Stock market today: Sensex, Nifty 50 rise for 3rd consecutive session; investors earn nearly ₹5 lakh crore in a day

Stock market today: Indian stock market benchmarks, the Sensex and the Nifty 50, ended in positive territory for the third consecutive session on Tuesday, May 14, amid mixed global cues.

After a nearly 2 per cent fall last week, market benchmarks rebounded this week due to some comfort on the valuation front. The medium- to long-term outlook for the Indian stock market remains positive due to the nation's bright economic growth outlook.

Global markets were mixed ahead of the US inflation prints. The US producer price index data for April is due later today, but the main focus is on the April US CPI data, which will be out on Wednesday. The market expects US CPI to see a year-on-year rise of 3.4 per cent in April against a 3.5 per cent rise seen in March.

Clear signs of easing inflation will bolster the hopes for a rate cut by the US Fed in the second half of the year.

Meanwhile, India's CPI inflation for April eased to an 11-month low level of 4.83 per cent in April from 4.85 per cent in March, data showed on Monday.

Also Read: April CPI inflation hits an 11-month low; can RBI cut rates in the near future? Experts weigh in

Nifty 50 opened at 22,112.90 against its previous close of 22,104.05 and touched its intraday high and low of 22,270.05 and 22,081.25 respectively. The index closed with a gain of 114 points, or 0.51 per cent, at 22,217.85, with as many as 36 stocks in the green.

On the other hand, the 30-share pack Sensex opened at 72,696.72 against its previous close of 72,776.1 and touched its intraday high and low of 73,286.26 and 72,683.99, respectively. The index settled 328 points, or 0.45 per cent, higher at 73,104.61, with 20 stocks in the green.

The mid and smallcap segments outperformed the benchmarks as they witnessed strong gains. The BSE Midcap index ended 1.14 per cent higher, while the Smallcap index clocked a gain of 1.79 per cent.

The overall market capitalisation of the firms listed on the BSE rose to nearly ₹402 lakh crore from nearly ₹397.4 lakh crore in the previous session, making investors richer by about ₹4.6 lakh crore in a single session.

Over 150 stocks, including Vedanta, Mahindra and Mahindra, Hero MotoCorp, Eicher Motors, Ashok Leyland, Siemens, Marico, Havells and Hindustan Aeronautics, hit their fresh 52-week highs in intraday trade on BSE.

Top Nifty 50 gainers today

Shares of Adani Enterprises (up 5.40 per cent), Mahindra and Mahindra (up 4.01 per cent) and Hero MotoCorp (up 3.37 per cent) ended as the top gainers in the Nifty 50 index.

Top Nifty 50 losers today

Shares of Cipla (down 3.99 per cent), TCS (down 1.16 per cent) and Tata Consumer Products (down 1 per cent) ended as the top losers in the index.

Also Read: Top Gainers and Losers today on 14 May, 2024: Adani Enterprises, Mahindra & Mahindra, Cipla, Tata Consultancy Services among most active stocks; Check full list here

Sectoral indices today

Most sectoral indices ended with gains today. Nifty Metal (up 2.77 per cent), followed by Nifty Auto (up 1.83 per cent) and Nifty Oil & Gas (up 1.56 per cent) ended as the top gainers among sectoral indices.

Nifty Bank rose 0.22 per cent. The PSU Bank index and the Private Bank index rose 1.04 per cent and 0.18 per cent respectively.

Expert views on markets

"The domestic market has sustained its recovery path from recent lows, aided by a moderation in India’s CPI and favourable signals from its Asian peers. However, investors are cautious ahead of the upcoming U.S. CPI data, which is anticipated to show a slight increase from the previous month and could raise concerns about rate cut expectations. Volatility and range-bound trading are likely to persist in the near term, given the ongoing uncertainty surrounding the low turnout," said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

Jatin Gedia, a technical research analyst at Sharekhan by BNP Paribas observed that on the daily charts, the Nifty 50 witnessed follow-through buying interest from the previous trading session, which is a bullish sign.

"The upmove is likely to continue till 22,308 – 22,423, which is the 50 per cent and 61.82 per cent Fibonacci retracement level of the previous fall. On the downside, 22,040 – 22,000 is a crucial support from a short-term perspective," said Gedia.

Rupak De, a senior technical analyst at LKP Securities, said in the near term, a decisive move above 22,250 could propel the index towards the higher level of 22,600 in the short term. Conversely, a failure to maintain levels above 22,200 might trigger selling pressure in the market.

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