Indian stock market continues upward trajectory, Sensex and Nifty close in green

Business Friday 09/February/2024 17:13 PM
Indian stock market continues upward trajectory, Sensex and Nifty close in green

Mumbai: Continuing its positive momentum, the stock market closed in the green on Friday, with the benchmark indices registering gains.

The Sensex rose by 167.06 points, closing at 71,595.49, while the Nifty climbed by 64.55 points, ending the session at 21,782.50.

In a day marked by volatile trading, the Sensex fluctuated within a range of 470 points before settling higher by 0.23 per cent. Similarly, the Nifty50 exhibited resilience, closing up by 0.3 per cent despite the intraday fluctuations.

Among the Nifty companies, 27 witnessed advances, while 23 faced declines. Notable gainers included Grasim, SBI, Apollo Hospitals, Sun Pharma, and ICICI Bank, while M&M, Bharti Airtel, NTPC, ONGC, and Tata Steel were among the top losers.

Profit booking in public sector undertakings contributed to a nearly 3 per cent decline intraday in the broader markets. The BSE MidCap and Smallcap indices ended 0.82 per cent and 1.4 per cent lower, respectively. Sector-wise, the Nifty Metal index experienced a decline of 1.5 per cent, followed by the Nifty Auto and IT indices, each dropping by 0.4 per cent. Conversely, the Nifty Bank index gained 1.5 per cent.

Varun Aggarwal, founder and managing director, Profit Idea said, "Despite the overall positive sentiment, sectors such as Nifty Oil and Gas, metals, and realty witnessed losses, while the Nifty Pharma and Bank indices demonstrated positive momentum".

He added, "Meanwhile, Chinese stocks experienced another volatile week, prompting investors to seek additional policy support amid doubts regarding market stabilization.

Despite Beijing's efforts to stem the equity downturn, skepticism persisted, as evidenced by a slowdown in the CSI 300 Index's rebound before the Lunar New Year break. The decline in Hong Kong-listed Chinese shares further underscored investor caution".

Analysts anticipate further market losses unless authorities provide assurance of additional support measures upon the market's reopening.

While recent rescue measures have offered some relief, they're viewed as temporary fixes rather than fundamental solutions to economic challenges.

In Europe, trading was mixed on Friday as investors evaluated corporate earnings and awaited US inflation data. London's FTSE 100 gained 0.1 per cent, while the Paris CAC 40 fell 0.2 per cent , and Frankfurt's DAX index grew 0.1 per cent .

The positive close in the Indian stock market, amidst global volatility, reflects investor optimism and resilience in the face of uncertainties, underpinned by cautious optimism regarding policy measures and economic fundamentals.