Stock market today: Sensex, Nifty 50 extend gains into third straight session; investors earn nearly ₹3 lakh crore

The anticipation of rate cuts has long been a significant driver for the market. However, with the US job market remaining resilient and inflation consistently above the Fed’s 2 per cent target, hopes for swifter and deeper rate cuts have begun to diminish.

According to Reuters, traders are now pricing in an 82 per cent chance of a cut in June, the CME FedWatch tool showed. Markets at the end of 2023 had priced in rate cuts starting as early as March. Investors now anticipate 97 basis points of cuts in the year, closer to the 75 bps the Fed had forecast in December.

Investors are purchasing stocks following the recent market consolidation, driven by the solid growth outlook of the domestic economy. The December quarter earnings of Indian corporates have been mixed but not disappointing. Experts are of the view that the domestic market remains a ‘buy on dips’ market for the long-term perspective. 

Sensex remained choppy for the most part of the day but ended with gains on decent buying in the later part of trade.

The Sensex closed 228 points, or 0.32 per cent, higher at 72,050.38 while the Nifty 50 settled at 21,910.75, up 71 points, or 0.32 per cent.

Shares of HDFC Bank ended as the top contributors to the gains in the benchmark index, followed by those of Mahindra and Mahindra, SBI and NTPC.

Also Read: M&M share price jumps 5% after Q3 earnings; is the stock buy-worthy?

Mid and smallcap indices outperformed the benchmarks. The BSE Midcap index rose 0.93 per cent while the Smallcap index jumped 1.24 per cent.

Over 300 stocks, including Reliance Industries, Maruti Suzuki, SBI, Mahindra and Mahindra, Bajaj Auto, HCL Tech, Bank of Baroda, Coal India, ONGC, TVS Motor Company and Zomato, hit their fresh 52-week highs in intraday trade on BSE.

Also Read: Zomato share price hits 52-week high, up 225% from its 52-week low; CLSA, Geojit, Motilal Oswal say buy it

The overall market capitalisation of BSE-listed firms rose to nearly ₹387.3 lakh crore from nearly ₹384.7 lakh crore in the previous session, making investors richer by about ₹2.6 lakh crore in a single session.

Also Read: SBI stock climbs 33% in less than 3 months, Motilal Oswal sees further 15% upside; here’s why

Top Nifty 50 gainers today

Some 26 stocks ended higher in the Nifty 50 pack while the remaining 24 stocks ended lower.

Shares of Mahindra and Mahindra (up 6.81 per cent), Power Grid (up 4.57 per cent) and BPCL (up 4.38 per cent) closed as the top gainers in the Nifty 50 pack.

Top Nifty 50 losers today

Shares of Axis Bank (down 2.01 per cent), Apollo Hospitals Enterprises (down 1.84 per cent) and ITC (down 1.65 per cent) closed as the top losers in the Nifty 50 pack.

Also Read: Top Gainers and Losers today on 15 February, 2024: Mahindra & Mahindra, Bharat Petroleum Corporation, Axis Bank, Apollo Hospitals Enterprise among most active stocks; Check full list here

Sectoral indices today

Barring Nifty FMCG (down 0.96 per cent), Healthcare (down 0.38 per cent), Media (down 0.11 per cent) and Pharma (down 0.09 per cent), all sectoral indices ended higher on the NSE, with Nifty PSU Bank and Oil & Gas jumping as much as 3.27 per cent and 2.46 per cent respectively.

Nifty Auto rose 1.35 per cent while the Nifty Bank index ended with a gain of 0.68 per cent.

Nifty Private Bank index settled with a mild gain of 0.31 per cent.

Also Read: PSU banks continue winning streak for 3rd day in a row; Canara Bank, BoB, SBI reach new record highs

Expert’s views on markets

“The benchmark indexes inched higher, mirroring the positive sentiment prevailing in the global market. The disinflation trend in the eurozone, coupled with better earnings, lifted investor sentiment. Despite the broad-based recovery, market participants are more inclined towards quality large-cap stocks owing to the prevailing valuation gap, which led them to exercise caution on small and mid-caps,” said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

“The daily momentum indicator has triggered a positive crossover which is a buy signal. Both price and momentum indicators suggest the continuation of the upmove. On the upside immediate hurdle is placed at the 22,100 – 22,130 zone while the support zone has shifted higher towards 21,770 – 21,750,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

“Nifty exhibited volatility throughout the day but eventually closed above the resistance level of 21,850. According to the daily chart, Nifty has experienced a consolidation breakout, indicating a positive shift in sentiment. Additionally, the index has closed above the 20DMA for the third consecutive session, and the RSI shows a bullish crossover. In the short term, there is a possibility of the index moving towards 22,200. On the downside, support is situated at 21,750,” said Rupak De, Senior Technical Analyst, LKP Securities.

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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: 15 Feb 2024, 03:30 PM IST