Stock Market Update: Mixed Day for Sensex and Nifty 50 as Midcap and Smallcap Indices Surge

Stock Market Update: Mixed Day for Sensex and Nifty 50 as Midcap and Smallcap Indices Surge

VoM News Desk | January 1, 2024 | 07:29 PM IST | Breaking News | Follow on Google News

Stock Market Update: Mixed Day for Sensex and Nifty 50 as Midcap and Smallcap Indices Surge

Stock Market Update: Mixed Day for Sensex and Nifty 50 as Midcap and Smallcap Indices Surge

• Sensex & Nifty 50: The Sensex and Nifty 50 ended flat on the first trading day of 2024. Sensex reached a new high of 72,561.91 during the session but closed slightly higher at 72,271.94, a gain of 32 points (0.04%). Nifty 50 also marked an all-time high of 21,834.35 and concluded at 21,741.90, up by 11 points (0.05%).
• Midcap & Smallcap Indices: BSE Midcap and Smallcap indices surged, closing 0.54% and 0.73% higher respectively, setting new all-time highs during the session (BSE Midcap at 37,171.97 and BSE Smallcap at 43,094.79).
• Market Analysis: Expectations of rate cuts and favorable macro conditions have led to robust gains. However, due to elevated valuations, consolidation is anticipated. Corporate earnings for the December quarter will likely steer stock-specific activity in the weeks ahead.
• Market Capitalisation: The total market capitalisation of BSE-listed firms rose to nearly ₹365.8 lakh crore, up by about ₹1.5 lakh crore in a single session.
• Top Gainers (Nifty 50): Nestle India, Adani Enterprises, and Adani Ports and Special Economic Zone were among the top gainers, while Eicher Motors, Bharti Airtel, and Mahindra & Mahindra closed as the top losers.
• Sectoral Movement: Nifty Media led as the top gainer among sectoral indices, followed by Nifty Oil & Gas, Nifty PSU Bank, and Nifty FMCG. Nifty Bank and Nifty Auto indices experienced marginal declines.
• Expert Analysis: Vinod Nair, Head of Research at Geojit Financial Services, pointed out the market’s strength fueled by optimism on rate cuts and easing global inflation. However, concerns over global supply chain disruptions and freight costs triggered profit booking.
• Technical Outlook (Nifty 50): Aditya Gaggar, Director of Progressive Shares, highlighted a Gravestone Doji candlestick pattern on the daily chart, indicating rejection at higher levels. A bearish divergence possibility might lead to a correction to 21,500, unless a convincing close above 21,800 negates this divergence.

Sources: Economic Times, Business Today

VoM News Desk

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