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Business News/ Markets / Stock Markets/  Stock market today: Sensex, Nifty 50 end in green led by financial stocks; broader market underperforms
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Stock market today: Sensex, Nifty 50 end in green led by financial stocks; broader market underperforms

Stock market today: Sensex and Nifty 50 end in green on Friday, thanks to financial and FMCG stocks. Investors come to terms with reduced chances of rate cuts in US and India.

The Bombay Stock Exchange (BSE), right, stands on Dalal street in Mumbai, India, on Tuesday, June 18, 2013. Indian stocks declined as the rupee weakened the most in a week before the U.S. Federal Open Market Committee begins a two-day meeting today. Photographer: Adeel Halim/BloombergPremium
The Bombay Stock Exchange (BSE), right, stands on Dalal street in Mumbai, India, on Tuesday, June 18, 2013. Indian stocks declined as the rupee weakened the most in a week before the U.S. Federal Open Market Committee begins a two-day meeting today. Photographer: Adeel Halim/Bloomberg

Stock market today: Domestic equity benchmark indices, the Sensex and the Nifty 50, ended in green on Friday's session led by by buying in financial, fast-moving consumer goods (FMCG), and pharma stocks.

Nonetheless, investors were still processing the fact that there was less chance of early rate cuts in the US and India. Further, a recent surge in oil and gas stocks has resulted in a selloff, and metal stocks too have witnessed selling.

The 30-share BSE Sensex ended higher by 167.06 points or 0.23% at 71,595.49 level while the Nifty 50 closed at 21,782.50 level, up 64.55 points or 0.3%. On the broader market front, the Nifty Midcap 100 ended 0.89% lower today, while the Nifty SmallCap 100 closed 1.40% lower.

Also Read: 3.35 to 25.35: Small-cap stock under 50 rallies 650% in four years

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Early on Friday, buying in Reliance Industries, State Bank of India, and ICICI Bank as well as mostly bullish Asian markets helped boost benchmark equity indices.

"After a volatile session, the market ended on a positive note, aided by a rebound in banking stocks after yesterday’s sell-off. Mid- and small-cap indices bled the most as the sentiment on the broader indices remains vigilant due to their rich valuation. Caution prevails in the market ahead of the release of US, UK, and Indian inflation data next week, while the US 10 yr yield is inching higher," said Vinod Nair, Head of Research, Geojit Financial Services.

As many regional markets were closed for the Lunar New Year holiday, Asian equities were mainly up on Friday as Tokyo's benchmark briefly reached a 34-year high, according to an AP news report. The benchmark Nikkei 225 in Japan increased by 0.5% to 37,029.91, retreating from its previous advances.

Also Read: Sensex Today | Market Highlights: Sensex ends up 160pts, Nifty at 21,800; Broader markets, Metal, O&G losers

Top Nifty 50 gainers and losers today

As many as 27 stocks settled in the green in the Nifty 50 index while the rest 23 ended in red.

Shares of Grasim Industries Ltd (up 5.92%), State Bank of India (up 3.70%), Apollo Hospitals Enterprise Ltd (up 3.25%), Sun Pharmaceutical Industries Ltd (up 2.80%), and ICICI Bank Ltd (up 2.19%) ended as top gainers.

On the other side, Mahindra & Mahindra Ltd (down 2.46%), Bharti Airtel Ltd (down 1.94%), NTPC Ltd (down 1.87%), Oil and Natural Gas Corporation Ltd (down 1.85%), and Tata Steel Ltd (down 1.64%) were among the laggards.

Sectoral indices today

Amongst sectoral indices, Nifty Bank(up 1.38%), Nifty Financial Services (up 0.69%), Nifty FMCG (up 0.41%), Nifty Pharma (up 0.52%), Nifty PSU Bank (up 0.97%), Nifty Private Bank (up 1.01%) ended in green, while Nifty Oil & Gas (down 1.4%), Nifty Media (down 0.26%), Nifty Metal (down 1.5%),  Nifty Auto (down 0.4%), and Nifty IT (down 0.40%) ended in red.

Also Read: Top Gainers and Losers today on 9 February, 2024: Grasim Industries, State Bank Of India, Mahindra & Mahindra, Oil & Natural Gas Corporation among most active stocks; Check full list here

Experts' Views on Markets

According to Osho Krishan, Sr. Analyst - Technical & Derivative Research, AngelOne, domestic market witnessed a lacklustre trading week, wherein the benchmark index remained confined within a slender range of 400 odd points with no clarity in the trend. The favourable global scenario initially boosted the benchmark to inch higher but lacked confidence near the psychological mark of 22,000 and enticed profit booking. Amidst all the hustles throughout the week, the Nifty 50 index concluded the session a tad below 21,800 zone, shedding nearly 0.33 percent on weekly basis.

From a technical standpoint, there have been insignificant changes in the price range as the index barely moved in the entire week to project further actions. However, the 20 DEMA withheld its significance by providing a cushion to the market and showcasing the bulls' resilience to not losing grip easily. Also, the change in hands among various sectors kept the play within the traders’ fraternity throughout the week.

"Amidst all such developments, the time-wise correction phase continued with intermediate support of 21680 (20 DEMA), followed by the sacrosanct support of 21500 for the upcoming week. On the flip side, 21900-22000 zone remains a daunting task for the bulls, followed by the sturdy hurdle of 22100. A decisive breakthrough beyond the mentioned support or resistance zone could only trigger the next leg of the rally in the market, and hence, it is advisable to have a pragmatic approach while keeping the aforementioned zone in mind.

Till now, we have seen some interesting developments on the sectoral front and expect the same to continue in the coming period. While our market awaits some potent triggers to come out of the slumber phase, we would advocate traders to keenly focus on global developments as they might act as a catalyst to set up near-term trends while focusing on stock-specific action for an outperformance," explained Osho.

Also Read: Gold and silver prices Today on 09-02-2024 : Check latest rates in your city

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 decision.

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Published: 09 Feb 2024, 03:30 PM IST
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