Stock market today: Sensex, Nifty 50 end volatile session with minor gains; bank stocks drive uptick

Stock market today: Domestic equity benchmark indices, the Sensex and Nifty 50, ended in green on Thursday's trade amidst high volatility and mixed global cues. Bank, metal stocks led the market's recovery; Nifty Bank rose 700 points from its lows, and MSCI Flows also contributed to the upbeat mood of the market throughout the last hour.

Although the market began Thursday's session on a flat note in the last few hours it managed to recover. Since today was the final day of the monthly expiry, the volatility in the trade persisted.

The 30-share BSE Sensex ended higher by 195.42 points or 0.27% at 72,500.30 level while the Nifty 50 closed at 21,982.80 level, up 31.65 points or 0.14%. The benchmark indices were modestly outperformed by the broader market at the close. The Nifty Small Cap 100 gained 0.64% and the Nifty Midcap 100 indexes was down by 0.51%.

Also Read: Sensex Today | Market Close Highlights : Sensex ends up 195pts, Nifty near 22,000; Metal, PSU Bank gain

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According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, post yesterday's sell-off, the Nifty 50 reached key support around 21,875–21,850, and witnessed some consolidation around here. These support acted as a trigger point of bounce last Thursday and remains a key point. 

If these levels are broken, then we are likely to see the March series starting on a negative note, likely headed towards 21,500 on the flip side, 22,100 - 22,150 crossing is a daunting task, explained Bhosale.

Further, market experts believe that, with a week full of important economic data approaching, investors took a cautious wait and watch stance during Thursday's trading.

"India Q3 GDP has a moderate outlook on a QoQ basis. Fed’s preferred gauge; the US personal consumption expenditure (PCE) price index is due to provide a clue on the future interest rate cut path and China’s PMI index is scheduled to be released Friday," said Vinod Nair, Head of Research, Geojit Financial Services.

Global market today

Followed by a dull session on Wall Street, where selling of technology companies led benchmarks to decline, global markets were neutral on Thursday, according to the AP news report. 

Tokyo's Nikkei 225 index declined 0.1% at 39,166.19 in Asian trade, despite stronger-than-expected retail sales. The Shanghai Composite index rose 1.9% to 3,015.17 while the Hang Seng in Hong Kong fell 0.2% to 16,511.44. The S&P/ASX 200 gained 0.5% to 7,698.70, while the Kospi in South Korea dropped by 0.4% to 2,642.36. SET in Bangkok fell 0.4%.

Also Read: FMCG index down over 5% in 2024 YTD; will this negative trend continue?

Top Nifty 50 Gainers and Losers

As many as 32 stocks settled in the green in the Nifty 50 index while the rest 18 ended in red.

Shares of Adani Enterprises Ltd (up 2.51%), Adani Ports and Special Economic Zone Ltd (up 2.19%), IndusInd Bank Ltd (up 2.12%), Tata Consumer Products Ltd (up 2.06%) and Britannia Industries Ltd (up 1.89%) ended as top gainers.

On the other side, Apollo Hospitals Enterprise Ltd (down 3.81%), Bajaj Auto Ltd (down 3.20%), LTIMindtree Ltd (down 1.66%), Eicher Motors Ltd (down 1.65%), and UPL Ltd (down 0.83%) were among the laggards.

Also Read: PSU banks: Kotak Equities raises SBI share price target, downgrades Canara Bank and PNB

Sectoral indices today

Amongst sectoral indices, Nifty PSU Bank, Nifty Bank, Nifty Metal, Nifty Pharma, Nifty FMCG, Nifty Auto closed in green, and were up 0.12% - 1.30%. On the other side, Nifty IT, Nifty Media, and Nifty Healthcare closed in red.

Experts' Views on Markets

"Nifty 50 swung between gains and losses amid the monthly FNO expiry. The index finally closed with gains of 32 points at 21,983 levels. Broader market witnessed the brunt of SEBI’s cautious stance on the Midcap and Smallcap fund. Both the indices were down for the second consecutive day. Sector-wise it was a mixed bag with buying seen in Banking, Financials, and Metals. 

Recent global economic data releases pushed investors back after a rally that was seen recently. Further, the US Fed’s preferred inflation gauge, personal consumption expenditures (PCE), due today holds key importance from an interest rate perspective. Markets will also react to India’s Q3 GDP data to be released late today. The auto sector is expected to be in focus as monthly Sales numbers will be published over the Weekend," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Also Read: Top Gainers and Losers today on 29 February, 2024: Adani Enterprises, Tata Consumer, Apollo Hospitals Enterprise, Bajaj Auto among most active stocks; Check full list here

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