August 14, 2024
New Delhi, India
Stock Market Today
The Indian stock market experienced a mixed session on Wednesday, August 14, as the BSE Sensex and NSE Nifty50 indices managed to close in the green after a two-day losing streak. Gains in the information technology sector offset broader market volatility, while metal stocks came under pressure following a Supreme Court ruling allowing retrospective state taxation on mining activities.
Market Performance:
- Sensex and Nifty Close Higher: The Sensex gained 149.85 points, or 0.19%, closing at 79,105.88, while the Nifty50 advanced by 4.75 points, or 0.02%, to finish at 24,143.75. Despite the positive close, 26 out of the 50 constituents in the Nifty50 index ended the day in the red.
- IT Stocks Shine: The information technology sector was the standout performer, with the Nifty IT index rising 1.58%. Top gainers in this sector included TCS, HCL Technologies, and Tech Mahindra, all of which saw gains of up to 2.29%. The IT sector’s strength was attributed to weaker U.S. producer price data, which suggested a slowdown in inflation and boosted sentiment for tech stocks.
- Metal Stocks Slump: Metal stocks were among the worst performers of the day, with the Nifty Metal index falling 1.26%. The decline came after the Supreme Court permitted state governments to levy taxes on mining and related activities retrospectively. Major losers in this sector included NMDC, Hindustan Copper, National Aluminium, SAIL, and Ratnamani Metals, with shares dropping by up to 6% on the NSE.
Sectoral and Broader Market Performance:
- Sectoral Overview: While the IT sector outperformed, most other sectors closed in the red. The capital goods, healthcare, oil & gas, metal, realty, pharma, and media indices all fell by 0.5% to 1%.
- Broader Market Indices: Broader market indices also faced pressure, with the Nifty Smallcap 100 and Nifty Midcap 100 indices declining by 0.64% and 0.69%, respectively. However, the Nifty Next 50 and Nifty 100 indices managed to close marginally higher.
Notable Movements:
- Top Gainers: In the BSE Sensex space, 16 out of 30 constituents ended higher. TCS, HCL Tech, and Tech Mahindra led the gains, with shares rising up to 2.29%. The strong performance of these IT giants was a key factor in the overall market recovery.
- Top Losers: On the flip side, UltraTech Cement, JSW Steel, Tata Steel, and Adani Ports were among the top laggards, with shares falling by up to 2.46%. The negative sentiment in the metal sector, driven by the Supreme Court ruling, contributed to these declines.
Wednesday’s trading session highlighted the mixed sentiments in the market, with IT stocks providing much-needed support to the benchmarks amid broader market volatility. The Supreme Court’s ruling on retrospective taxation added pressure to metal and mining stocks, leading to notable declines in that sector. As the market navigates these developments, investors will be closely watching sectoral performances and external economic indicators for future direction.
Disclaimer:
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