Indian stock market sees volatile trading, ends day in red zone: Sensex and Nifty close low

Business Friday 23/February/2024 17:23 PM
Indian stock market sees volatile trading, ends day in red zone: Sensex and Nifty close low

Mumbai: After a promising start to the trading day, Indian stock indices experienced fluctuations throughout the day, ultimately closing in the red territory.

The BSE Sensex concluded 15.45 points down at 73,142.80, while the NSE Nifty ended 4.75 points down at 22,212.70.

Among the Nifty companies, 20 witnessed advances while 30 ended in declines. Bajaj Finserv, SBI Life, HDFC Life, LTIMindtree, and Dr Reddy were among the top gainers, whereas BPCL, HCL Technologies, Maruti, Asian Paints, and ONGC were among the top losers.

In a day marked by volatile trading, Indian benchmark indices initially opened higher but retreated from intraday peaks to close mutedly on Friday.

The Nifty 50 concluded 0.12 per cent lower at 22,191.25, while the Sensex ended 0.13 per cent lower at 73,064.98.

SBI Life Insurance, Bajaj Finserv, Dr. Reddy's Lab, Cipla, and HDFC Life Insurance emerged as the top gainers in the Nifty 50 index, whereas Asian Paints, Maruti Suzuki, HCL Technologies, BPCL, and JSW Steel were among the key losers.

Varun Aggarwal, founder and managing director, Profit Idea, said, "Jio Financials witnessed a significant surge, climbing 14 per cent to reach an all-time high of Rs 347, propelling the company's market capitalization beyond the Rs 2 lakh crore milestone. Ambuja Cements also soared 3 per cent to hit an all-time high of Rs 608.50 during Friday's intra-day trade amidst the ongoing market rally".

He added, "Globally, stock markets experienced robust gains throughout the week, driven by Nvidia's exceptional performance, which injected enthusiasm into AI-related stocks. Nvidia's 16.4 per cent surge overnight contributed to a collective market value increase of USD 277 billion, propelling major indices, including the S&P 500, Dow Jones Industrials, Europe's STOXX 600, and Japan's Nikkei share average, to record highs".

Although Japan remained closed for a public holiday, Nikkei futures indicated a potential extension of the record run into the following week.

Despite some consolidation among regional tech shares, the MSCI Asia-Pacific ex-Japan IT index rose to its highest level since March 2022.

Oil prices experienced fluctuations, initially climbing on supply concerns due to ongoing tensions in the Red Sea but later falling due to a sizable build in U.S. crude inventories.

Brent slipped 0.5 per cent to USD 83.23, while U.S. crude dipped 0.6 per cent to USD 78.17 per barrel. Meanwhile, the spot gold price remained steady at USD 2,022.22.