Stock market defies global jitters, soars despite US inflation worries; Sensex, Nifty close in the green
Feb 14, 2024
Mumbai (Maharashtra) [India], February 14 : The stock market exhibited resilience today, shrugging off initial losses to close on a positive note.
Despite a rocky start fueled by concerns over higher-than-expected US inflation, equity benchmark indices rebounded during late trading hours, reflecting investor optimism.
The Sensex surged by 277.98 points to reach 71,833.17, while the Nifty climbed 96.80 points to close at 21,840.05.
Amidst the market rally, 35 out of the 50 Nifty companies witnessed gains, while 15 ended the day in the red.
Notable gainers among Nifty companies included BPCL, SBI, ONGC, Coal India, and Tata Steel, whereas Tech Mahindra, Cipla, Dr. Reddy, Infosys, and TCS emerged as the top losers at the market closing.
Varun Aggarwal, founder and managing director, Profit Idea, said, The market's positive trajectory comes in the wake of global market selloff triggered by hotter-than-expected US inflation data. Despite initial concerns, Indian equities displayed resilience, buoyed by late-session gains".
He added, "In terms of sectoral performance, the Nifty IT sector experienced the steepest decline, falling by 1.7 per cent. Additionally, both Nifty Bank and Nifty PSB indices were down by 1 per cent each. The BSE MidCap and SmallCap indices also witnessed declines ranging from 0.7 per cent to 1 per cent".
Globally, European shares posted marginal gains, influenced by softer-than-expected UK inflation data, raising hopes for imminent rate cuts by the Bank of England.
Meanwhile, Hong Kong stocks closed higher, with investors eagerly anticipating measures from Chinese authorities to support the struggling stock market.
Despite an initial drop of 1.8 per cent at the start of trading, the Hang Seng Index reversed course to close up by 0.8 per cent. Hong Kong-listed Chinese tech firms also saw a notable rise of 2.5 per cent.
The positive momentum witnessed in Indian equities despite initial headwinds underscores investor confidence and resilience amidst global market volatility.
