Stock Market Today: Nifty Dips Below 21800, Sensex Sheds 354 Points
Stock Market Today, 5 February 2024: Indian stock market indexes closed in the red on Monday. The domestic markets opened higher amid negative cues from Asian markets and after initial volatility extended their early gains. In the last hour, markets fell sharply and closed in the red.
The domestic market was traded higher in most parts of the session as CRISIL’s latest report showed that the Indian economy is expected to grow at an average rate of 6.7% per annum until the end of the decade. The economy will grow at this rate between the financial years 2024 to 2031, slightly higher than the pre-pandemic average of 6.6%. According to CRISIL, the key contributor to this trend will be capital.
The sentiments were also upbeat as the country’s services sector rose to a 6-month high in January due to higher demand and a better outlook ahead. The HSBC Services PMI data came higher at 61.8 in January from 59 in December. However, profit booking at the higher level dragged down the indices in the late trade.
Stock Market Today
The Nifty 50 index closed lower by 82.10 points or 0.38 percent and closed at 21771 levels while the Sensex was down by 354.22 points or 0.49 percent and finished at 71731.42 levels. The Bank Nifty index ended lower by 145.40 points or 0.32 percent on the spot level and closed at 45825.55 levels.
The broader markets closed mixed today, as the Nifty midcap index was down by 66.80 points or 0.14 percent and closed at 48410.20 levels. The Nifty smallcap index ended higher by 41.90 points or 0.26 percent at 16319.75 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Tata Motors, Coal India, Sun Pharma, Cipla, and BPCL, and the top losers were UPL, Bajaj Finance, Bharti Airtel, HDFC Life, and Grasim.
The top gainers in the Nifty midcap index were SAIL, Torrent Power, and Lupin and the top losers were PayTM, BankofIndia, and Devyani International.
The smallcap top gainers were UCO Bank, IOB, and Regington while the top losers were Deepak Fertilizer, Century, and Apar Industries.
The most active stocks in the Nifty index in terms of value were Tata Motors, HDFC Bank, and SBI. The most active stocks in terms of volume were Tata Steel, Tata Motors, and ONGC.
On the sectoral front, Pharma, Auto, and Energy closed higher while the sectors that closed in the red were FMCG, Financial Services, and IT
Global Stock Market Today
The other Asian stock market indexes mostly closed lower on Monday, as investors assessed services activity data and fears of higher-for-longer interest rates. Japan’s Nikkei closed higher by 0.54%, while Australia’s S&P ASX 200 index was down by 0.95%, slipped from its all-time high on Friday.
South Korea’s Kospi index declined 0.93%, dragged by the losses in heavyweight Samsung Electronics. Shanghai index closed lower by 1.02% as the country’s service sector activity grew less than expected in January, according to a Ciaxin survey, but remained in expansion. Hang Seng trimmed early losses and closed marginally lower by 0.15%. The Straight Times closed lower, while SET Composite and Taiwan ended in the green on Monday.
European stock market indexes mostly gave up their early gains and are trading near their neutral lines on Monday, as investors are waiting for the services activity data in the region. Investors are looking ahead to the fresh batch of quarterly earnings later this week.
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Editorial desk