Stock Market Today: Sensex settles over 500 points higher; Nifty 50 above 22,200 led by IT, metals

The frontline indices started flat earlier today due to volatility over mixed global cues. The extended profit booking from the previous session dragged the Nifty 50 below 21,900, intraday. The two indices were down about 0.8 per cent earlier, however, the last two hours of buying helped Nifty 5- to end near the day’s high.

The Sensex settled 535.15 points higher to close at 73,158.24 and the Nifty 50 was up 162.50 points or 0.74 percent to close at 22,217.50. The volatility index has remained near the 10-month highs it hit three weeks back, ahead of India’s budget.

IT stocks jumped 1.94 per cent after shedding 2.8 per cent in a three-session losing run heading into the release of the minutes of Federal Reserve’s latest policy meeting, which did nothing to change expectations of US rate cuts starting in June.

Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. The index closed Thursday at 39,098.68, up 2.2 per cent. It had been hovering for weeks near 34-year highs. 

Its previous record was 38,915.87, set on December 29, 1989. That was more than a generation ago at the height of Japan’s post-war boom. Share prices in Tokyo have risen 15 per cent in the past three months and about 44 per cent in the past year.

The rupee appreciated 13 paise to close at 82.83 (provisional) against the US dollar on Thursday, tracking the weakness of the American currency in the overseas market and positive domestic equities. Forex traders said elevated crude oil prices weighed on the local unit and restricted a sharp uptick.

At the interbank foreign exchange, the local unit opened at 82.94 against the greenback. It hit an intraday high of 82.83 during the day. The domestic unit finally settled at 82.83 (provisional) against the dollar, higher by 13 paise from its previous close of 82.96.

Experts’ views on markets

“The domestic market staged a recovery from the day’s low, buoyed by positive PMI data from the Eurozone and an impressive earnings report from US tech stocks. The broader market showed resilience as India’s economic activity continued to expand in February, with both service and manufacturing PMI improving. Consequently, it resulted in outperformance in discretionary stocks and capital goods,” said Vinod Nair, Head of Research, Geojit Financial Services.

Technical views on Nifty 50

Rupak De, Senior Technical Analyst, LKP Securities said, ‘’The market remained highly volatile due to the weekly expiry of Nifty options. On the lower end, it found support at the 21EMA before rallying towards higher levels. The momentum indicator has experienced a bullish crossover. Overall sentiment has turned positive once again, with the potential to reach towards 22,400/22,600 in the short term. On the lower end, support is placed at 22,100.”

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.

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Published: 22 Feb 2024, 03:31 PM IST