18 per cent followed by the PSU Bank index which rose 2.43 per cent.

The Nifty Bank index rose 1.28 per cent and the Auto index jumped 1.68 per cent.

Only the Nifty FMCG index (down 0.14 per cent) ended in the red while the Media index ended flat.

Expert's views on markets

"The domestic market underwent an upturn as the recent selloff and positive Asian peers provided an opportunity to accumulate quality stocks. Despite premium valuations, confidence is upheld among investors due to the optimistic environment surrounding the interim budget and the recent set of results aligning with forecasts. Globally, the upcoming Fed policy stands out as a crucial factor. While a rate cut by the FOMC is unlikely, investors will eagerly monitor their commentary to get cues on future rate paths," said Vinod Nair, Head of Research, at Geojit Financial Services.

Technical views on Nifty 50

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas observed that on the daily charts, the Nifty has breached the previous swing high of 21,750, violating the downtrend as the lower top lower bottom formation has been violated.

Gedia said during the fall, the Nifty held on to the support of the 40-day average placed around 21,200 which should now act as a lower boundary during the consolidation phase.

"On the upside, the index can continue its pullback towards 21,913 which coincides with the 78.6 per cent Fibonacci retracement level of the fall from 22,124 – 21,137 and also the gap formed on January 17, 2024, in the range of 21,850 – 22,000 should act as an immediate hurdle going ahead," said Gedia.

"The daily momentum indicator has a negative crossover, however, it has reached the equilibrium line and also prices are not showing weakness which can lead to a rangebound action over the next few trading sessions. Considering the above parameters we shall change our outlook on the Nifty to sideways and the broad range of consolidation is likely to be 21,200 – 22,000," 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.

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Published: 29 Jan 2024, 03:30 PM IST
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