Stock market today: Nifty 50, Sensex snap 3-day losing run; investors earn ₹4 lakh crore in a day
Stock market today: Nifty 50 closed with a gain of 160 points, or 0.75 per cent, at 21,622.40 while the Sensex ended 496 points, or 0.70 per cent, higher at 71,683.23.
Stock market today: Equity benchmarks the Nifty 50 and the Sensex closed with healthy gains on Friday, January 19, on buying in most sectors amid positive global cues.
The domestic market remained positive throughout the session on Friday as investors bought shares of select heavyweights after the recent correction. As the prevailing sentiment in the market remains optimistic due to the anticipated prospects of robust economic growth and potential rate cuts, investors lapped up shares after the market fall.
Nifty 50 opened at 21,615.20 against the previous close of 21,462.25 and rose about a per cent to hit its day's high of 21,670.60. The index closed with a gain of 160 points, or 0.75 per cent, at 21,622.40.
The Sensex opened at 71,786.74 against the previous close of 71,186.86 and jumped one per cent to hit the intraday high of 71,895.64. The index ended 496 points, or 0.70 per cent, higher at 71,683.23.
Shares of Bharti Airtel, ICICI Bank, Larsen and Toubro, Infosys and TCS ended as the top contributors to the gains in the Sensex index.
Only four stocks - IndusInd Bank (down 3.24 per cent), HDFC Bank (down 1.08 per cent), Kotak Mahindra Bank (down 0.66 per cent) and SBI (down 0.10 per cent) - ended with losses in the 30-share pack Sensex.
Midcaps and smallcaps clocked stronger gains than the benchmarks. The BSE Midcap index jumped 1.69 per cent while the Smallcap index rose 1.06 per cent.
The overall market capitalisation of the BSE-listed firms rose to nearly ₹373.6 lakh crore from nearly ₹369.5 lakh crore in the previous session, making investors richer by nearly ₹4.1 lakh crore in a single session.
As many as 389 stocks, including Bharti Airtel, Infosys, Larsen and Toubro, Sun Pharma and Titan, hit their fresh 52-week highs in intraday trade on BSE.
Closing the week today, both the Nifty 50 and the Sensex experienced a 1.2 per cent decline. The BSE Smallcap index slipped 0.14 per cent this week. However, the BSE Midcap index bucked the trend and rose 0.9 per cent this week.
Top gainers in the Nifty 50 index today
As many as 43 stocks ended with gains while the remaining seven ended lower in the Nifty 50 index.
Shares of ONGC (up 3.55 per cent), Bharti Airtel (up 3.31 per cent) and NTPC (up 3.19 per cent) ended as the top gainers in the Nifty 50 index.
Top laggards in the Nifty 50 index today
Shares of IndusInd Bank (down 3.25 per cent), Kotak Mahindra Bank (down 0.92 per cent) and HDFC Bank (down 0.76 per cent) closed as the top laggards in the Nifty 50 pack.
Sectoral indices today
Most sectoral indices ended with gains on Friday, with Nifty Auto, FMCG, Metal, PSU Bank and Oil & Gas indices jumping over a per cent each.
However, the Nifty Bank slipped by 0.03 per cent while the Nifty Private Bank index declined by 0.28 per cent. The Nifty Media index lost 0.96 per cent to end as the top loser among sectoral indices. Barring these three, all indices ended higher on the NSE.
Experts' views on markets
“Markets rebounded from its three-day losing streak on renewed all-round buying support, aided by recovery in global indices. The recent fall was extremely fast-paced and concerns of higher valuations along with global factors prompted investors to book profit. However, India's strong growth prospects in the long term will always provide a cushion to the falling markets,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
"A buy on dips and encouraging global cues propelled the market's recovery. Today’s rebound was broad-based; however, investors are disappointed and expect moderation in the rally. As FIIs persist with risk-off sparked by the likelihood that interest rates may not moderate and domestic earnings growth can slow down as per the initial Q3 results announced. Sector rotation is likely to propel going ahead," said Vinod Nair, Head of Research, Geojit Financial Services.
Technical views on Nifty 50
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas pointed out that on the daily charts, the Nifty 50 is witnessing a counter-trend pullback of the fall from 22,124 to 21,285.
"The 50 per cent and 61.82 per cent Fibonacci retracement levels are placed at 21,705 – 21,804 where we can expect the selling pressure to resume. The hourly momentum indicator has reached the equilibrium line indicating that the pullback is nearing completion, Overall, we believe that the trend is negative, and this pullback should be used as a selling opportunity. In terms of levels, 21,705 – 21,804 is the immediate hurdle zone while 21,570 – 21,500 is the crucial support zone," said Gedia.
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