Stock market today: Sensex ends over 1,000 points higher, Nifty 50 settles above 22,300-mark led by metal, bank stocks
- Stock market today: Domestic equity indices Sensex and Nifty 50 closed higher on Friday, driven by positive global cues, strong GDP figures, and rally in metals and OMC stocks.
Stock market today: Domestic equity benchmark indices, the Sensex and Nifty 50, finished Friday's trading session higher for the third consecutive session due to positive global cues, strong GDP figures, and a rally in banking, metals and oil marketing companies (OMC) stocks.
For the first time ever, the Nifty 50 crossed 22,300 intraday, while the Nifty Bank touched 47,000 intraday. Sensex hit record high and crossed over 73,700-mark.
The 30-share BSE Sensex ended higher by 1,245.05 points or 1.72% at 73,745.35 level while the Nifty 50 closed at 22,338.75 level, up 355.95 points or 1.62%. On the broader market front, the Nifty Small Cap 100 gained 0.52% and the Nifty Midcap 100 was up by 0.94%.
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According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, the week unfolded with considerable drama as market participants kept speculating about the trend. Following a pattern reminiscent of the previous Thursday, prices found support around 21,850 and rallied significantly on Friday, with the Nifty 50 surging more than 1.50% to break out of the recent consolidation range and closing at a fresh new high above 22,300.
Global market today
Asian stocks mainly gained on Thursday, according to AFP report, ahead of important inflation figures that will be released later in the day and help determine when the Fed could cut interest rates. The most closely followed inflation indicator by the Federal Reserve, the US Personal Consumption Expenditures (PCE) price index, is anticipated to have an impact on the central bank's policy decisions. Investors are anticipating its release.
Tokyo's Nikkei 225 index rose 1.90% at 39,910.82 in Asian trade. The Shanghai Composite index rose 0.39% to 3,027.02 while the Hang Seng in Hong Kong gained 0.47% to 16,589.44. The S&P/ASX 200 gained 0.61% to 7,745.6, while the Kospi in South Korea dropped by 0.37% to 2,642.36. SET in Bangkok fell 0.24%.
Top Nifty 50 Gainers and Losers
As many as 37 stocks settled in the green in the Nifty 50 index while the rest 13 ended in red.
Shares of Tata Steel Ltd (up 6.89%), Larsen & Toubro Ltd (up 4.35%), JSW Steel Ltd (up 4.31%), Titan Company Ltd (up 3.77%) and IndusInd Bank Ltd (up 3.33%) ended as top gainers.
On the other side, Dr. Reddy's Laboratories Ltd (down 3.65%), Infosys Ltd (down 1.20%), HCL Technologies Ltd (down 1.05%), Sun Pharmaceutical Industries Ltd (down 1.00%), and Britannia Industries Ltd (down 0.95%) were among the laggards.
Sectoral indices today
Amongst sectoral indices, Nifty Metal index flared up +3.62% and Bank Nifty zoomed 2.53%. The other gainers were Nifty Auto, Nifty FMCG, Nifty Bank, Nifty Oil & Gas, Nifty Realty. On the other side, Nifty Healthcare, Nifty IT, Nifty Media, Nifty Pharma, ended in red.
Experts' Views on Markets
"Better than expected Q3FY24 GDP and ease in US inflation added buoyancy in both domestic and global markets. As the general election draws closer, stellar economic growth data raised confidence among investors for a pre-election rally. On the global front, in-line US personal consumption expenditure data and benign Euro zone inflation will influence global central banks to take a dovish view on interest rates," said Vinod Nair, Head of Research, Geojit Financial Services.
Technical Views
According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, new record highs continue to be the new normal at Dalal Street.
From a technical perspective, if today’s bullish trading action is any indication, then Nifty 50’s next goal post seen at its psychological 22,500 mark and then aggressive targets placed at 23,000 mark.
"The biggest positive takeaway was that Bank Nifty is seen joining the conga line of rising sectoral indices on backdrop of improving asset quality and the government's continued focus on fiscal prudence.
The line in the sand is at Nifty 50 make-or-break support at 21861 mark. Nifty 50’s 200 DMA at 20,068 mark," explained Tapse.
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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