The Indian stock market benchmarks, the Sensex and the Nifty 50, ended with decent gains on Friday, February 6, on buying in select heavyweights, including ITC, Kotak Mahindra Bank, and ICICI Bank.
The Sensex ended 266 points, or 0.32%, higher at 83,580.40, while the Nifty 50 closed at 25,693.70, up 51 points, or 0.20%.
However, the mid and small-cap segments underperformed. The BSE 150 MidCap Index dropped 0.11%, while the BSE 250 SmallCap Index fell by 0.42%.
10 key highlights from the Indian stock market today
1. What drove the Sensex, Nifty 50 higher?
Market benchmarks rose on short covering in select heavyweights amid mixed global cues. While the growth-oriented Union Budget and India’s trade deals with the European Union and the United States of America have further improved the country’s macroeconomic outlook, mixed quarterly earnings and foreign capital outflow keep sentiment cautious.
The status quo in interest rates and policy stance by the Reserve Bank of India also did not offer a major boost to the market.
“Sentiment stayed subdued as investors reacted to mixed global cues and persistent geopolitical uncertainties. The MPC’s decision to keep the policy rate unchanged while highlighting elevated global risks weighed on overall risk appetite, and weakness in the Indian rupee added to the cautious undertone,” Ajit Mishra, SVP- Research at Religare Broking, noted.
“A notable sell-off in the IT sector, driven by concerns over the disruptive impact of new AI technologies and related valuation worries, further contributed to the negative bias,” said Mishra.
2. Top Nifty 50 gainers
Shares of ITC (up 5.21%), Kotak Mahindra Bank (up 3.33%), and Hindustan Unilever (up 2.83%) ended as the top gainers in the Nifty 50 index.
3. Top losers in the Nifty 50 index
HDFC Life Insurance Company (down 2.40%), Tech Mahindra (down 1.83%), and TCS (down 1.71%) ended as the top losers in the index. As many as 31 stocks ended lower in the Nifty kitty of stocks.
4. Sectoral indices today
Nifty Bank ended almost flat at 60,120.55, while the Financial Services index rose by 0.43%.
Nifty FMCG clocked a strong gain of 2.27% to end as the top gainer among the sectoral indices.
Nifty Consumer Durables rose by 0.96%. Nifty Private Bank, Realty, and Oil and Gas indices rose more than half a per cent each.
5. Most active counters in terms of volume
Vodafone Idea (58 crore shares), Tata Silver Exchange Traded Fund (43.5 crore shares), and Nippon India Silver ETF (16.9 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 decliners as over 1,900 stocks advanced while over 2,200 declined on the BSE.
7. 18 stocks jump over 15% on BSE
Loyal Textile Mills, Modis Navnirman, IZMO, and Apollo Pipes were among the 18 stocks that jumped over 15% on the BSE.
8. Over 80 stocks hit 52-week highs
Some 83 stocks, including IOC, APL Apollo Tubes, Jindal Steel, FSN E-Commerce Ventures, and SAIL, hit their 52-week highs on the BSE.
9. Over 100 stocks hit 52-week lows
Naukri, Mankind Pharma, and Procter & Gamble Hygiene and Health Care were among the 107 stocks that hit their 52-week lows in intraday trade on the BSE.
10. Nifty’s technical outlook
According to Rupak De, Senior Technical Analyst at LKP Securities, support for the Nifty 50 is seen at 25,500, while resistance is around 25,700.
“In the short term, the index is likely to remain range-bound between 25,500 and 25,700. A decisive breakout on either side of this range could trigger a directional move,” said De.
According to Amol Athawale, VP- Technical Research for Kotak Securities, the market seems to have completed one leg of correction, and for short-term traders, 25,500 and 25,350 would act as crucial support zones.
“If the market succeeds in trading above these levels, it could bounce back to 25,800. A successful breakout of 25,800 could push the market up to 26,000-26,050. On the flip side, a decline below 25,350 would make the uptrend vulnerable,” said Athawale.
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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.
