Stock market today: The Indian stock market witnessed healthy buying in almost all segments, largely due to short covering after the recent fall.
The Sensex closed 790 points, or 1.06%, higher at 75,398.72, while the Nifty 50 ended at 23,689.60, up 277 points, or 1.18%.
The Nifty Midcap 150 index rose by 1.18%, while the Smallcap 250 index ended almost flat.
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The Indian stock market experienced a rally driven by short covering after a recent fall and value buying in an oversold market. Positive sentiment in sectors like banking, metals, and pharmaceuticals also contributed to the gains.
The Nifty Pharma, Healthcare, and Metal indices were top gainers. Sectors like Nifty Bank, Financial Services, PSU Bank, Private Bank, and Consumer Durables also saw gains of over 1%.
Adani Enterprises, Cipla, and Bharti Airtel were among the top-gaining stocks in the Nifty 50 index, with Adani Enterprises up 9%, Cipla up 8%, and Bharti Airtel up 5%.
Key headwinds included the weakening Indian rupee, high crude oil prices, and foreign portfolio investor (FPI) selling. Geopolitical tensions, particularly concerning the US-Iran conflict, also remained a concern.
The Nifty Midcap 150 index rose by 1.18%. The Smallcap 250 index, however, ended almost flat, indicating mixed performance in the broader market.
Investors earned ₹5 lakh crore in a single session as the overall market capitalisation of BSE-listed firms rose to ₹463 lakh crore from ₹458 lakh crore in the previous session.
As many as 38 stocks ended higher in the Nifty 50 index. Adani Enterprises (up 9%), Cipla (up 8%), and Bharti Airtel (up 5%) ended as the top-gaining stocks in the index.
On the flip side, shares of Infosys, Tech Mahindra, and HCL Tech, Coal India, and TCS ended as the top losers, falling 1-2%.
Among the sectoral indices, Nifty Pharma (up 2.74%), Healthcare (up 2.56%), and Metal (up 2.04%) ended as the top gainers. Nifty Bank, Financial Services, PSU Bank, Private Bank, and Consumer Durables jumped more than 1% each.
Nifty IT (down 2%) was the only major sectoral index on the NSE that ended in the red.
The Indian stock market ended higher despite the Indian rupee falling to fresh record lows and Brent Crude oil trading above the $105 per barrel.
According to PTI, the rupee settled at a fresh record low of 95.73 against the US dollar.
“Indian equities staged a counterintuitive recovery from intraday lows and ended higher despite the rupee hitting a record low and crude remaining elevated. Investor confidence was bolstered in anticipation of potential government measures to mitigate INR weakness, including consideration of bond tax relief for foreign investors and potential tightening of the Liberalised Remittance Scheme to stem capital outflows,” Vinod Nair, Head of Research, Geojit Investments, noted.
“Sentiment was further anchored by positive cues from the Trump-Xi summit, which raised hopes of expanding economic cooperation. Sectorally, while pharma and healthcare advanced owing to sectoral rotation, metals gained on higher metal prices and improving demand expectations from China. Conversely, the IT stocks extended their decline,” Nair said.
On the technical front, the Nifty 50 continues to trade below 20 EMA, suggesting a weak broader trend.
According to Rupak De, Senior Technical Analyst at LKP Securities, in the near term, a decisive move above 23,800 could trigger fresh upside momentum, potentially taking the index towards 24,200 and even higher levels.
However, De said failure to sustain above 23,800 may invite renewed selling pressure and bring the bears back into control of the market.
Over 100 stocks, including Apollo Hospitals Enterprise, Adani Enterprises, Tata Steel, and Hindalco Industries, hit their 52-week highs in intraday trade on the BSE.
On the other hand, more than 50 stocks, including TCS, Infosys, HCL Technologies, LTM, and Swiggy, hit their 52-week lows in intraday trade on the BSE.
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Disclaimer: This story is for educational purposes only and does not constitute investment advice. 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.
