Sensex, Nifty end marginally higher amid cautious trade; IT stocks hit

The S&P BSE Sensex rose 33.57 points to 69,584.60 at the closing bell, while the NSE Nifty 50 gained 19.95 points to 20,926.35. Broader market indices performed better than the benchmark indices, registering gains across the board.

Benchmark stock market indices ended the trading session marginally higher on Wednesday amid weakness in information technology (IT) stocks.

The S&P BSE Sensex rose 33.57 points to 69,584.60 at the closing bell, while the NSE Nifty 50 gained 19.95 points to 20,926.35. Broader market indices performed better than the benchmark indices, registering gains across the board.

Nifty Auto, Nifty Pharma and Nifty Realty were the top gainers, all gaining above 1 per cent. However, Nifty IT fell 1.28 per cent and was the top loser among sectoral indices.

The top five gainers on the Nifty 50 were NTPC, Adani Ports, Hero MotoCorp, Power Grid and Eicher Motors. On the other hand, the top losers were TCS, Infosys, HDFC Life, Axis Bank and Ultratech Cement.

Rising retail inflation and reduced optimism over US Federal Reserve’s policy decision has impacted Dalal Street’s winning run as IT stocks fell sharply.

Aditya Gaggar, Director of Progressive Shares, said, “Bulls have shown their presence with a sharp recovery from the lower levels to end the session at 20,926.35 with a gain of 19.95 points.”

“The power stocks were the outperformers of the day and almost all of them showed notable growth. With gains of over 1 per cent, realty, pharma and auto sectors also performed well while beating in the frontline tech stocks dragged the sector lower,” he noted.

“A strong recuperation was seen in the broader markets as well with Mid and Smallcaps ending the session with gains of 0.88 per cent and 0.87 per cent, respectively and outperforming the benchmark Index,” Gagger added.

Gaggar went on to say that the Nifty50 has formed a Dragonfly DOJI candlestick pattern on its daily chart, featuring a prominent lower shadow. He added that this pattern signals a potential trend reversal.

“Now the new range for the Index is 20,780-21,020,” Gaggar said.

Published By:
Koustav Das
Published On:
Dec 13, 2023