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Business News/ Markets / Stock Markets/  Stock market today: Sensex, Nifty 50 end in green on gains in IT, oil and gas stocks; RBI Policy meeting eyed
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Stock market today: Sensex, Nifty 50 end in green on gains in IT, oil and gas stocks; RBI Policy meeting eyed

Stock market today: Sensex and Nifty 50 close higher on Tuesday led by IT and oil and gas stocks.

The 30-share BSE Sensex ended higher by 454.67 points or 0.63% at 72,186.09 level while the Nifty 50 closed at 21,929.40 level, up 157.70 points or 0.72% on Tuesday. mint (MINT_PRINT)Premium
The 30-share BSE Sensex ended higher by 454.67 points or 0.63% at 72,186.09 level while the Nifty 50 closed at 21,929.40 level, up 157.70 points or 0.72% on Tuesday. mint (MINT_PRINT)

Stock market today: Domestic equity benchmark indices, the Sensex and Nifty 50, ended in green on Tuesday's session led by information technology (IT), oil and gas stocks despite a dearth of fresh cues. 

After a lacklustre start, the domestic benchmark equity indexes rose on Tuesday, driven higher by information technology firms on the increasing likelihood of a soft landing for the US economy. Analysts predict that stock-specific, earnings-driven actions will likely impact the short-term direction of domestic stocks.

The 30-share BSE Sensex ended higher by 454.67 points or 0.63% at 72,186.09 level while the Nifty 50 closed at 21,929.40 level, up 157.70 points or 0.72%. On the broader market front, the Nifty Midcap 100 closed 1.19% higher, and the Nifty SmallCap 100 closed 0.79% higher.

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The three-day Reserve Bank of India (RBI) monetary policy meeting that begins today will be watched closely by investors.

Brokerage house, Nuvama Institutional Equities, anticipates that the MPC will keep interest rates unchanged but shift its monetary stance from "withdrawal of accommodation" to "neutral" on February 8.

Also Read: Top Gainers and Losers today on 6 February, 2024: Bharat Petroleum Corporation, HDFC Life Insurance Company, Power Grid Corporation Of India, Britannia Industries among most active stocks; Check full list here

"The market exhibited a positive breadth, registering moderate gains, with investors showing reluctance to significantly trim their positions ahead of the RBI MPC meeting. Expectations for a dovish monetary policy buoyed sentiment in the bond market. Meanwhile, Oil & Gas stocks held a modest advance as the market weighed down geopolitical risks in the Middle East and awaited improvements in the weekly US crude inventory today," said Vinod Nair, Head of Research, Geojit Financial Services.

Shares were mixed on Tuesday in Asia, according to the AP news report. Chinese stocks rose after a government investment fund announced it would increase stock purchases and a report stated that leader Xi Jinping was scheduled to meet with authorities to discuss the markets. The Shanghai Composite index increased to 2,789.49, up 3.2%.

The technology sector led a rally in Hong Kong's Hang Seng, which finished 4% higher at 16,136.87. Notable gains were made by e-commerce behemoth Alibaba, which climbed 7.7%, and JD.com, which gained 7.7%.

Across Asia, the South Korean Kospi dropped 0.6% to 2,576.20 and Tokyo's Nikkei 225 index dropped 0.5% to 36,160.66. The S&P/ASX 200 index for Australia fell 0.6% to 7,581.60.

Also Read: ICICI Bank, Nestle and more: Axis Securities lists 8 top large-cap picks for February

Top Nifty 50 gainers and losers today

As many as 36 stocks settled in the green in the Nifty 50 index while the rest 14 ended in red.

Shares of Bharat Petroleum Corporation Ltd (up 6.22%), HDFC Life Insurance Company Ltd (up 5.12%), HCL Technologies Ltd (up 4.40%), Tata Consultancy Services Ltd (up 3.93%) and Maruti Suzuki India Ltd (up 3.85%) ended as top gainers.

On the other side, Power Grid Corporation of India Ltd (down 2.72%), Britannia Industries Ltd (down 2.14%), IndusInd Bank Ltd (down 1.60%), ITC Ltd (down 1.40%), and, Grasim Industries Ltd (down 1.28%) were among the laggards.

Also Read: V-Gaurd share price down 2%: Should you Buy, Sell or Hold the stock?

Sectoral indices today

Amongst sectoral indices, Nifty IT (up 2.92%), Nifty Oil & Gas (up 2.67%), Nifty Auto (up 1.47%), Nifty Metal (up 1.59%), Nifty Pharma (up 1.07%), and Nifty Realty (up 0.41%) closed in green. On the other side, Nifty Bank (down 0.29%), Nifty FMCG (down 0.16%), Nifty Private Bank (down 0.49%) and Nifty PSU Bank (down 0.39%) ended in red.

Experts' Views on Markets

According to Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One, the mixed global sentiments led to a mild opening for our domestic market, wherein the benchmark index started mildly but soon after gained a gradual momentum and kept surging northwards. 

The broad-based buying traction levitated the undertone, which certainly was seen in the technical chart structure for Nifty. Amidst a favourable sentiment, the index managed to maintain a positive stature and settled the day a tad above 21900, procuring 0.72 percent to bull’s kitty.

“Technically, there has been insignificant development with minor alterations on a broader view of the index. However, sectoral rotation is quite evident, keeping the play in markets. The chart structure construes a range-bound activity to continue, with a strong nearby resistance at the 22,000 mark, followed by 22,100. And a decisive breakthrough could only trigger the next leg of rally in the Nifty 50 index. On the contrary, 21,800-21,750 remains the intermediate support, while the 20 DEMA placed around 21650 is to be seen as a sacrosanct support zone for the comparable period," explained Osho.

Also Read: Multibagger: Up 1232%, this penny stock turned 1 lakh into 13.32 lakh in 3 years

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: 06 Feb 2024, 03:30 PM IST
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