Stock Market Today: Sensex Climbs 690 Points, Nifty Shines Above 21,450
Stock Market Today 20 January 2024: Indian stock market indexes ended the volatile session with major gains on Wednesday. The domestic markets opened lower, erased all early losses, and turned positive in the morning deal.
Indian markets extended gains, led by a broader recovery in heavyweight stocks across all sectors. The market sentiments remained positive with data released by the Central Board of Direct Taxes showing that the government’s direct tax-to-GDP ratio stood at a 23-year high of 6.11% in FY23.
The Centre’s direct tax collections rose 17.8% year-on-year at Rs 16.6 trillion in FY23. Corporate tax collections during the year stood at Rs 8.26 trillion, up 16% on year, and income tax collections stood at Rs 8.33 trillion, 19.6% higher on year.
The market sentiments were also boosted as the country’s HSBC India Services PMI for January came higher at 61.2% as compared to the 59 recorded in the previous month.
Stock Market Today
The Nifty 50 index closed higher by 215.15 points or 1.01 percent and closed at 21453.95 levels while the Sensex was up by 689.77 points or 0.98 percent and finished at 71060.31 levels. The Bank Nifty index ended higher by 67.35 points or 0.15 percent on the spot level and closed at 45082.40 levels.
The broader markets outperformed their larger peers today, as the Nifty midcap index was up by 853.80 points or 1.83 percent and closed at 47423.40 levels. The Nifty smallcap index ended higher by 259 points or 1.72 percent at 15332.05 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Hindalco, Dr. Reddy, Tata Steel, Power Grid, and HCL Tech and the top losers were ICICI Bank, Axis Bank, Asian Paints, Adani Ports, and HDFC Life.
The top gainers in the Nifty midcap index were REC Ltd, Policy Bazar, and ZEEL and the top losers were Tata Elaxi, Max Health, and Oberoi Realty.
The smallcap top gainers were HFCL, Hudco, and IDBI while the top losers were Tanla Platforms, Welspun, and Credit Access.
The most active stocks in the Nifty index in terms of value were HDFC Bank, ICICI Bank, and Reliance. The most active stocks in terms of volume were HDFC Bank, Tata Steel, and ICICI Bank.
On the sectoral front, all sectoral indices closed in the green with Metal, Media, and PSU Bank gaining the most.
Global Stock Market Today
The other Asian stock markets mostly closed higher on Wednesday, as investors assessed fresh economic data released in the region. Japan’s Nikkei closed lower, despite the country’s December export data being reported better than expected. Australia’s S&P ASX 200 index ended on a positive, as the flash manufacturing PMI expanded in January after 11 months of contraction.
South Korea’s Kospi index is down by 0.36%. Hang Seng index gained the most in the region and ended 3.43% higher due to a rally in tech stocks. After the markets closed, the People’s Bank of China said, it would cut the reserve requirement ratio for financial institutions by 50 basis points, and the Shanghai index gained 1.77% today. The Straight Times, SET Composite, and Taiwan ended in the green, while Jakarta is trading in the red.
European markets are trading higher on Wednesday ahead of the eurozone flash manufacturing PMI data for January. The upside remained capped as investors are cautious ahead of the ECB monetary policy due on Thursday.
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Editorial desk