Stock Market Today: Sensex, Nifty 50 settle at fresh closing peaks; investors pocket about ₹3 lakh crore in a day | Mint
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Business News/ Markets / Stock Markets/  Stock Market Today: Sensex, Nifty 50 settle at fresh closing peaks; investors pocket about 3 lakh crore in a day
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Stock Market Today: Sensex, Nifty 50 settle at fresh closing peaks; investors pocket about ₹3 lakh crore in a day

Nifty 50 closed at 20,855.10, up 168 points, or 0.81 per cent while the Sensex clocked a gain of 431 points, or 0.63 per cent, to end at 69,296.14.

Sensex and Nifty 50 extended their winning streak into the sixth consecutive session. (Agencies)Premium
Sensex and Nifty 50 extended their winning streak into the sixth consecutive session. (Agencies)

Frontline indices Nifty 50 and Sensex settled at their fresh closing highs on Tuesday, December 5, on gains led by banking and energy stocks as market sentiment remained upbeat following strong macro numbers and BJP's victory in the three large states.

Nifty 50 closed at 20,855.10, up 168 points, or 0.81 per cent while the Sensex clocked a gain of 431 points, or 0.63 per cent, to end at 69,296.14. With this, both the indices extended their winning streak into the sixth consecutive session. 

During Tuesday's session, the Nifty 50 hit its fresh record high of 20,864.05 and the Sensex also hit its all-time high of 69,381.31.

BSE Midcap and Smallcap indices also hit their fresh record highs of 35,216.47 and 41,317.67 respectively, during the session.

Also Read: Nifty 50, Sensex at record highs; how should you play largecaps, midcaps, smallcaps in ongoing market rally?

The overall market capitalisation (m-cap) of the firms listed on the BSE rose to nearly 346.5 lakh crore from 343.5 lakh crore in the previous session, making investors richer by about 3 lakh crore in a single session.

Healthy macroeconomic data and the expectations of political stability after the General Elections 2024 are the main factors that are keeping the market high. Foreign portfolio investors (FPIs), too, have turned bullish on Indian stocks. Data from NSDL shows FPIs have bought Indian equities worth 15,462 crore in just two sessions in December.

"The recent rally has been a reflection of the outcome of the recent assembly elections as well as the change in weightage of India in the MSCI Index," said Deepak Ramaraju, Senior Fund Manager, Shriram Asset Management Company.

Some 375 stocks, including Axis Bank, Bharti Airtel, ICICI Bank, Mahindra and Mahindra, NTPC, Power Grid Corporation, Sun Pharma, Titan and UltraTech Cement, hit their fresh 52-week highs in intraday trade on BSE.

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Top Nifty 50 Gainers Today

As many as 32 stocks clocked gains in the Nifty 50 index today.

Shares of Adani Enterprises (up 17.38 per cent), Adani Ports (up 14.95 per cent), Power Grid Corporation (up 4.77 per cent), NTPC (up 4.18 per cent) and SBI (up 2.28 per cent) ended as the top gainers in the Nifty 50 index.

Top Nifty 50 Laggards Today

Shares of LTIMindtree (down 1.53 per cent), Hindustan Unilever (down 1.51 per cent), Divi's Laboratories (down 1.43 per cent), HCL Tech (down 1.36 per cent) and Bajaj Auto (down 1.01 per cent) ended as the top losers in the Nifty 50 pack.

Sectoral indices today

Most sectoral indices clocked gains on Tuesday, with Nifty Metal (up 3.07 per cent) as the top gainer.

Nifty Bank jumped 1.25 per cent to 47,012.25. During the session, it hit its fresh record high of 47,230.55.

Nifty PSU Bank (up 1.41 per cent), Oil & Gas (up 1.41 per cent), Private Bank (up 1.18 per cent) and Financial Services (up 0.92 per cent) ended with healthy gains.

On the flip side, Nifty Media (down 0.58 per cent), IT (down 0.57 per cent), Realty (down 0.46 per cent), FMCG (down 0.23 per cent) and Healthcare (down 0.18 per cent) closed lower.

Also Read: Indian Stock Market at record highs. Sectors and stocks that experts are betting on

Experts' views on markets

"The domestic market extended the gains and hit fresh highs despite cautiousness among global peers ahead of key US job data this week. The aura of the state election results and other positive factors like above-expected earnings and GDP growth data are supporting the return of FII flows to the Indian market. The RBI’s monetary policy meeting is expected to be status quo however, the commentary on economy growth, foodgrain prices and inflation trajectory will be closely watched," said Vinod Nair, Head of Research at Geojit Financial Services.

"The rotational buying across heavyweights is pushing the Nifty to a newer high despite the overbought reading and it is now heading towards a new milestone of the “21,000"+ mark. We recommend focusing on the stocks that were on the sidelines for some time and are likely to join the move now. At the same time, traders should keep on trailing stop losses in the existing trades to capitalize on the prevailing trend," said Ajit Mishra, SVP - Technical Research, Religare Broking.

Technical views on Nifty 50

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas observed that on the daily charts, a long lower shadow indicates that there is buying interest at lower levels around the zone of 20,720 – 20,700.

Gedia said the hourly momentum indicator has triggered a negative crossover which is a sign of loss of momentum on the upside, however, until prices show evidence of a correction, we shall continue to ride the up move with a trailing stop loss mechanism.

"On the upside, 21,000 – 21,060 should act as an immediate hurdle zone and 20,720 – 20,700 should act as a crucial support zone and should also be kept as a trailing stop loss for the longs on the index," said Gedia.

Read all market-related news here

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: 05 Dec 2023, 03:30 PM IST
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