Stock Market Update: Sensex and Nifty Remain Stagnant Amid Slump in ICICI and Axis Bank, Contrasting Gains in IT Stocks Following Nvidia Earnings

Indian Equity Benchmarks Report

Thursday, February 27

The Indian stock market opened with gains, only to turn flat as the day progressed. The Sensex and Nifty 50 indices struggled to maintain their momentum, despite gains in IT stocks.

Key Performers

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• IT stocks led the gains, with the Nifty IT Index rising over 1%.
• Nvidia's strong earnings for the December quarter contributed to the surge in IT stocks.
• Nifty PSU Bank index also advanced around 1%.
• ICICI Bank and Axis Bank were among the heavyweights that capped gains in the banking sector.

Global Markets

• Asian peers rose in line with US equities, with technology stocks continuing their upward momentum.
• Japan's Nikkei 225 climbed to a fresh record, supported by the 'Takaichi trade', jumping 1.1% to an all-time high of 59,199.31.
• The broader Topix index also rallied sharply, rising 1.45% to hit a new peak.

Previous Day's Performance

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• The Indian stock market had surrendered early gains in the previous session and ended marginally higher.
• The Sensex added 50.15 points, or 0.06%, to close at 82,276.07.
• The Nifty 50 advanced 57.85 points, or 0.23%, to settle at 25,482.50.