Stock Market Today: Nifty, Sensex Snap Two-Day Rout; Bajaj Finance, Axis Bank Top Performers
The Nifty 50 and Sensex jumped the most in over three weeks.
(Image of bull and bear's bronze sculptors in Frankfurt, Germany, is used for representation purpose. Source: Kristian Peetz/Envato)
KEY HIGHLIGHTS
US Futures Rise
As of 3:32 p.m., the Dow Jones Industrial Average and S&P 500 futures were trading 0.09% and 0.38% higher, respectively. The Nasdaq 100 future was 0.70% higher.
Stock Market Highlights: Nifty, Sensex Rally To Snap Two-Day Fall; Bajaj Finance, Axis Bank Top Performers
The Indian benchmark stock market indices closed higher, ending the two-day decline.
The NSE Nifty 50 ended 146.90 points or 0.64% up at 22,976.05, and the 30-stock BSE Sensex ended 535.23 points or 0.71% higher at 75,901.41.
The NSE Nifty Bank index also closed higher at 48866.85. The index ended 1.67% up at 802.20.
"Selling continued in the Broader markets, but the Frontline Index went up, led by the Banking and Auto sectors. Mid and Smallcap stocks recovered most of their losses during the day, however, couldn’t sustain at higher levels. After the big swings, Nifty50 closed at 22,957.25 with gains of 128.10 points," said Aditya Gaggar, director of Progressive Shares.
Realty was the best-performing sector, followed by PSU Banks, while Pharma and Energy lagged. The Broader markets extended their underperformance as Mid and Smallcaps corrected by 0.51% & 1.81% respectively, said Gaggar.
"The Index shows a potential trend reversal with a long-legged DOJI candlestick pattern, and there could be a bullish divergence in the RSI. A close above 23,100 would confirm this. Immediate resistance is at 23,100 and support at 22,800," he added.
The top performers were HDFC Bank, ICICI Bank, Axis Bank, Bajaj Finance and Bharati.
Sun Pharma, ITC, L&T, TCS and HCLT among others dragged the Nifty 50.
Five out of 12 sectors ended in green, with Nifty Realty, Finance, PSU Bank, Bank and Auto gaining the most.
Nifty Pharma, Energy, Media, Oil & Gas, IT, Metal and FMCG declined the most.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.63% and 1.73% down, respectively.
On BSE, 16 sectors declined, and five advanced out of 21. The BSE Healthcare declined the most, and the BSE Bankex rose the most.
Market breadth was skewed in favour of sellers. Around 2,695 stocks declined, 1,265 stocks advanced, and 117 stocks remained unchanged on BSE.
Economic Data Releases And Events For Jan 28
US: Durable Goods Orders — 7:00 p.m.
US: Core Durable Goods Orders — 7:00 p.m.
US: House Price Index — 7:30 p.m.
US: Conference Board Consumer Confidence — 8:30 p.m.
US: Richmond Manufacturing Index — 8:30 p.m.
Rupee Closes Weaker Against Dollar
The rupee weakened by 19 paise to close at 86.53 against the US dollar. It closed at 86.34 on Monday, according to data on Bloomberg
Market At Close
The NSE Nifty 50 and BSE Sensex snapped a two-day decline.
The Nifty 50 and Sensex jumped the most in over three weeks.
The NSE Nifty Pharma declined the most, while the NSE Realty rose the most
The NSE Nifty Midcap 150 ended 0.69% down at 19,019.0
The NSE Smallcap 250 ended 1.82% down at 15,135.10
