Stock Market Today: Sensex Settles Over 115 Points, Nifty Over 23,200

Stock Market Today: At the close, the Sensex gained 115.39 points, or 0.15 per cent, to finish at 76,520.38, while the Nifty rose 50.00 points, or 0.22 per cent, to settle at 23,205.35

In the broader market, the Nifty Midcap 100 jumped nearly 2 per cent, while the Nifty Smallcap 100 closed with a 1.1 per cent gain

Source : ABPLIVE AI

Indian benchmark indices, Sensex and Nifty, continued their upward momentum from the previous session and closed higher on Thursday, though they ended off their intraday highs. However, the broader markets, including small and mid-cap stocks, saw a strong rebound from the previous day's selloff, outperforming their large-cap counterparts.

At the close, the Sensex gained 115.39 points, or 0.15 per cent, to finish at 76,520.38, while the Nifty rose 50.00 points, or 0.22 per cent, to settle at 23,205.35. Market breadth remained positive, with advancing stocks outpacing decliners. A total of 2,014 shares gained, 1,779 declined, and 108 remained unchanged.

Most sectors ended in the green, except for banks (both private and public) and energy. The Nifty IT index led the gains with a nearly 2 per cent increase, while consumer durables, automobiles, pharma, and media sectors also rose by 1-2 per cent. On the other hand, the Nifty Bank and PSU Bank indices saw slight declines, and the oil and gas sector slipped by 0.5 per cent.

In the broader market, the Nifty Midcap 100 jumped nearly 2 per cent, while the Nifty Smallcap 100 closed with a 1.1 per cent gain.

Among individual stocks, Ultratech Cement was the top gainer on the Nifty, surging more than 6 per cent following the company’s strong Q3 earnings. Other notable Nifty gainers included Grasim Industries, Wipro, Shriram Finance, Eicher Motors, and M&M, all rising by 2-4 per cent.

Among the laggards, BPCL was the hardest hit, falling over 2 per cent following its Q3 results. Other notable losers included Kotak Mahindra Bank, HCL Tech, and index heavyweight Reliance Industries, all of which ended 1-2 per cent lower.

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates, said, “ The domestic benchmark index, Nifty, opened flat to negative, witnessed buying interest, and ultimately settled the day in positive territory at 23,205. Technically, Nifty has respected the hammer's support of 22,980 levels and formed a green candle, indicating strength. As long as the index holds above 22,980, the ongoing relief rally is likely to continue, with the index potentially attempting to test 23,400-23,550. Therefore, traders are advised to follow a "buy on dips" strategy in the short term.”

“Bank Nifty opened marginally positive, saw heavy profit booking, and eventually closed the day in the negative zone at 48,589. On the technical front, Bank Nifty has surpassed the high of the doji candle on a daily chart, but has been unable to sustain above it. According to the doji candle formation, the index is likely to find support around 48,000. If the index holds above 48,000, a pullback rally towards 49,500-50,000 could be possible. On the flip side, sustaining below 48,000 levels could extend further weakness,” added Yedve.