Stock Market Today, 22 February 2024: Indian stock markets ended with significant gains amid volatility on Thursday. The domestic markets opened higher and erased all early gains soon after opening and traded volatile in the first half. However, markets bounced back in the second half, and Nifty hit a fresh record high and closed with major gains.
Traders remained cautious in the morning deal, as minutes from the Federal Reserve`s January 30-31 meeting revealed that policymakers remain wary of cutting interest rates too quickly, fearing progress on inflation could stall out.
The domestic markets bounced back in the second half as the flash HSBC India India Composite PMI Output Index—which measures the combined output of India’s manufacturing and service sectors—rose from a final reading of 61.2 in January to 61.5 in February. The HSBC Flash India Manufacturing PMI rose to 56.7 from 56.5 in January, while Services PMI came to 62 in February from 61.8 in January.
Sensex and Nifty Today
The Nifty 50 index closed higher by 162.40 points or 0.74 percent and closed at 22217.45 levels while the Sensex was up by 535.14 points or 0.74 percent and finished at 73158.24 levels. The Bank Nifty index ended lower by 99.90 points or 0.21 percent on the spot level and closed at 46919.80 levels.
The broader markets also closed higher in line with their larger peers today, as the Nifty midcap index was up by 497.85 points or 1.02 percent and closed at 49128.35 levels. The Nifty smallcap index ended higher by 109.60 points or 0.68 percent at 16114.45 levels.
Nifty 50 Top Gainers & Losers
The top gainers in the Nifty 50 index were Bajaj Auto, HCL Tech, Eicher Motors, Coal India, and ITC, and the top losers were IndusInd Bank, HDFC Bank, Kotak Bank, BPCL, and Hero Motors.
The top gainers in the Nifty midcap index were Yes Bank, Idea, and Cummins India and the top losers were Gland Pharma, Indian Bank, and Delhivery
The smallcap top gainers were Graphite, Data Pattern, and Hind Copper while the top losers were JBM Auto, KEI International, and Jubilant Ingrevia.
The most active stocks in the Nifty index in terms of value were HDFC Bank, Reliance, and Axis Bank. The most active stocks in terms of volume were Tata Steel, Power Grid, and HDFC Bank.
On the sectoral front, IT, Auto, and Metal closed higher while the sectors that closed in the red were Banks and Financial Services.
Global Stock Market Today
The other Asian stock markets closed higher on Thursday. Indices opened in an optimistic mode and extended their early gains. Japan’s Nikkei 225 hit a record high and closed higher above 2% due to solid corporate earnings and a weaker yen. Nikkei 225 gained the most in the region despite Jibun Bank flash purchasing managers’ index reading for February that showed business activity contracted yet again.
Australia’s S&P ASX 200 erased early losses and closed flat to the positive as the Judo Bank Composite PMI data showed a return to growth. South Korea’s Kospi ended higher by 0.41% as the Bank of Korea kept the interest rate steady at 3.5%. Hang Seng and Shanghai indexes also ended higher by 1.43% and 1.25% respectively. The Straits Times, Taiwan, and SET Composite closed higher, while Jakarta is trading slightly in the red.
European stock markets are trading higher on Thursday following gains from Asian market peers. Investors will be looking ahead for more corporate earnings and flash PMI data later in the day.
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Editorial desk