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Business News/ Markets / Stock market today: Nifty 50, Sensex end higher; investors pocket nearly 2 lakh crore in a day
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Stock market today: Nifty 50, Sensex end higher; investors pocket nearly ₹2 lakh crore in a day

Stock market today: Nifty 50 rose 127 points, or 0.59 per cent, to end at 21,743.25 while the Sensex closed at 71,555.19, up 483 points, or 0.68 per cent.

Stock market today: Nifty 50 ended at 21,743.25 while the Sensex closed at 71,555.19 on February 13. (REUTERS)Premium
Stock market today: Nifty 50 ended at 21,743.25 while the Sensex closed at 71,555.19 on February 13. (REUTERS)

Stock market today: Frontline indices the Sensex and the Nifty 50 ended higher on Tuesday, February 13, on gains led by select banking heavyweights, including ICICI Bank, Axis Bank and Kotak Mahindra Bank. Additionally, Reliance Industries also emerged among the top contributors to the market gains, as the stock hit its new record high during the trading session.

Weak global cues, however, capped the gains of the domestic market as investors waited for the US inflation data which will influence the the policy decisions of the US Federal Reserve.

Market participants are expecting rate cuts by the Fed this year. However, recent strong US data has dampened expectations of rate cuts as early as March.

According to Reuters, investors now see roughly 110 basis points of cuts by the end of the year, down from around 145 basis points at the start of February.

Also Read: FPI flows may remain volatile in the near term, feel analysts

The domestic market traded with gains for the most part of the day. Nifty 50 rose 127 points, or 0.59 per cent, to end at 21,743.25 while the Sensex closed at 71,555.19, up 483 points, or 0.68 per cent.

Mid and smallcaps also ended in the positive territory. The BSE Midcap index rose 0.61 per cent while the Smallcap index ended with a small gain of 0.18 per cent.

The overall market capitalisations of the BSE-listed firms rose to nearly 380.8 lakh crore from nearly 378.8 lakh crore in the previous session, making investors richer by about 2 lakh crore in a single session.

Over 200 stocks, including Reliance Industries, Bajaj Auto, Apollo Hospitals Enterprises, Cipla, Siemens, Max Healthcare Institute, Dr Reddy's Laboratories and Bajaj Holdings & Investment, hit their fresh 52-week highs in intraday trade on BSE.

Also Read: RIL share price hits record high; market cap tops 20 lakh crore for first time; what should investors do?

Top Nifty 50 gainers today

As many as 39 stocks ended with gains in the Nifty 50 index, with shares of Coal India (up 4.67 per cent), UPL (up 4.54 per cent) and Axis Bank (up 2.28 per cent) ending as the top gainers.

Top Nifty 50 laggards today

Shares of Hindalco Industries (down 12.53 per cent), Grasim Industries (down 3.67 per cent) and Divi's Laboratories (down 1.07 per cent) closed as the top laggards in the Nifty 50 pack.

Also Read: Top Gainers and Losers today on 13 February, 2024: UPL, Coal India, Grasim Industries, Hindalco Industries among most active stocks; Check full list here

Sectoral indices today

Barring Nifty Metal (down 2.07 per cent) and Media (down 0.03 per cent), all indices ended higher.

Nifty Bank (up 1.38 per cent), Private Bank (up 1.48 per cent), PSU Bank (up 1.20 per cent) and Financial Services (up 1.37 per cent) gained significantly.

Experts' views on markets

“Although markets ended in positive territory, it was mainly due to recovery in banking stocks that were hammered in recent sessions due to mixed earnings in financial space and central banks delaying rate cuts. Volatility is likely to persist as most of the hurdles such as geopolitical worries coupled with stretched valuations of local stocks and FII selling will continue to keep investors at bay," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

"The domestic market largely recovered from yesterday's losses, driven by gains in the banking sector. Improved sentiment stemmed from a decline in domestic inflation which is expected to boost rural demand. Broader markets continued to underperform compared to frontline indices due to high valuations. However, investors remained cautious ahead of US inflation data, anticipating a moderation, pivotal for the Fed's interest rate trajectory," said Vinod Nair, Head of Research, Geojit Financial Services.

Technical view on Nifty 50

Rupak De, Senior Technical Analyst, LKP Securities underscored that the prevailing sentiment is expected to persist in a sideways to bearish direction as long as the Nifty 50 stays below 21,850.

"On the downside, a short-term support level is identified at 21,500. A significant decline below 21,500 could potentially initiate a correction towards 21,270/21,000. Conversely, on the upside, a decisive breakthrough above 21,850 might trigger a rally towards 22,200," said De.

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 decisions.

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Published: 13 Feb 2024, 03:36 PM IST
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