Stock market today: Sensex jumps over 700 points, Nifty 50 ends above 19,600; IT, Auto, Realty stocks lead rally | Mint
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Business News/ Markets / Stock Markets/  Stock market today: Sensex jumps over 700 points, Nifty 50 ends above 19,600; IT, Auto, Realty stocks lead rally
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Stock market today: Sensex jumps over 700 points, Nifty 50 ends above 19,600; IT, Auto, Realty stocks lead rally

Domestic equity benchmark indices end in green on positive global cues and lower US inflation data, increasing expectations of an end to the rate-hiking cycle.

The Bombay Stock Exchange Limited (formerly, The Stock Exchange, Mumbai; popularly called The Bombay Stock Exchange, or BSE) is the oldest stock exchange in Asia. It is located at Dalal Street, Mumbai, India. Premium
The Bombay Stock Exchange Limited (formerly, The Stock Exchange, Mumbai; popularly called The Bombay Stock Exchange, or BSE) is the oldest stock exchange in Asia. It is located at Dalal Street, Mumbai, India.

Stock Market Today: Domestic equity benchmark indices end in green on Wednesday's session amid positive global cues, and after lower US inflation data increased expectations of an end to the rate-hiking cycle in the largest economy in the world.

The US 10-treasury notes fell 15 basis points to 4.5% indicating lowest in seven weeks, according to Trading Economics data. According to analysts, softening of US core macro economic data would lead to pressure in bond yields and eventually we would see lower selling pressure from Foreign institutional investor (FII’s) in the domestic markets. Easing macro economic data would also cool down FED and look for rate cuts on it before March 2024.

Also Read: Impact of US inflation data on stock markets, here are 5 things to watch out for in near-term

The 30-share BSE Sensex ended higher by 742.06 points or 1.14% at 65,675.93 level while the Nifty 50 closed at 19,675.45 level, up 231.90 points or 1.19%.

The broader market was at par with the benchmark indices, the Nifty Midcap 100 closed 0.91% higher and Nifty Smallcap ended 1.27% higher.

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With Nifty IT, Nifty Realty, and Nifty Auto leading the way, all sectoral indices finished in the green.

Sensex today opened higher at 65,461 and went on to hit intraday high of 65,601 levels, registering intraday gain of 668 points within few hours of stock market's opening bell today.

Nifty 50 index opened higher and hit intraday high of 19,653 levels, logging 210 points gain during Wednesday session against its Monday close of 19,443 mark.

Also Read: Stock market today: Why Sensex surged over 650 points today — explained with five reasons

On the global front, according to news agency AP's report, France's CAC 40 increased by 0.5% in early trading to 7,221.25. Britain's FTSE 100 rose 1.0% to 7,515.58, while Germany's DAX edged up 0.2% to 15,644.95. The Dow Jones Industrial Average was up 0.2% and the S&P 500 was up 0.3% in the future.

As investors seemed to brush off news that Japan's economy contracted at a worse than expected 2.1% annual rate in July-September, Tokyo's benchmark Nikkei 225 rose 2.5% to close at 33,519.70.

Also Read: Markets rise 1% as softer US inflation print reduces risk of US rate hikes in near term, advances rate cut expectations

Top Nifty 50 Gainers and Losers

As many as 45 stocks settled in the green in the Nifty 50 index while the rest 5 ended in red.

Shares of Eicher Motors (up 5.34%), Tech Mahindra (up 3.77%), Hindalco Industries (up 3.72%), Infosys (up 2.80%) and Tata Motors (up 2.79%) ended as top gainers. On the other side, Bajaj Finance (down 1.95%), Power Grid Corporation of India (down 1.08%), IndusInd Bank (down 0.97%), Dr. Reddy's (down 0.09%), and Cipla (down 0.04%) were among the laggards.

Sectoral indices today

While all sectoral indices ended with gains, Nifty Realty gained 2.93% followed by Nifty IT, which ended 2.42% higher. Nifty Auto, Nifty Financial Services, and Nifty Oil & Gas gained over 1%.

Experts' Views on Markets

"The market's strong gap-up jump in response to positive global cues on account of the softer than anticipated US and UK's inflation data, highlights the optimism for an end to the interest rate cycle, as evidenced by the ease in bond yields. 

This is likely to draw FII flows into emerging markets, which is good for India considering the current better earnings season and the festive demand pick-up. The drop in the CPI for India also improved the mood. The rebound was broad based with IT, realty, oil & gas, metal, and auto leading the way," said Vinod Nair, Head of Research at Geojit Financial Services.

According to Prashanth Tapse, Senior Vice President of Research at Mehta Equities, the benchmarks mirrored positive Wall Street cues as inflation figures for October came in softer than expected. Now the street expects the Fed to refrain from hiking rates any further. In fact, bets are high that Fed will go for a rate cut in June. All sectoral indices ended in green, where Nifty Realty Index and IT Index were star outperformers.

“If today’s price action at Dalal Street is any indication then the short-term technical outlook for Nifty continues to be in favor of the bulls. Technically, gates have opened for a test of Nifty's all-time high at 19,992 mark. Nifty’s biggest support is placed at 19,375 mark. Nifty’s 200 DMA at 18,700 mark,"said Tapse.

Also Read: BSE share price vs MCX share price: Which exchange stock to buy amid bull run?

Technical Views

"Nifty has witnessed a robust upward movement, propelled by a strong global equity market sentiment, particularly following a gap-up opening. On the daily chart, the index has shown significant upward momentum after a consolidation phase, indicating an increase in optimism. 

The overall trend appears positive, with the index consistently maintaining levels above the critical moving average. Looking ahead, bullish sentiment is likely to persist as long as the index remains above 19,500. On the upper side, resistance is anticipated in the range of 19,700 to 19,850," said Rupak De, Senior Technical analyst at LKP Securities

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 15 Nov 2023, 03:30 PM IST
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