Stock Market Today: Nifty Hits Record High, Sensex Soars by 349 points
Stock Market Today, 20 February 2024: Indian stock markets ended the volatile session with decent gains on Tuesday. The domestic equity markets opened on a cautious note and oscillated between gains and losses throughout the session. However, in the last hour, the Nifty index hit a fresh record high and closed with a modest gain.
The market participants took some support as Commerce and Industry Minister Piyush Goyal showed some confidence that the Reserve Bank of India (RBI) will cut interest rates as inflation is under control. The RBI has been maintaining the benchmark interest rate at a higher level of 6.5% since February 2023.
However, the market upside remains capped as provisional data from the NSE showed foreign institutional investors (FIIs) net sold shares worth Rs 754.59 crore on February 19, 2024
Stock Market Today
The Nifty 50 index closed higher by 74.70 points or 0.34 percent and closed at 22196.95 levels while the Sensex was up by 349.24 points or 0.48 percent and finished at 73057.40 levels. The Bank Nifty index ended higher by 558.70 points or 1.20 percent on the spot level and closed at 47094.20 levels.
The broader markets underperformed their larger peers today, as the Nifty midcap index was down by 62.50 points or 0.13 percent and closed at 49248.45 levels. The Nifty smallcap index ended lower by 85.95 points or 0.53 percent at 16172.35 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Power Grid, HDFC Bank, Axis Bank, NTPC, and Kotak Bank, and the top losers were Hero Motors, Coal India, Bajaj Auto, Eicher Motors, and TCS.
The top gainers in the Nifty midcap index were ZEEL, PayTM, and Sona Blw, and the top losers were Federal Bank, Biocon, and Apollo Tyre.
The smallcap top gainers were Renuka Sugar, Deepak Fertiliser, and Glenmark while the top losers were MRPL, JBM Auto, and BSoft.
The most active stocks in the Nifty index in terms of value were HDFC Bank, Kotak Bank, and Coal India. The most active stocks in terms of volume were Power Grid, Coal India, and HDFC Bank.
On the sectoral front, Media, Fin Services, and Banks closed higher while the sectors that closed in the red were IT, Auto, and Metal
Global Stock Market Today
The other Asian stock market indexes mostly closed higher on Tuesday as investors assessed China’s Central Bank’s decision on its key interest rate. On Tuesday, the Central Bank of China cut the benchmark five-year loan prime rate for the first time since June and kept the one-year tenure unchanged. Shanghai and Hang Seng pared early losses and closed higher by 0.42% and 0.33% respectively.
Japan’s Nikkei 225 erased early gains and closed lower by 0.28%. Australia’s S&P ASX 200 index closed marginally lower by 0.08%. Elsewhere, Kospi and SET Composite ended in the red, while Straits Times and Taiwan closed higher. The Jakarta Composite Index is trading in the red. European stock market indexes are mostly trading lower on Tuesday following the mixed cues from the global markets.
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Editorial desk