Nifty above 19500, Sensex Surges 481 pts as IT, Pharma Stocks Lead Gains

 

Sensex and Nifty Today Aug 4, 2023: Indian stock markets ended the volatile session with strong gains after a sharp fall in the last two consecutive sessions. The market sentiments were positive following the gains from Asian markets and as investors bet on recently beaten-down stocks.

Markets got some support,  as the finance ministry in a report stated that growth momentum gathered in the January-March quarter will be sustained in the April-June quarter of the current financial year amid the strengthening of the current account balance.

Adding more optimism, an S&P Global report said India can become a $6.7 trillion economy by 2031, from $3.4 trillion currently, if the country clocks an average growth of 6.7 percent for 7 years. 

 

Stock Market Indexes Today

 

The Nifty 50 index closed higher by 135.35 points or 0.70 percent and closed at 19517 levels while the Sensex was up by 480.57 points or 0.74 percent and finished at 65721.25 levels. The Bank Nifty index ended higher by 366.05 points or 0.82 percent on the spot level and closed at 44879.50 levels.

The broader markets also closed higher in line with their larger peers today, as the Nifty midcap index was up by 304.45 points or 0.82 percent and closed at 37630.60 levels. The Nifty smallcap index ended higher by 88.20 points or 0.76 percent at 11698.05 levels.

 

Nifty 50 top gainers & losers 

 

The top gainers in the Nifty 50 index were Cipla, IndusInd Bank, TechM, Wipro, Bharti Airtel Wipro, and the top losers were SBI, Bajaj Auto, BPCL, NTPC, and Maruti

The top gainers in the Nifty midcap index were Policy Bazar, LIC Hsg Finance, and Delhivery and the top losers were ABFRL, Cummins, and Max Health.

The smallcap top gainers were NBCC, KPIT Tech, and Graphite while the top losers were MGL, Radico, and HUDCO

The most active stocks in the Nifty index in terms of value were SBI, HDFC Bank, and Reliance. The most active stocks in terms of volume were SBI,, Tata Steel, and ICICI Bank.

On the sectoral front, IT, Pharma, and Bank closed higher while the sector that closed in the red were PSU Bank, Auto, and FMCG.

 

Global Stock Market Today

 

Asian stock market indexes closed mixed on Friday, as rising US bond yields continued to pressure stock markets after Fitch’s downgrade. Australia’s central bank has cut the growth outlook for the country for 2023 from1.25% earlier estimated to1%. Nikkei reversed its early losses and closed marginally higher. 

Kospi ended marginally lower after a volatile session. Shanghai and Hang Seng trimmed their early gains and closed in the green territory. European markets are trading higher on Friday on hopes of Chinese stimulus and ahead of the US monthly job report.

 

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Happy Investing!!

Editorial desk