Stock market today: Sensex, Nifty 50 end flat as IT, bank, metal stocks drag; broader market outperforms

Stock market today: Domestic benchmark equity indices, the Sensex and the Nifty 50 ended Friday's session flat dragged by selling in selling in information technology (IT), bank, metal, and oil & gas stocks. 

The benchmark indices started off Friday's session with minor gains amid positive global cues. For the fifth consecutive session, the Nifty 50 touched a record high. Although the Nifty 50 in the early trade was fuelled by a rise in IT and bank stocks amid the global equity rally, it ended flat amid profit booking. 

Also Read: Sensex Today | Market Close Highlights : Benchmarks end choppy trading in red; Sensex down 15pts, Nifty at 22,212

The 30-share BSE Sensex ended flat by 15.44 points lower or 0.02% at 73,142.80 level while the Nifty 50 closed at 22,212.70 level, down 4.75 points or 0.02%. On the broader market front, the Nifty Midcap 100 closed 0.31% higher, and the Nifty SmallCap 100 closed 0.38% higher, both outperforming the benchmark indices.

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"The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets.  Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services. 

Also Read: Bumper earnings from Nvidia could drive another stock market rally in US, say JPMorgan Chase traders

As the earnings season winds down, the market is eagerly awaiting new catalysts however rallying on the pre-election momentum. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs," said Vinod Nair, Head of Research, Geojit Financial Services.

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According to AP news reports, world markets opened mainly higher on Friday following Nvidia's impressive earnings, which sparked a surge in other tech firms and propelled Wall Street to yet another record high.

Germany's DAX rose by 0.1% to 17,382.15 despite reports that the GDP of the nation shrank by 0.3% from October to December of last year. In Paris, the CAC 40 rose 0.1% to 7,916.12. The FTSE 100 was up 0.1% at 7,691.44 in London, as per AP news report. 

Australia's S&P/ASX 200 was up 0.4% at 7,643.60, while the Kospi in Seoul increased by 0.1% to 2,667.70. The Shanghai Composite Index gained 0.55% to close at 3,004.88, while the Nikkei 225 finished 2.19% higher at 39,098.68.

Top Nifty 50 gainers and losers today

As many as 20 stocks settled in the green in the Nifty 50 index while the rest 30 ended in red.

Shares of Bajaj Finserv Ltd (up 1.47%), SBI Life Insurance Company Ltd (up 1.35%), HDFC Life Insurance Company Ltd (up 1.07%), LTIMindtree Ltd (up 0.97%), and Dr. Reddy's Laboratories Ltd (up 0.96%).

On the other side, Bharat Petroleum Corporation Ltd (down 1.42%), HCL Technologies Ltd (down 1.30%), Maruti Suzuki India Ltd (down 1.18%), Asian Paints Ltd (down 1.15%), and Oil and Natural Gas Corporation Ltd (down 1.09%).

Also Read: Top Gainers and Losers today on 23 February, 2024: Bajaj Finserve, SBI Life Insurance Company, Bharat Petroleum Corporation, HCL Technologies among most active stocks; Check full list here

Sectoral indices today

Amongst sectoral indices, Nifty Bank (down 0.23%), Nifty FMC (down 0.15%), Nifty IT (down 0.22%), Nifty Metal (down 0.27%), Nifty PSU Bank (down 1.15%), and Nifty Oil & Gas (down 0.43%) ended in red. On the other side, Nifty Auto (up 0.18%), Nifty Financial Services (up 0.28%), Nifty Media (up 1.36%), Nifty Pharma (up 0.42%), Nifty Realty (up 1%), and Nifty Consumer Durables (up 0.60%) ended in green.

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Experts' Views on Markets

According to Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One, considering the momentum from the previous trading week, our domestic market started the new week on a flat to positive note, and amidst the lack of any triggering factors, the benchmark index stayed within a slender range for the first two sessions. 

The mid-week had been a bit turbulent, with Nifty plummeting lower to test the 20 DEMA on the weekly settlement, but soon after, the V-shaped recovery placed it back on track. Amidst all the whipsaw moves, the Nifty 50 managed to maintain its positive stature and settled on a positive note for the consecutive week, procuring 0.78 percent WoW. The roller coaster move for the entire week kept the traders on their toes, but the stock adjustments, especially the index heavyweight - Reliance and sectoral rotations, helped the market to maintain the undertone.

“From a technical standpoint, the index has certainly managed to hold the higher ground, and dips are auguring well for the bulls, but the range is narrowing down as we head into uncharted territory. For now, the 22,000 mark is likely to provide a firm cushion for any intra-week blip, followed by the 20 DEMA around 21,900 - 21,850, while any further blip could disrupt the intermediate trend for the index. 

On the higher end, finding resilience is challenging in uncharted territory, though 22,350-22,500 could be seen as the following potent targets for Nifty in the upcoming week, provided banking participates,” explained Osho.

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.