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Stock Market Gains: Nifty Hits Record High - India Business News

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By Rediff Money Desk, MUMBAI   Feb 20, 2024 16:58

Indian stock markets continued their winning streak for the sixth straight day, with the Nifty index reaching a new all-time high. Banking and FMCG stocks led the gains.
Stock Market Gains: Nifty Hits Record High -  India Business News
Photograph: Danish Siddiqui/Reuters
Mumbai, Feb 20 (PTI) Benchmark Sensex spurted by 349 points while Nifty scaled a fresh lifetime high on the sixth straight day of gains on Tuesday, driven by buying in banking and select FMCG shares.

The 30-share BSE Sensex reversed its early losses and closed higher by 349.24 points or 0.48 per cent at 73,057.40 in a volatile trade. As many as 18 Sensex shares closed in the green while 12 settled in the red.

The broader Nifty of the NSE rose further by 74.70 points or 0.34 per cent to close at a new record level of 22,196.95. Intra-day, the 50-share index touched lifetime high of 22,215.60.

The key indices opened lower but renewed buying in private lenders helped the barometers reverse losses and closed in the green for the sixth consecutive session. In six days, Nifty jumped 580 points while Sensex rallied 1,984 points.

"Amidst market volatility, the domestic market is once again poised to approach record highs. The latest upward trajectory is bolstered by gains in the banking sector, with private banks witnessing a rebound from a recent sharp correction," Vinod Nair, Head of Research, Geojit Financial Services, said.

Among Sensex gainers, Power Grid jumped the most by 4.16 per cent after its board approved an investment of Rs 656 crore in transmission projects.

Private lenders HDFC Bank, Axis Bank, Kotak Bank, IndusInd Bank and ICICI Bank were also among lead gainers. NTPC, Nestle and Hindustan Unilever also ended the session with gains.

IT pack continued to decline with TCS being the biggest loser among Sensex shares, dropping by 1.75 per cent. HCLTech, Infosys and Wipro also declined.

Kotak Mahindra Bank shares rose by 1.83 per cent after the newly-appointed managing director Ashok Vaswani announced major leadership changes at the bank.

Tech Mahindra defied a negative trend in IT shares and closed higher by 0.86 per cent after it bought a 100 per cent stake in Orchid Cybertech Services for USD 3.27 million.

In the broader market, Zee shares closed higher by 8 per cent after market reports suggested efforts were being made by Zee and Sony to salvage their failed merger deal.

Meanwhile, Vibhor Steel Tubes had a bumper listing on stock exchanges as shares made their debut at a premium of 181 per cent over the IPO price. The stock closed at Rs 442, up 192 per cent from the issue price.

However, the BSE Midcap index dropped by 0.17 per cent and Smallcap by 0.18 per cent.

Analysts said that the decline in midcap and smallcap indices suggests that investors are continuing to exercise caution due to higher valuations.

Among sectoral indices, BSE Bankex rose the most by 1.23 per cent, followed by BSE Realty at 1.13 per cent and Financial Services at 0.87 per cent. BSE Utilities, Oil & Gas, and Capital Goods also rose up to 0.66 per cent.

BSE IT fell the most by 0.92 per cent, followed by BSE Auto (0.82 per cent) and BSE Metal (0.74 per cent).

Market breadth was positive with 1,949 shares closing in the green, 1,887 in the red and 95 settling unchanged.

The market capitalisation of BSE-listed companies was at Rs 391.50 lakh crore (USD 4.72 trillion).

Asian shares traded mixed on Tuesday. Hong Kong's Hang Seng gained 0.2 per cent while the Shanghai Composite rose 0.4 per cent. Japan's benchmark Nikkei 225 closed 0.1 per cent lower.

Foreign Portfolio Investors (FPIs) were net sellers as they offloaded shares worth Rs 754.59 crore, according to exchange data.
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