Stock market today: Nifty 50 closed with a gain of 156 points, or 0.72 per cent, at 21,853.80 while the Sensex settled at 72,085.63, up 440 points, or 0.61 per cent.
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Stock market today: Frontline indices the Nifty 50 and the Sensex experienced robust buying during intraday trading, concluding the day with substantial gains on Friday, February 2, propelled by the performance of heavyweights in the energy and IT sectors, such as Reliance Industries, Infosys, TCS, Power Grid, and NTPC.
The domestic market witnessed across-the-board buying amid positive global cues while experts observed that the pro-growth Interim Budget also influenced investors to buy quality stocks after the recent correction.
Nifty 50 jumped 2 per cent during the session to hit its fresh all-time high of 22,126.80. The index, however, cooled off and closed with a gain of 156 points, or 0.72 per cent, at 21,853.80.
The Sensex jumped over 2 per cent to hit its intraday high of 73,089.40 during the session and settled at 72,085.63, up 440 points, or 0.61 per cent. The Sensex is still 1,342 points down from its all-time high of 73,427.59 which it hit on January 16 this year.
Also Read: Nifty 50 hits record high; can it top 23,000 in February? Here’s what 10 analysts say
BSE Midcap and Smallcap indices also witnessed strong buying as they hit their fresh all-time highs of 39,140.16 and 46,169.7 respectively, during the session. The BSE Midcap index closed 0.80 per cent up at 38,928.11 and the Smallcap index settled with a gain of 0.49 per cent at 45,849.80.
The overall market capitalisation of the BSE-listed firms rose to nearly ₹382.8 lakh crore from nearly ₹379.4 lakh crore in the previous session, making investors richer by about ₹3.4 lakh crore in a single session.
Top Nifty 50 gainers today
As many as 38 stocks ended with gains in the Nifty 50 index, with shares of BPCL (up 9.55 per cent), Power Grid Corporation (up 4.59 per cent) and ONGC (up 3.84 per cent) ending as the top gainers in the index.
Top Nifty 50 laggards today
Shares of Eicher Motors (down 2.50 per cent), Axis Bank (down 1.53 per cent) and HDFC Life Insurance Company (down 1.40 per cent) closed as the top laggards in the index.
Sectoral indices today
Nifty Oil & Gas (up 3.58 per cent), Metal (up 2.37 per cent), PSU Bank (up 2.22 per cent) and IT (up 2.16 per cent) clocked strong gains.
On the other hand, Nifty Private Bank (down 0.72 per cent), Bank (down 0.47 per cent), Financial Services (down 0.40 per cent) and FMCG (down 0.18 per cent) ended with losses.
Expert’s views on markets
“A conservative Interim Budget had no slowdown effect on the market, which continued to grow on the pre-election rally. The drastic fall in the fiscal deficit target is leading to a reduction in bond yields, which will lead to lowering corporate borrowing costs and increasing incentives to step up investment. Furthermore, the FOMC tempers expectations that the central bank will soon slash interest rates and that inflation in the US is continuing to cool,” said Vinod Nair, Head of Research, Geojit Financial Services.
Technical views on Nifty 50
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas observed that the daily and hourly momentum indicators provide a divergent signal and prices are stuck within a range. Bollinger bands are contracting indicating rangebound price action.
“Indicators are suggesting that the consolidation is likely to continue. Stock-specific action and sector rotation are likely to continue during this period of consolidation. Key support levels are 21,660 – 21,600 while immediate hurdle zone is placed at 22,100 – 22,150,” said Gedia.
Rupak De, Senior Technical Analyst at LKP Securities underscored that Nifty formed a double top on the hourly chart.
“Confirmation of a bullish trend resumption would only occur with a decisive breakout above the double top, which is currently identified at around 22,125. Conversely, a break below the support level at 21,500 could indicate a bearish momentum. In the scenario of a breakout above 22,150, Nifty may experience upward momentum, potentially reaching levels such as 22,500 and beyond,” said De.
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Published: 02 Feb 2024, 03:30 PM IST
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