February 18, 2024
Equity Markets Rally on Positive Global Cues; Nifty 50 and Sensex Post Healthy Gains
Finance Stock Markets Trading

Equity Markets Rally on Positive Global Cues; Nifty 50 and Sensex Post Healthy Gains

Equity Markets Rally on Positive Global Cues; Nifty 50 and Sensex Post Healthy Gains/iStock

Equity Markets Rally on Positive Global Cues; Nifty 50 and Sensex Post Healthy Gains

In a robust trading session on Friday, January 19, both the Nifty 50 and the Sensex witnessed strong gains, fueled by buying activities across various sectors and positive global cues. The domestic market maintained a positive trajectory throughout the day, with investors showing interest in select heavyweights following a recent correction. The prevailing optimism in the market, driven by expectations of robust economic growth and potential rate cuts, contributed to the positive sentiment.

Indices and Top Contributors

The Nifty 50 opened at 21,615.20 and climbed around 1% to reach its day’s high at 21,670.60. It closed with a gain of 160 points, or 0.75%, at 21,622.40. Similarly, the Sensex opened at 71,786.74, rising 1% to hit an intraday high of 71,895.64. The Sensex concluded the day with a gain of 496 points, or 0.70%, at 71,683.23. Bharti Airtel, ICICI Bank, Larsen and Toubro, Infosys, and TCS emerged as top contributors to the gains in the Sensex.

Midcaps and Smallcaps Outperform

While the benchmark indices performed well, midcaps and smallcaps outpaced them. The BSE Midcap index surged by 1.69%, and the Smallcap index rose by 1.06%. The overall market capitalization of BSE-listed firms increased to nearly ₹373.6 lakh crore, adding almost ₹4.1 lakh crore in a single session.

Weekly Performance and Sectoral Trends

Closing the week, both the Nifty 50 and the Sensex recorded a 1.2% decline. The BSE Smallcap index slipped by 0.14%, but the BSE Midcap index defied the trend, rising by 0.9%. Sectoral indices like Nifty Auto, FMCG, Metal, PSU Bank, and Oil & Gas posted gains of over 1% each. However, the Nifty Bank and Nifty Private Bank indices experienced slight declines, while the Nifty Media index ended as the top loser among sectoral indices.

Top Gainers and Losers in Nifty 50

ONGC, Bharti Airtel, and NTPC were the top gainers in the Nifty 50 index, recording increases of 3.55%, 3.31%, and 3.19%, respectively. On the flip side, IndusInd Bank, Kotak Mahindra Bank, and HDFC Bank emerged as the top laggards in the Nifty 50 pack.

Expert Views on Market Performance

Experts noted that the market rebounded from a three-day losing streak, supported by renewed buying and recovery in global indices. While concerns about higher valuations and global factors prompted profit booking, the outlook for India’s long-term growth remained positive, providing a cushion to the markets.

Technical Analysis of Nifty 50

Jatin Gedia, a Technical Research Analyst, highlighted that the Nifty 50 is undergoing a counter-trend pullback on the daily charts. He pointed out key Fibonacci retracement levels and suggested that the pullback could be a selling opportunity. Gedia indicated immediate hurdle and crucial support zones for traders to watch.

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.

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