Sensex gyrates 1,175 pts intraday, ends 535 pts higher; Nifty tops 22,200

Stock market highlights on Thursday, February 22, 2024: The Nifty50 index hit a record high of 22,252.5 in late deals

Closing Bell on February 22, 2024: The weekly F&O expiry likely triggered a fag-end recovery on the bourses on Thursday, helping benchmarks recoup from steep losses intraday. Stock-wise, TCS, ICICI Bank, ITC, Reliance Industries, Infosys, and L&T led the recovery.

The S&P BSE Sensex swung 1,175 points during the day before settling at 73,158, up 535 points or 0.74 per cent. 

The Nifty50 index, too, managed to end above 22,000 after hitting a low of 21,875. The index shut shop at 22,217, up 162 points or 0.74 per cent. It hit a record high of 22,252.5 in late deals.

In the broader markets, the BSE MidCap and SmallCap indices closed up to 0.9 per cent higher. 

Sectorally, the Nifty IT index advanced nearly 2per cent, followed by the Nifty Auto index (1.6 per cent). On the downside, the Nifty Bank index fell 0.2 per cent.

3:47 PM

Tech View :: 'Nifty Bank may eye 48,000'

The Bank Nifty bulls made a strong comeback, leading to a sharp recovery in the index from lower levels. The formation of a long-legged doji candle on the daily chart is considered bullish, suggesting potential further upside towards the 48,000 mark. The index finds support at 46,500, where aggressive put writing is evident. The bullish sentiment remains intact unless there is a decisive break below this support level.

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:46 PM

Tech View :: 'Nifty's momentum indicator has experienced a bullish crossover'

The market remained highly volatile due to the weekly expiry of Nifty options. On the lower end, it found support at the 21-EMA before rallying towards higher levels. The momentum indicator has experienced a bullish crossover. Overall sentiment has turned positive once again, with the potential to reach towards 22,400/22,600 in the short term. On the lower end, support is placed at 22,100.

Views by: Rupak De, Senior Technical Analyst, LKP Securities. 

3:45 PM

Comment :: 'Markets staged recovery on improved economic data'

The domestic market staged a recovery from the day’s low, buoyed by positive PMI data from the Eurozone and an impressive earnings report from US tech stocks. The broader market showed resilience as India's economic activity continued to expand in February, with both service and manufacturing PMI improving. Consequently, it resulted in outperformance in discretionary stocks and capital goods

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:43 PM

Currency check :: Rupee strengthens 13 paise vs US dollar

3:41 PM

Broader markets :: MiddCap index outperforms, gains 0.9%

3:40 PM

NIFTY HEATMAP :: IT, Auto stocks power recovery; HCLTm BAU rally 3% each

3:38 PM

CLOSING BELL :: Nifty hits record high of 22,252 intraday, ends above 22,200

3:36 PM

CLOSING BELL :: Sensex swings over 1,100 pts intraday, ends 535 pts up

3:24 PM

Market Check :: Stocks leading the market recovery

3:12 PM

Global check:: US, UK stock futures advance up to 1%

2:58 PM

ALERT:: Mahindra Lifespace Net Zero waste project gets Rs 800 cr sales in 3 days

Mahindra Lifespace Developers today announced the successful sales of India's first Net Zero Waste + Energy residential project, Mahindra Vista, located in Kandivali East, Mumbai. 

 

The project sold over Rs 800 crore worth of inventory within three days, the company said in an exchange filing.

2:43 PM

India on track to be $10 trn economy, set for 3rd largest slot: WEF prez

"The Indian economy is the fastest growing among all large economies of the world. We saw in Davos this year that there was a huge interest in India and I think this will only continue," Brende said. READ MORE

2:36 PM

Space related shares rally up to 13% after government eases FDI norms

Shares of space related companies like Mishra Dhatu Nigam (MIDHANI), MTAR Technologies, Data Patterns (India), Nelco, and Astra Microwave Products rallied up to 13 per cent on the BSE in Thursday's intraday trade, in an otherwise weak market, after the government on Wednesday eased Foreign Direct Investment (FDI) norms in the space sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment. READ MORE

2:24 PM

Sector ALERT:: BSE IT index up 1%; TCS, HCL Tech lead

2:11 PM

HPCL, BPCL, IOC slip up to 4% after CLSA recommends Sell; sees 37% decline

Analysts at CLSA believe that HPCL, BPCL and IOC were pricing-in much higher than historical marketing margins, and a notable premium to the global peers. READ MORE