Nifty hits fresh high, Sensex ends 282 pts higher; consumer durables rally

Stock market highlights on February 19, 2024: Nifty index leaps to a new lifetime high of 22,187 after crossing previous high of February 2, 2024

Stock market highlights: Equity markets closed near record-highs after the NSE Nifty index made a new peak of 22,187 during Monday's trade. The index closed 82 points higher at 22,122, while the BSE Sensex climbed 282 points to end at 72,708. 

Grasim, Bajaj twins, Bajaj Auto, Bharti Airtel, ICICI Bank, ITC, Cipla, Sun Pharma, Titan, Nestle, Maruti and RIL closed 1-3 per cent higher, leading gains among largecaps. 

Coal India was the top largecap drag, which tanked 4 per cent, followed by Wipro, L&T, L&TMindtree, SBI Life and TCS, down 0.6-1.4 per cent. 

The BSE SmallCap index outperformed with a gain of 0.8 per cent against a 0.3 per cent rise in its BSE midcap peer and 0.4 per cent in benchmark Sensex.

Nifty Consumer Durables posted highest sectoral gains, closing 2 per cent higher led by Rajesh Exports and Dixon Tech, which soared 13 per cent and 7 per cent, respectively. 

Nifty Pharma and FMCG rose nearly 1 per cent each. PSU Bank, Realty and IT pockets were the only losers. 

4:00 PM

VIEW:: Nifty seems headed towards 22,500-22,600

Nifty has surpassed the swing high on the hourly chart, signaling an increase in optimism. Additionally, the consolidation observed in recent days has concluded with an upside breakout.

 

The momentum indicator RSI is also suggesting a positive shift in momentum. The overall sentiment appears to position Nifty for a potential upward movement towards 22,500-22,600 in the short term. The immediate crucial support is situated at 22,000.

 

- Rupak De, Senior Technical Analyst at LKP Securities

3:55 PM

COMMENT:: Market out-perfomance continued on hopes of improved capex, political stability

Despite an unattractive risk reward, the broader market continued its outperformance in expectation of improvements in private capex and optimism about political stability.

 

Benign input costs and expectations of a pickup in rural demand will aid corporate earnings growth.

 

On the global front, the US FED will unveil its latest minutes this week, which may hint at the direction of rates; however, the higher US 10 yr yield and domestic outflows of FIIs are pointing cautiousness of foreign investors.

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

3:49 PM

Market breadth was fairy positive; 2,428 stocks advanced v/s 1,536 declining shares on the BSE

3:46 PM

Sectoral ALERT:: Nifty Consumer Durables index jumps 2%

3:44 PM

BSE Smallcap Heatmap:: MRPL soars over 19%; BF Utilities, Hi-Tech Gears, Novartis rally over 15%

3:42 PM

BSE Midcap Heatmap:: Rajesh Exports zooms 13%; CRISIL, PolicyBazaar other top movers

3:40 PM

Broader Market Check:: MidCap, SmallCap indices gain in tandem with Nifty50; VIX jumps 5%

3:38 PM

Nifty50 Movers & Shakers:: Grasim, Bajaj Finserv, Bajaj Auto shine; Coal India falls 4%

3:36 PM

Sensex 30 Heatmap:: 18 Gainers v/s 12 Losers

3:34 PM

CLOSING BELL:: NSE Nifty50 settles 82 pts higher at 22,122

3:33 PM

CLOSING BELL:: S&P BSE Sensex ends with a gain of 282 pts at 72,708

3:16 PM

Minda Corp rallies 9%; Sula Vineyards slips 8% after huge block deals

Shares of Minda Corporation hit a record high of Rs 441.5, as they rallied 9 per cent on the BSE in Monday’s intra-day trade after nearly 5 per cent of total equity of the auto ancillary company changed hands. Read

3:02 PM

Tata Capital's risk adjusted capital to improve to 10% in 2 years: S&P

Tata Capital's risk adjusted capital (RAC) ratio is expected to improve to about 10 per cent over the next two years from 8.0 per cent in March 2023, said S&P Global Ratings on Monday. 
 

Tata Capital's capitalisation will likely remain strong despite the projection of above-average loan growth, said the rating agency in a statement. The capitalisation is likely to benefit from regular infusions by the Tata group, a proposed Initial Public Offering (IPO) by 2025, and Tata Capital's investments in subsidiary and associate companies. Read

2:47 PM

Power Grid approves investments of Rs 656 cr for transmission projects

State-owned Power Grid Corporation on Monday said its board has approved an investment worth about Rs 656 crore for implementation of electricity transmission projects in the country. "...its Board of Directors and 'Committee of Directors on Investment on Projects in their respective meetings held on 18th February, 2024, have accorded investment approvals," a BSE filing stated.

2:33 PM

Sugar output falls 2.48% to 22.36 mn tonnes till Feb 15 of FY24: ISMA

The country's sugar production dipped 2.48 per cent to 22.36 million tonnes till February 15 of the ongoing 2023-24 marketing year, as per the industry body ISMA's latest data.
 

Sugar production stood at 22.93 million tonnes in the year-ago period. Sugar marketing year runs from October to September. Read