Stock Market Today: Nifty Above 22,100, Sensex Up 335 Pts, Small & Mid-Cap Shine
Stock Market Today, 14 March 2024: Indian stock markets ended higher on Thursday. The domestic equity markets extended their previous session sell-off with a negative start in the morning session amid weakness in global markets. However, Sensex and Nifty erased early losses in the mid-morning session and extended gains.
The market sentiments turned positive as Fitch Rating has upgraded India’s GDP estimates from 6.5% to 7% and expects 50 bps interest rate cuts between July and December this year. The sentiments were also boosted as the country’s Wholesale Price Index (WPI) numbers eased to 0.20% in February from 0.27% reported in January.
The upside remained capped as the Foreign institutional investors (FIIs) net sold shares worth Rs 4,595.06 crore on March 13, provisional data from the NSE showed. Meanwhile, traders took note of the report that NITI Aayog has proposed a series of measures to boost exports from micro, small, and medium enterprises, including boosting e-commerce exports.
Stock Market Today
The Nifty 50 index closed higher by 148.95 points or 0.68 percent and closed at 22146.65 levels while the Sensex was up by 335.39 points or 0.46 percent and finished at 73097.28 levels. The Bank Nifty index ended lower by 191.35 points or 0.41 percent on the spot level and closed at the 46789.95 level.
The broader markets outperformed their larger peers today, as the Nifty midcap index was up by 929.80 points or 2.02 percent and closed at 46901.20 levels. The Nifty smallcap index ended higher by 493.50 points or 3.45 percent at 14788.55 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Adani Enterprise, Adani Ports, Hero Motors, Hindalco, and ONGC, and the top losers were Axis Bank, IndusInd Bank, JSWSteel, Bajaj Finance, and Tata Steel.
The top gainers in the Nifty midcap index were FACT, IRFC, and Yes Bank and the top losers were Prestige, Indian Bank, and NMDC.
The smallcap top gainers were BLS, SJVN, and Central Bank while the top losers were IIFL, Bikaji, and RBL Bank.
The most active stocks in the Nifty index in terms of value were HDFC Bank, Reliance, and Tata Motors. The most active stocks in terms of volume were Tata Steel, ITC, and HDFC Bank.
On the sectoral front, Metal, IT, and Media closed higher while the sectors that closed in the red were Banks and Financial Services.
Global Stock Market Today
The other Asian stock market indexes closed mixed on Thursday, as the tech rally from Wall Street halted ahead of the PPI inflation data.
Japan’s Nikkei 225 erased early losses and closed higher by 0.29%, investors remain cautious ahead of the final estimate of wage negotiations, due on Friday, as the strong wage increase would impact the BoJ’s policy decision next week. Australia’s S&P ASX 200 index closed slightly lower by 0.20%
South Korea’s Kospi index added 0.94%, ended higher for the third consecutive day. Shanghai and Hang Seng indexes closed lower by 0.18% and 0.91% respectively. The Strait Times, Taiwan, and SET Composite closed in the positive territory today.
European stock market indexes are trading mostly in the green on Thursday following mixed cues from the Asian markets. Investors digested the latest data from the UK, which showed the housing market continued to stabilize in February despite prices remaining under pressure.
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Editorial desk