Nifty, Sensex End With Mild Gains: Market Wrap
The NSE Nifty 50 ended 0.13%, or 28.50 points, higher at 21,647.20, while the S&P BSE Sensex ended 0.089%, or 63.47 points, up at 71,721.18.
Indian benchmark stock indices ended higher on Thursday after a rangebound session, ahead of the release of crucial U.S. CPI data later in the day, which will provide fresh cues about the Federal Reserve's monetary policy.
Reliance Industries Ltd., Axis Bank Ltd., Bajaj Auto Ltd. and Hero MotoCorp Ltd. led gains in benchmark indices.
The NSE Nifty 50 ended 0.13%, or 28.50 points, higher at 21,647.20, while the S&P BSE Sensex ended 0.089%, or 63.47 points, up at 71,721.18.
The Sensex hit an intraday high of 71,999.47, while the Nifty 50 touched 21,726.50 on Thursday.
"In anticipation of inflation data from the U.S., the Indian market exhibited rangebound trade. Though investors anticipate U.S. inflation to ease, global markets, expecting a CY24 interest rate cut, have already priced in optimism. Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations. Selling pressure on IT stocks stemmed from weak earnings estimates," said Vinod Nair, head of research, Geojit Financial Services Ltd.
The U.S. CPI is expected to remain unchanged at 3.2% on year in December, according to a Bloomberg survey.
The Bank Nifty witnessed ongoing struggle between bulls and bears, leading to a volatile trading session. A significant hurdle for the index is identified at 48,000, marked by substantial call writing, said Kunal Shah, senior technical and derivative analyst at LKP Securities Ltd.
A decisive breakthrough above this level is anticipated to trigger a sharp short-covering rally. On the downside, the lower-end support remains intact at 46,900. A close below this support level may intensify selling pressure in the market, he said.
Axis Bank Ltd., Bajaj Auto Ltd., Hero MotoCorp Ltd., Reliance Industries Ltd. and Tata Consultancy Services Ltd. positively contributed to changes in the Nifty.
HDFC Bank Ltd., Hindustan Unilever Ltd., Infosys Ltd., ICICI Bank Ltd. and Larsen & Toubro Ltd. were negatively contributing to the changes.
On the NSE, six of the 12 sectors gained and six declined. Nifty Oil and Gas rose 1.48% and was the top performer, while Nifty Media fell the most at 0.35%.
The broader markets outperformed benchmark indices; the S&P BSE Midcap rose 0.66% and BSE Smallcap gained 0.79%.
Thirteen of the 20 sectors compiled by BSE Ltd. advanced, while seven declined. S&P BSE Energy rose the most to 1.57%, while S&P BSE Capital Goods fell 1.20% to become the top loser.
Market breadth was skewed in the favour of buyers. Around 2,362 stocks rose, 1,468 stocks declined, and 107 stocks remained unchanged on BSE.
