Stock Market Today: Nifty Crosses 21900, Sensex Gains 455; IT & Metal Rally
Stock Market Today, 6 February 2024: Indian stock market indexes ended with significant gains on Tuesday. The domestic markets opened higher amid negative global cues and extended their early gains. Sensex and Nifty closed on an optimistic note on the back buying in IT and Auto shares on Tuesday.
Markets got some support as the Organisation for Economic Co-operation and Development (OECD), in its latest interim economic outlook, has raised India`s growth outlook for 2024 to 6.2%. OECD, which represents the developed countries, in its earlier outlook in November last year had projected India’s growth at 6.1 %.
However, traders took note of the report that S&P Global Ratings said India’s sovereign rating support may strengthen over time if the next government – post general elections – could fund large infra projects without widening the country’s current account deficit and can shrink the fiscal deficit significantly.
Stock Market Today
The Nifty 50 index closed higher by 157.70 points or 0.72 percent and closed at 21929.40 levels while the Sensex was up by 454.68 points or 0.63 percent and finished at 72186.10 levels. The Bank Nifty index ended lower by 134.75 points or 0.29 percent on the spot level and closed at 45690.80 levels.
The broader markets outperformed their larger peers today, as the Nifty midcap index was up by 574.45 points or 1.19 percent and closed at 48984.65 levels. The Nifty smallcap index ended higher by 129.60 points or 0.79 percent at 16449.35 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were BPCL, HDFC Life, HCL Tech, TCS, and Maruti and the top losers were Power Grid, Britannia, IndusInd Bank, ITC, and Kotak Bank.
The top gainers in the Nifty midcap index were Yes Bank, SAIL, and Petronet, and the top losers were Policy Bazar, Comptron, and Bank of India.
The smallcap top gainers were Trevini Turbine, IOB, and Praj Industries while the top losers were NBCC, BSE, and Kalyan Jewellers.
The most active stocks in the Nifty index in terms of value were HDFC Bank, TCS, and Bajaj Finance. The most active stocks in terms of volume were Tata Steel, ONGC, and Power Grid.
On the sectoral front, IT, Metal, and Auto closed higher while the sectors that closed in the red were PSU Bank, Bank Nifty, and FMCG.
Global Stock Market Today
The other Asian stock market indexes mostly recovered their early losses on Tuesday. Shanghai and Hang Seng indexes jumped after China took measures to arrest a recent sell-off in its equities. Hang Seng gained 3.88% while the Shanghai index was up 3.13%. Japan’s Nikkei 225 ended lower by 0.54% as the country’s household spending fell more than expected in December.
Australia’s S&P ASX 200 index declined 0.58%, as the Reserve Bank of Australia kept the interest rate unchanged as widely expected. South Korea’s Kospi index ended lower by 0.59%. The Straits Times ended in the red while SET Composite and Jakarta Composite closed in the green.
European stock markets gave up some early gains and trading mixed due to the uncertainty of early interest rate cuts. Investor’s focus now shifted to the quarterly earnings. The share price of BP rose more than 5% after the British oil and gas giant announced plans to boost shareholder returns despite a sharp drop in full-year profits aligned with lower oil prices.
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Editorial desk