Stock market today: Sensex, Nifty 50 end higher amid volatile trade led by IT, auto, realty stocks
- Stock market today: Sensex and Nifty 50 end higher in volatile trading. Analysts foresee positive trend with no negative developments expected for domestic markets. Focus on upcoming US GDP data for market direction.
Stock market today: Domestic benchmark equity indices, the Sensex and the Nifty 50, ended Tuesday's session higher amidst a choppy trading session led by gains in information technology (IT), auto, pharma, and realty stocks.
Investors have been focusing on important US and domestic economic data. The overall trend, according to analysts, is positive, with no negative developments anticipated for domestic markets and expectations that macroeconomic data points like the US GDP will be in favour of markets and take markets to new highs in the coming days.
The 30-share BSE Sensex ended higher by 305.09 points or 0.42% at 73,095.22 level while the Nifty 50 closed at 22,198.35 level, up 76.30 points or 0.34%. On the broader market front, the Nifty Midcap 100 closed 0.12% lower, and the Nifty SmallCap 100 closed 0.28% higher.
IT stocks gained by 0.72% following a 1.17% decline in the previous session led by Tata Consultancy Services, after UBS upgraded the company from "neutral" to "buy".
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"The domestic market rebounded from yesterday’s loss amidst volatility, despite weak global cues. The hopes for a ceasefire in the Israel-Hamas war and the drop in crude oil prices supported the sentiment.
However, the mid & small caps underperformed. The market is looking ahead to key economic data, both domestic and global, with US inflation grabbing the most attention, as that will provide fresh signals on interest rate cuts," said Vinod Nair, Head of Research, Geojit Financial Services.
As per a Reuters news report, broader Asian markets saw slight gains on Tuesday, ahead of the release of important US data on Thursday, which included the US core personal consumption expenditures price index, the Federal Reserve's preferred measure of inflation.
Hong Kong's Hang Seng rose 0.94% to 16,790.80 and the Shanghai Composite up 1.29% at 3,015.48. Tokyo's Nikkei 225 ended flat at 39,239.52. South Korea's Kospi fell 0.83 to 2,625.05.
Top Nifty 50 gainers and losers today
As many as 28 stocks settled in the green in the Nifty 50 index while the rest 22 ended in red.
Shares of Tata Motors Ltd (up 2.73%), Tata Consultancy Services Ltd (up 2.49%), Power Grid Corporation of India Ltd (up 1.81%), IndusInd Bank Ltd (up 1.74%), and Sun Pharmaceutical Industries Ltd (up 1.45%).
On the other side, Hero MotoCorp Ltd (down 1.69%), Bajaj Finance Ltd (down 1.32%), State Bank of India (down 1.24%), Bajaj Finserv Ltd (down 1.20%), and Divi's Laboratories Ltd (down 1.04%).
Sectoral indices today
Among the top gainers were Nifty Auto (up 0.71%), Nifty IT (up 0.72%), Nifty Pharma (0.57%), Nifty Metal (0.36%), Nifty Realty (up 1.07%), Nifty Consumer Durable (up 0.92%). On the other side, Nifty Financial Services (0.32%), Nifty Media (0.63%), Nifty PSU Bank (0.56%), and Nifty Oil & Gas (0.73%) were among the laggards. Nifty Bank and Nifty FMCG ended flat.
Market Expert Views
"Nifty 50 defied negative overnight Wall Street cues and ended just below the psychological 22,200 mark. Robust buying was seen in sectors like Realty, Consumer Durables, Auto and IT, which aided the bounce.
However, broader markets were a bit underperformers, where Nifty Midcap 50 Index was 0.33% down and Nifty Smallcap Index was up by only 0.28%. As we approach towards F&O expiry day on Thursday, Feb 29th, volatility will begin to kick-in as traders will rollover their positions to next expiry day," said Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities.
Technical Views
According to Rupak De, Senior Technical Analyst, LKP Securities, the Nifty 50 has formed a bullish engulfing pattern after two days of weakness. Additionally, the trend remains positive as the index has consistently stayed above the near-term moving average.
"Overall, the bulls may continue to exert control as the index has closed above the previous consolidation high. A decisive move above 22,200 might propel the index for a decent rally towards 22,400 in the near term. Support on the lower end is situated at 22,000," said Rupak De.
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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