Stock market today: Sensex, Nifty end with mild gains after US Fed policy; BSE Midcap hits record high

Sensex closed with a gain of 128 points, or 0.17 per cent, at 74,611.11 while the Nifty settled at 22,648.20, up 43 points, or 0.19 per cent.

Experts said investors should focus more on domestic fundamentals and less on the Fed’s policy moves as the US central bank may keep interest rates intact for a longer period.

Also Read: US Fed policy: Political stability to outweigh higher interest rate concerns for Indian investors, experts say

After opening 91 points lower at 74,391.73, the Sensex traded in the green for most of the day, rising as much as 330 points in the intraday session to the day’s high of 74,812.43. The index, however, pared gains to end mildly higher. 

The Nifty 50 opened at 22,567.85 against its previous close of 22,604.85 and touched its intraday high of 22,710.50 during the session. Some 29 stocks ended in the green in the Nifty 50 index and the remaining 21 ended lower.

The BSE Midcap index hit its fresh all-time high of 42,564.25 during the session. The index closed 0.91 per cent higher at 42,503.13.

The BSE Smallcap index closed 0.29 per cent higher at 47,451.13.

The overall market capitalisation of the firms listed on the BSE rose to nearly ₹408.5 lakh crore on Thursday against ₹406.6 lakh crore in the previous session, making investors richer by about ₹1.9 lakh crore in a single session.

Over 250 stocks, including Mahindra and Mahindra, Power Grid, Ashok Leyland, Federal Bank, Grasim, IndiGo, IRCTC and Tata Power, hit their fresh 52-week highs in intraday trade on BSE.

Top Nifty 50 gainers today

Shares of BPCL (up 4.61 per cent), Power Grid (up 3.71 per cent) and Asian Paints (up 3.20 per cent) ended as the top gainers in the Nifty 50 index.

Top Nifty 50 losers today

Shares of Kotak Mahindra Bank (down 2.83 per cent), Tata Consumer (down 1.43 per cent) and Bharti Airtel (down 1.38 per cent) ended as the top losers in the Nifty pack.

Also Read: Top Gainers and Losers today on 2 May, 2024: Bharat Petroleum Corporation, Power Grid Corporation Of India, Kotak Mahindra Bank, Tata Consumer among most active stocks; Check full list here

Sectoral indices today

Nifty Auto and Metal indices rose over a per cent each while Oil and Gas and Pharma indices rose about a per cent each.

On the flip side, Nifty Media fell 1.58 per cent, ending as the top loser among sectoral indices. Nifty Bank fell 0.34 per cent.

Expert views on markets

“Benchmark indices saw moderate gains, mirroring global trends after the Fed decided to maintain its interest rate, as widely accepted. The US central bank hinted at potential rate cuts while remaining cautious about sustaining the high inflation trend. The broader market largely traded rangebound, while positive commentary from the auto companies on recent volume numbers led the sector to outperform,” said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

“The Nifty closed marginally higher after a volatile trading session. On the hourly chart, it formed a lower peak, indicating a decrease in bullish sentiment. The momentum indicator has crossed into bearish territory, suggesting weak momentum. In the short term, the trend may continue sideways with the potential to fluctuate within the range of 22,500-22,800,” 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: 02 May 2024, 03:30 PM IST