FINAL TRADE: Nifty crosses 22,122 to fresh record closing high, Sensex leaps 349 pts as bulls remain in charge for 6th day in a row
Stock market today: Fresh buying in financial stocks helped domestic equity benchmark Nifty50 scale a fresh record closing high of 22,197 on Tuesday, February 20, a sixth straight day of gains on Dalal Street.
Stock market today: Fresh buying in financial stocks helped domestic equity benchmark Nifty50 scale a fresh record closing high of 22,197 on Tuesday, February 20, a sixth straight day of gains on Dalal Street. The 50-scrip index rose 74.7 points, or 0.3 per cent, for the day while the Sensex settled at 73,057.4, up 349.2 points, or 0.5 per cent. The Nifty50 also registered an all-time high of 22,215.6 in intraday trade, a second straight day of record highs.
Power Grid, HDFC Bank, Axis Bank and NTPC were the top gainers in the Nifty50 basket, closing around 2-4 per cent higher. On the flip[side, Hero MotoCorp, Bajaj Auto, Eicher Motors and Coal India were the top losers, declining 2-4 per cent.
The high-beta Nifty Bank index, whose 12 constituents include SBI, HDFC Bank and ICICI Bank, closed with a gain of 558.7 points, or 1.2 per cent, at 47,094.2.
Broader indices, however, registered minor losses, with the Nifty Midcap 100 and Nifty Smallcap 100 gauges declining 0.1 per cent and 0.5 per cent for the day, respectively.
"Amidst market volatility, the domestic market is once again poised to approach record highs. The latest upward trajectory is bolstered by gains in the banking sector, with private banks witnessing a rebound from a recent sharp correction. However, the decline in mid and small caps suggests that investors are continuing to exercise caution due to higher valuations," said Vinod Nair, Head of Research at Geojit Financial Services.
"The forthcoming release of the US Fed minutes this week holds significance, particularly in light of recent sticky inflation data, which raises uncertainty regarding the timing of the Federal Reserve's initiation of its easing cycle," Nair added.
Global markets
European shares began the day in the red as a potential boost in euro zone wage settlements clouded over bets of an early interest rate cut, while China's decision to trim its mortgage rate failed to impress markets. The pan-European STOXX 600 index was down 0.1 per cent at the last count, a day after it hit a more than two-year high.
With inputs from agencies
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