Stock market today: The Indian stock market witnessed strong buying across sectors on Monday, February 9, as investor risk appetite increased after further clarity on the details of an India-US trade deal. Buying by foreign institutional investors (FIIs) amid the projection of healthy growth and Inflation dynamics of India by the Reserve Bank of India (RBI) also cheered the market.
The Sensex closed 485 points, or 0.58%, higher at 84,065.75, while the Nifty 50 rose 174 points, or 0.68%, to settle at 25,867.30. The mid and small-cap segments outperformed. The BSE 150 MidCap Index jumped 1.66%, while the BSE 250 SmallCap Index surged 2.45%.
The overall market capitalisation of BSE-listed firms jumped to ₹473 lakh crore from ₹467 lakh crore in the previous session, making investors richer by ₹6 lakh crore in a single session.
10 key highlights from the Indian stock market today
1. Why did the Indian stock market rise today?
An India-US trade deal and foreign portfolio investors buying seem to have improved market sentiment.
After the announcement of the India-US trade deal on Monday last week, both countries released a joint statement on Friday, February 6, outlining a framework for the Interim Trade Agreement (ITA), which will serve as the first step toward a broader Bilateral Trade Agreement (BTA).
Easing geopolitical tensions, the dollar’s weakness, and the healthy macro outlook also underpin sentiment.
“Positive signals from the trade deal, coupled with the return of FIIs, fuelled a risk-on sentiment in the market. Investors are closely watching upcoming results, with PSU banks delivering stronger-than-anticipated performance, helping the PSU bank index outperform,” said Vinod Nair, Head of Research, Geojit Investments.
“The recovery was broad-based, with sectors such as cement, capital goods, textiles, and consumer discretionary attracting investor interest, supported by union budget proposals and favourable trade deals,” Nair noted.
2. Top Nifty 50 gainers
SBI (up 7.63%), Shriram Finance (up 6.03%), and Grasim Industries (up 3.11%) ended as the top gainers in the Nifty 50 index. As many as 34 stocks ended higher in the Nifty kitty of stocks.
3. Top losers in the Nifty 50 index
Max Healthcare Institute (down 2.82%), NTPC (down 1.05%), and ITC (down 0.95%) ended as the top losers in the index.
4. Sectoral indices today
All sectoral indices ended higher, with Nifty Media (up 4.37%), Consumer Durables (up 3.60%), and PSU Bank (up 3.34%) ending as the top gainers.
Nifty Bank jumped 0.91% to end at 60,669. The Financial Services index clocked a strong gain of 1.25%.
5. Most active counters in terms of volume
Vodafone Idea (63.2 crore shares), Tata Silver Exchange Traded Fund (25.2 crore shares), and IFCI (21.1 crore shares) were the most active counters in terms of volume on the NSE.
6. Advance-decline ratio
The advance-decline ratio remained in favour of advancers as over 3,100 stocks advanced while over 1,200 declined on the BSE.
7. 27 stocks jump over 15% on BSE
Kalyan Jewellers India, Transformers and Rectifiers (India), Shipping Corporation of India, Jay Bharat Maruti, Somi Conveyor Beltings, Ganesha Ecosphere, Blue Cloud Softech Solutions, and Tainwala Chemicals and Plastics (India) were among the 27 stocks that jumped over 15% on the BSE.
8. Nearly 150 stocks hit 52-week highs
Some 148 stocks, including SBI, Tata Steel, Adani Ports and Special Economic Zone, Indus Towers, JSW Steel, and Shriram Finance, hit their 52-week highs on the BSE.
9. 100 stocks hit 52-week lows
Vindhya Telelinks, Solara Active Pharma Sciences, Reliance Infrastructure, Poly Medicure, and Orient Cement were among the 100 stocks that hit their 52-week lows in intraday trade on the BSE.
10. Nifty’s technical outlook
According to Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities, the immediate resistance for the Nifty 50 is in the 25,970–26,000 zone.
Shah said any sustainable move above this zone could result in Nifty extending its pullback towards 26,200, followed by 26,400 in the short term. On the downside, the zone of 25,780–25,750 is likely to act as an immediate support.
According to Ajit Mishra, SVP-Research, Religare Broking, the latest move in the index suggests the Nifty may retest the 26,000 level soon, and a decisive breakout above this level could open the path to a new record high.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
