Stock Market Highlights: Nifty, Sensex Register Longest Monthly Losing Streak In 23 Years
The NSE Nifty 50 ended 260.05 points, or 1.12% up at 23,509.55, and the 30-stock BSE Sensex ended 740.76 points, or 0.97% higher at 77,500.57.
The Indian equity benchmark indices closed higher four days in a row, but extended its monthly losing streak.
The NSE Nifty 50 ended 260.05 points, or 1.12% up at 23,509.55, and the 30-stock BSE Sensex ended 740.76 points, or 0.97% higher at 77,500.57.
The NSE Nifty Bank also closed higher at 49,587.20, up 0.56%. The stock market will remain open on Feb. 1, on account of Budget 2025 that is set to take place.
"The last day of the month belongs to the Bulls, as from the beginning itself, the Index progressed towards the north and at regular intervals compounded its gains to close at 23,508.40, with gains of 258.90 points. All the sectors ended in green with Energy and FMCG being the major outperformers. Mid and Smallcap space advanced by 1.89% and 2.11% and outshined the Frontline Index," said Aditya Gaggar, director of Progressive Shares.
With a strong bullish candle, the Index has confirmed its Falling Wedge Formation breakout, but with the Union Budget announcement tomorrow, there could be high volatility. The undertone will remain positive with the downside being protected at 23,400, while on the higher side, 23,740-23,860 will be considered as a strong resistance zone, he added.
Shares of Larsen & Toubro Ltd., ITC Ltd., Reliance Industries Ltd., Infosys Ltd. and HDFC Bank Ltd. contributed positively to changes in the Nifty 50.
While those of Bharti Airtel Ltd., ICICI Bank Ltd., JSW Steel Ltd., Bajaj Finserve Ltd. and Bajaj Finance Ltd. weighed the index.
All twelve sectors on the NSE ended in green, with Nifty Energy, FMCG, Realty, Oil & Gas and Auto gaining the most.
On the weekly sectoral trends, Nifty Realty, Auto, Finance, PSU Bank and Nifty Bank made the most gains. Nifty Media, Pharma and IT dragged the most.
Broader indices outperformed. Both BSE Midcap closed up 1.76% and BSE Smallcap closed 1.83% higher.
Market breadth was skewed in the favour of buyers. As many as 2,741 stocks rose, 1,182 fell, and 124 remained unchanged on the BSE.
