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Sensex, Nifty record gains for 2nd day in row despite weak global cues
The benchmark Sensex and the Nifty 50 recorded gains for the second day in a row on Friday, led by IT biggies such as TCS and Infosys. However, weak global cues emanating from the ship attacks on Red Sea and the sharp rise in the dollar limited the gains.
Mumbai: The benchmark Sensex and the Nifty 50 recorded gains for the second day in a row on Friday, led by IT biggies such as TCS and Infosys. However, weak global cues emanating from the ship attacks on Red Sea and the sharp rise in the dollar limited the gains.
The Sensex opened at 72,016.71 and at the end of the day settled 179 points, or 0.25 per cent, higher at 72,026.15.
Similarly, the Nifty 50 opened at 21,705.75 and eventually closed at 21,710.80, up 52 points, or 0.24 per cent.
Nearly 500 stocks, including Tata Motors, Bharti Airtel, NTPC, Power Grid and IndusInd Bank, hit new 52-week highs during the trading session.
BSE Midcap index closed at 37,706.55, with a gain of 0.19 per cent while BSE Smallcap index ended the day at 43,819.39, up 0.61 per cent.
For the first week of 2024 both the Sensex and Nifty closed lower by 0.3 per cent and 0.2 percent, respectively, compared to the previous week.
The broader market, however, did better with the BSE midcap and smallcap indices gained 2.4 per cent and 2.7 per cent, respectively.
The overall market capitalisation of the firms listed on the BSE now stands near Rs 370 lakh crore. The number of registered investors on the BSE is close to 16 crore.
The top gainers in Nifty 30 list include Adani Ports (up 2.65 per cent), Larsen & Toubro (up 2.60 per cent) and TCS (up 1.96 per cent).
"On the domestic front, the market is moving towards the results season, and we expect the exuberance of the broader index may be tested if the December quarter earnings do not justify the valuation," said Vinod Nair, Head of Research, Geojit Financial Services.
"The prevailing sentiment is bullish, but Nifty encounters initial resistance at 21,750, facing selling pressure. Immediate support rests at 21,600. A conclusive close above the 21,750 level could propel Nifty towards the 22,000 mark, signalling further upward movement," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
