Indian Stock Market Today: Indian benchmark indices, the Sensex and Nifty, ended the day with marginal gains. The gain was primarily driven by a notable rise in the auto and banking sectors. While the Sensex recorded a 0.20% increase, gaining 123.38 points to reach 62,027.90, the Nifty rose by 0.1%, adding 17.80 points to settle at 18,314.80.
But the most encouraging factor of the day was the rally in the Bank Nifty in the latter half of the day. It rose by 318.25 points or 0.73 percent. Today’s high of the Bank Nifty was 43,905.95, and its all-time high was 44151.8. It means we are only a few steps away from surpassing the previous high and making a new milestone in the Bank Nifty.
Sectoral Performance
Despite the positive trend in the overall market, mid and small-cap indices underperformed their larger counterparts. The Nifty Midcap 100 witnessed a decline of 0.41%, while the Nifty Smallcap 100 index closed 0.75% lower on the NSE. Notably, sectors such as metals, IT, and pharma faced losses. The weakness of these sectors was offset by gains in banks, auto, and financial services stocks.
Market Opening and Top Gainers/Losers
Indian stock markets opened slightly lower, influenced by weakness in global peers and concerns of a slowdown in the US economy. The BSE Sensex opened at 61,857.69, down 0.08% or 46.83 points, while the Nifty began at 18,273.75, a decline of 23.25 points.
Eicher Motors emerged as the top gainer of the Nifty 50 today, recording a gain of 5.85%. Other significant gainers included Mahindra & Mahindra, IndusInd Bank, Axis Bank, and Hindustan Unilever.
On the other hand, Hindalco Industries, BPCL, PowerGrid Corporation, NTPC, and Tata Steel experienced losses.
Today’s top 5 gainers and losers in the Nifty 50
| Company | Price | % Change |
| Eicher Motors Ltd | 3,604.7 | 6.49% |
| Mahindra & Mahindra Ltd | 1,275.05 | 1.97% |
| IndusInd Bank Ltd | 1,208 | 1.73% |
| Axis Bank Ltd | 911 | 1.68% |
| Hindustan Unilever Ltd | 2,619.05 | 1.03% |
| Company | Price | % Change |
| Hindalco Industries Ltd | 405.8 | -3.58% |
| Bharat Petroleum Corporation Ltd | 362.15 | -2.79% |
| Power Grid Corporation of India Ltd | 242.1 | -2.60% |
| NTPC Ltd | 175.15 | -2.45% |
| TATA STEEL Ltd | 106.85 | -1.57% |
Global Market Outlook
Asian markets remained weak due to concerns over weak inflation data in China and worries surrounding US banks. However, Japan’s benchmark Nikkei 225 recorded a gain of 0.9%, reaching 29,388.30, buoyed by favorable earnings reports from companies like Nissan Motor Co. On the other hand, SoftBank Group Corp. faced a slump after reporting its second consecutive year of losses.
In Europe, benchmarks saw a rise after mixed performances in Asian shares. France’s CAC 40 rose by 1.0% in early trading, Germany’s DAX added 0.6%, and Britain’s FTSE 100 gained 0.5%.
In the US, Dow futures were up by 0.4%, and S&P 500 futures added 0.4%. Oil prices witnessed a decline, while currencies traded within a narrow range. Base metals after yesterday’s massive crack took a breather today trading flat.
Conclusion
The Indian equity market ended the week with gains in the Nifty and Bank Nifty. Nifty surged 1.4 percent, and Bank Nifty recorded 2.6 percent gains on a weekly basis, propelled by auto, FMCG, and banking stocks. Despite underperformance in mid and small-cap indices, the overall trend of the market remained optimistic.
Concerns over US banks and a possible slowdown in China will remain active among buyers in the near term as well. Currently, the Indian market is eagerly awaiting India’s inflation data and the Karnataka state election result tomorrow. As the weekly closing of Indian benchmarks remains strong, experts are anticipating a rally in the broader market as well next week.
