Stock market today: Sensex, Nifty 50 end in the red after hitting record highs; midcaps underperform

Investors turned to profit booking at higher levels as they await the US inflation numbers on Wednesday. The expectations of Fed rate cuts have been weakening in light of recent strong macro data and sticky inflation in the US.

Moreover, investors’ focus is on the March quarter earnings also which will trigger stock and sector-specific moves in the market.

The domestic market mirrored cautious global sentiment. Major European markets were in the red when the Sensex closed as concerns persisted that there may be no material decline in the US inflation prints. The US inflation numbers will influence market expectations on Fed rate cuts. Meanwhile, the Fed has been giving mixed signals on rate cuts. Nevertheless, a majority of analysts believe the US central bank may start reducing rates in the later part of the year. 

Sensex opened the day at 75,124.28 against its previous close of 74,742.50 and hit its fresh record high of 75,124.28 during the session. However, it erased all gain and ended the day 59 points, or 0.08 per cent, lower at 74,683.70.

The Nifty 50 opened at 22,765.10 against the previous close of 22,666.30 and touched its fresh record high of 22,768.40 before ending 24 points, or 0.10 per cent, lower at 22,642.75.

The BSE Midcap index significantly underperformed the benchmark. The index, after hitting its fresh record high of 41,172.56, ended 0.47 per cent lower at 40,746.60. The BSE Smallcap index fell 0.15 per cent.

Nearly 240 stocks, including ICICI Bank, Mahindra and Mahindra, Maruti Suzuki, NTPC, Tata Steel, BEL, DMart, GAIL, IndiGo, Naukri, Tata Power, Vedanta and Zomato, hit their fresh 52-week highs in intraday trade on BSE.

Top gainers in the Nifty 50 index today

Shares of Apollo Hospitals Enterprise (up 3.13 per cent), Hindalco (up 2.05 per cent) and ICICI Bank (up 1.89 per cent) closed as the top gainers in the Nifty 50 index.

Top losers in the Nifty 50 pack

As many as 34 stocks ended in the red in the Nifty 50 pack among which Titan (down 1.78 per cent), Hero MotoCorp (down 1.59 per cent) and Coal India (down 1.52 per cent) closed as the top losers.

Sectoral indices today

Nifty Media (down 1.26 per cent), PSU Bank (down 0.84 per cent), Consumer Durables (down 0.79 per cent) and FMCG (down 0.62 per cent) closed as the top losers among sectoral indices.

On the other hand, Nifty Metal clocked a significant gain of 1.13 per cent, tracking positive global cues. Industrial metal prices have been gaining on the expectations of strong demand amid a manufacturing rebound in the world.

Nifty Bank closed 0.31 per cent higher.

(More to come)

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Published: 09 Apr 2024, 03:30 PM IST