Indian Stock Market Extends Gains for Second Consecutive Day
Indian Equity Market Extends Gains for Second Consecutive Session
The Indian equity market began the week on a positive note, with the Nifty closing above the 25,700 mark amid volatility. The market opened strongly, supported by positive global cues following the US Supreme Court's decision to strike down US President Donald Trump's tariff programme.
However, the market witnessed mid-session profit booking amid concerns after the US President raised temporary global tariffs on nearly all imports to 15% from 10%. Despite the volatility and final-hour buying, the indices closed near the day's high, led by gains in auto, FMCG, and PSU Bank stocks.
Key Market Numbers
- Sensex: up 479.95 points or 0.58% at 83,294.66
- Nifty: up 141.75 points or 0.55% at 25,713
The broader indices ended on a mixed note, with the Nifty Midcap index declining 0.4%, while the Nifty Smallcap index edged up 0.3%.
Sectoral Performance
- IT: shed 1.4%
- Metal: down 0.2%
- PSU Bank: added 1.3%
- Pharma, oil & gas, infra, FMCG, auto: added 0.5% each
Stock-Specific Action
- IDFC First Bank: fell 16% after reporting a Rs 590-crore fraud in accounts
- DEE Development Engineers: surged 20% on an order win of Rs 173 crore
- UPL: plunged 14% after its board approved a composite scheme to create an independent crop protection platform
52-Week Highs and Lows
- Over 110 stocks touched their 52-week high, including Indian Bank, Cummins India, and Apar Industries
- Over 220 stocks touched their 52-week low, including Hexaware Technologies, KPIT Technologies, and Wipro
Outlook for February 24
The market is expected to face resistance at the 25,800/83,600 level, while the 25,600/83,000 level is expected to act as support.
Investor Takeaway
Investors should be cautious of volatility in the Indian equity market despite positive global cues.
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