Stock market today: Sensex jumps over 1%, Nifty ends above 20,000 led by banks, IT stocks; small, midcaps aid rally | Mint
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Business News/ Markets / Stock Markets/  Stock market today: Sensex jumps over 1%, Nifty ends above 20,000 led by banks, IT stocks; small, midcaps aid rally
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Stock market today: Sensex jumps over 1%, Nifty ends above 20,000 led by banks, IT stocks; small, midcaps aid rally

Sensex and Nifty 50 closed higher on Wednesday, driven by bank, IT, and auto stocks.

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Stock market today: Domestic benchmark equity indices Sensex and Nifty 50 ended higher on Wednesday's session led by bank, information technology (IT), and auto stocks amidst favourable global cues.

The 30-share BSE Sensex ended higher by 727.71 points or 1.10% at 66,901.91 level while the Nifty 50 closed at 20,096.60 level, up 206.90 points or 1.04%.

For the first time since September 20, 2023, the Nifty 50 index rose by 0.60% to 20,008.45 points during morning trading. Nifty 50 was trading above 20,100 intraday for the first time since September 18 in the final hour of the session. The BSE Sensex hit its all-time peak of 67,927.23 on the same day.

“The buoyant sentiments of the market are poised to endure, with the anticipation of scaling fresh all-time highs in the coming month. This optimism is underpinned by vigorous buying activities in the IT and banking sectors, which collectively command a weightage of 51.50% in the Nifty 50 index," said Arvinder Singh Nanda, Senior Vice President, Master Capital Services Ltd. 

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At the same time, all BSE-listed companies' combined market valuation hit a record-breaking $4 trillion. The market capitalisation of BSE-listed companies reached 333 lakh crore, or $4 trillion at the exchange rate of 83.31. It has climbed over $600 billion since the beginning of the year.

"The BSE Midcap and BSE Small Cap indices experienced a sustained rally as Sensex broke out of its consolidation range and BSE Bankex recovered from its losses. Going forward, the uptrend is likely to continue in the mid and small cap space, with periodic dips providing opportunities to buy in," said Rupak De, Senior Technical analyst at LKP Securities.

Also Read: Market cap of BSE-listed firms hit $4 trillion mark for the first time ever

On the broader market front, the Nifty Midcap 100 closed 0.81% higher, and the Nifty SmallCap 100 closed 1.06% higher. 

According to technical analysts, Nifty 50, started the session with a decent gap up and continued its upward march throughout the session. The broad-based buying traction levitated the overall sentiments, and with the robust undertone, the Nifty index eventually concluded the day around the 20,100 level, procuring over a percent of gain for the second day in the expiry week.

Arvinder Singh Nanda of Master Capital Services, stated that this commendable upswing in the index can be attributed to a confluence of factors. Firstly, uncertainties surrounding a potential US interest rate hike have been eased by a series of dovish signals from Federal Reserve officials. Additionally, the resurgence of Foreign institutional investor (FII) buying and a substantial buying of domestic investors, injecting a robust 11,139 crores into the cash segment this month, have played pivotal roles in propelling the index.

Also Read: Nifty crosses 20,000 for the first time since September; 5 key factors driving the rally

European stocks were mainly up on Wednesday following a mixed session in Asia, where selling of real estate and tech shares caused Chinese benchmarks to decline, according to the AP news report.

Japan's benchmark Nikkei 225 fell 0.3% to close at 33,321.22 during Asian trading. S&P/ASX 200 in Australia rose 0.3% to 7,035.30. The Kospi in South Korea fell by almost 0.1% to 2,519.81. The Shanghai Composite fell 0.6% to 3,021.69, while Hong Kong's Hang Seng fell 2.1% to 16,993.44.

Top Nifty 50 losers today

As many as 40 stocks settled in the green in the Nifty 50 index while the rest 10 ended in red.

Shares of Axis Bank Ltd (up 3.70%), Hero MotoCorp Ltd (up 3.20%), Mahindra & Mahindra Ltd (up 3.06%), Wipro Ltd (up 2.32%) and HDFC Bank Ltd (up 2.07%) ended as top gainers. On the other side, Adani Enterprises Ltd (down 1.22%), ONGC Ltd (down 1.01%), Divi's Laboratories Ltd (down 0.81%), Nestle India Ltd (down 0.58%), and Eicher Motors Ltd (down 0.44%) were among the laggards.

Also Read: Nifty at 20,000: Religare lists 3 technical stock picks including BHEL

Sectoral indices today

Amongst sectoral indices, Nifty Bank, Nifty Auto, Nifty IT, Nifty Pharma, and Nifty Oil & Gas were up in the range of 0.5% to 1.6%. On the other side, Nifty Media, Nifty Realty, and Nifty Consumer Durables closed in red. 

Experts' Views on Markets

According to V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT), for the second consecutive day, the bulls were rewarded in the markets as Nifty surpassed the 20,000 mark and closed near 20,100. This signals the beginning of a fresh impulsive move. The market has been indicating the potential for a significant shift, and it has materialized now. Nifty exhibited a movement of over 1%, while Bank Nifty saw a 1.50% intraday gain.

Tomorrow, key support levels for Nifty 50 are expected at 20,040 and 20,010, while major resistance points are anticipated at 20,100 and 20,250. The banking sector, especially private banks, displayed a bullish trend, led by HDFC Bank, ICICI Bank, and Axis Bank.

Also Read: Hero MotoCorp, TVS Motors, Bajaj Auto share price at 52 week highs as festive sales, wedding season to propel growth

Looking ahead to tomorrow, key support levels for Nifty Bank are projected at 44,520 and 44,300, with significant resistance points at 44830, 45050, and 45230.

According to Vinod Nair, Head of Research at Geojit Financial Services, the market saw incredible upward momentum today, Nifty 50 surpassing the 20,000 mark, driven by strong listing gains of ongoing IPOs and dovish statements from US Fed officials, intensifying expectations for early rate cuts. 

This was demonstrated by the rise in Mid & Small caps and drop in US bond yields and Dollar index. Ease in yield is attracting foreign funds to emerging markets. Indian IT, automotive, banking, and oil & gas led the overall momentum, while real estate is lagging after hitting a record high. Looking ahead investors will closely monitor the outcome of the forthcoming exit poll, the OPEC+ meeting, and India's GDP data to assess the short-term trajectory.

Also Read: Maruti Suzuki, Tata Motors, M&M in focus on strong sales momentum, price hikes

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 Nov 2023, 03:30 PM IST
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