Today’s Stock Market: Nifty Closes Above 21,700, And The Sensex Rises 544 Points To 71,684

Stock Market Today

At 21,725.70, the NSE Nifty closed 0.95 percent higher, and at 71,752.11, the BSE Sensex closed 0.86 percent higher.

On Wednesday, buying in HDFC Bank and Reliance Industries caused benchmark equity indices to rise by almost 1%. Investors are waiting for more cues from the two key events that are coming up: the US Fed’s interest rate decision and the interim budget.

At 71,752.11, the 30-share BSE Sensex gained 612.21 points, or 0.86 percent, to regain all of the ground it had lost earlier. It zoomed up to 71,851.39 during the day by 711.49 points, or 1%. The Nifty reached 21,725.70, up 203.60 points, or 0.95 percent.

Sun Pharma, Tata Motors, State Bank of India, Mahindra & Mahindra, Maruti, Bajaj Finserv, Power Grid, and UltraTech Cement were the top gainers among the Sensex companies. Following its December quarter earnings, Larsen & Toubro saw a decline of more than 4%. Titan performed worse than the 30-share pack as well.

Seoul finished in the green in the Asian markets, while Tokyo, Shanghai, and Hong Kong finished lower. The state of the European markets was inconsistent. Tuesday’s US market close was largely negative.

Indian markets had a positive build-up before the interim budget; despite low expectations, the market expects a smaller fiscal deficit bolstered by strong tax receipts. The market is currently seeing a see-saw-like trend, and the buy-on-dips strategy is working well. US 10-year yields were slightly lower ahead of the FOMC meeting, despite mixed global market cues, according to Vinod Nair, Head of Research at Geojit Financial Services.

The benchmark for global oil, Brent crude, fell 0.91 percent to USD 82.12 per barrel. According to exchange data, foreign institutional investors (FIIs) offloaded stocks worth Rs 1,970.52 crore on Tuesday. On Tuesday, the BSE benchmark dropped 801.67 points, or 1.11 percent, to end the day at 71,139.90. To reach 21,522.10, the Nifty fell 215.50 points, or 0.99 percent.

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