Indian markets recoup losses and close higher
Upstox
2 min read • Updated: February 14, 2024, 3:59 PM
Summary
Out of the NIFTY50 universe, 35 stocks advanced with BPCL (+7.2%), SBI (4.1%) and ONGC (+3.7%) being the top gainers. Tech Mahindra (-2.8%), Cipla (-2.3%) and Dr Reddy’s (-1.3%) were the top losers.
After a weak opening, the Indian markets recouped their losses and managed to close in the green. India’s benchmark indices – NIFTY50 (+0.4%) and Sensex (+0.4%) – closed higher for the second consecutive day.
Broader markets also made gains, outperforming the benchmark indices. NIFTY Smallcap 100 and NIFTY Midcap 100 indices were up 1.6% and 1%, respectively.
Taking cues from the global markets, the Indian markets had started the day on a weak note. The hotter-than-expected US inflation numbers threatened to play spoilsport. In January 2024, the retail inflation in the US stood at 3.9% – higher than the expectations of 2.9%.
Experts said that this triggered concerns of a delay in rate cuts, which isn’t beneficial for emerging markets like India. This is because higher rates make investing in the US government bonds more attractive for foreign investors.
Meanwhile, on the sectoral front, IT (-1.1%) and Pharma (-0.9%) were the top losers. On the other hand, PSU Bank (+3.2%) and Oil & Gas (+3.1%) were the top gainers.
Out of the NIFTY50 universe, 35 stocks advanced with BPCL (+7.2%), SBI (4.1%) and ONGC (+3.7%) being the top gainers. Tech Mahindra (-2.8%), Cipla (-2.3%) and Dr Reddy’s (-1.3%) were the top losers.