Stock Market Today: Nifty 50, Sensex snap two-day losing run; mid, smallcaps underperform
Nifty 50 closed 89 points, or 0.45 per cent, higher at 19,783.40. Sensex ended at 65,930.77, up 276 points, or 0.42 per cent.
Domestic equity benchmarks Nifty 50 and the Sensex closed with decent gains on Tuesday, November 21, on gains led by select heavyweights, including HDFC Bank, Reliance Industries and ICICI Bank, amid mixed global cues.
Nifty 50 and Sensex are up over 3 per cent each in November so far, despite volatility, on hopes that the US Fed is done with rate hikes as recent data showed inflation easing and job market cooling in the US.
"Traders have nearly fully priced in the likelihood that the Fed will keep interest rates unchanged in December, and some have started pricing in rate cuts as soon as March," Reuters reported, quoting the CME Group's FedWatch tool.
Nifty 50 today opened at 19,770.90 against the previous close of 19,694 and traded in the green throughout the session, touching its intraday high and low of 19,829.10 and 19,754.05 respectively. Eventually, Nifty 50 closed 89 points, or 0.45 per cent, higher at 19,783.40.
Sensex opened at 65,860.46 against the previous close of 65,655.15 and touched its intraday high and low of 66,082.36 and 65,849.17 respectively. The 30-share pack ended at 65,930.77, up 276 points, or 0.42 per cent.
Mid and smallcaps also ended in the green but they underperformed the benchmarks. The BSE Midcap index closed with a gain of 0.14 per cent while the Smallcap index rose 0.20 per cent.
Over 350 stocks, including Bharti Airtel, HCL Tech, Sun Pharma and Titan, hit their fresh 52-week highs in intraday trade on BSE.
Meanwhile, crude oil prices fell on profit booking ahead of this Sunday's meeting of oil producers OPEC+. According to media reports, the producer group may discuss further supply cuts due to slowing global growth. Brent Crude traded almost a per cent lower near the $81.5 per barrel mark around 3:55 pm.
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Top Nifty 50 gainers today
Shares of SBI Life Insurance Company (up 2.72 per cent), HDFC Life Insurance Company (up 2.24 per cent) and Adani Enterprises (up 2.22 per cent) closed as the top gainers in the Nifty 50 index.
Top Nifty 50 losers today
Shares of BPCL (down 1.28 per cent), Tech Mahindra (down 0.81 per cent) and LTIMindtree (down 0.63 per cent) closed as the top losers in the Nifty 50 index.
As many as 30 stocks ended higher while the remaining 20 closed in the red in the Nifty 50 index today.
Sectoral indices today
Barring Nifty PSU Bank (down 0.35 per cent), IT (down 0.18 per cent) and FMCG (down 0.16 per cent), all sectoral indices ended with gains.
Nifty Metal (up 1.22 per cent), Realty (up 1.13 per cent), Media (up 1.12 per cent), Consumer Durables (up 1.06 per cent) and Pharma (up 1.03 per cent) ended over a per cent higher each.
Nifty Bank closed with a gain of 0.24 per cent at 43,689.15.
Experts' views on markets
"Today, the market exhibited positive momentum, with attention centred on the minutes of the latest Fed meeting. The declining inflation and the recent cooling job data in the US provide the foundation for a dovish comment from the Fed," said Vinod Nair, Head of Research at Geojit Financial Services.
"The drop in bond yields and the dollar index suggests mounting speculation regarding the potential peak in the interest rate cycle. This will attract funds to emerging markets. The gain in the broad market was led by consumer durables and realty, thanks to a strong rebound in festive demand," Nair said.
Technical views on Nifty 50
Rupak De, Senior Technical analyst at LKP Securities pointed out that the Nifty concluded with a gain after a positive trading session, maintaining a consistently positive sentiment as it consistently closed above the critical support level of 19500.
"Traders are advised to consider buying during dips as long as the Nifty remains above 19,500. However, a drop below 19,500 could potentially initiate panic among traders. Looking upwards, a rise above 19,850 might spark a rally towards 20,000 and beyond," said De.
Aditya Gaggar, Director of Progressive Shares observed that Nifty formed a shooting star kind of candlestick pattern near its critical resistance level of 19,840 which generally indicates a reversal of the trend.
"On the higher side, 19,840 will remain a strong hurdle while the support level has shifted to 19,700," said Gaggar.
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