Markets Rally for Sixth Day, Nifty Hits New Peak Despite Midcap Sell-Off
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New Delhi, February 20: The Indian stock market continued its bullish run for the sixth consecutive day, with the Nifty scaling a new peak despite selling pressure in midcap and smallcap stocks.
Strong Start, Profit Booking, Buyers Return:
- The market commenced with a slight pullback, but recovered swiftly, pushing the Nifty to another record high.
- Profit-booking in the afternoon caused a temporary dip, but buying interest resurfaced, leading to a positive close.
- The Sensex gained 0.48%, while the Nifty rose 0.34%, both closing at new all-time highs.
Sectoral Shifts:
- Realty and banking stocks witnessed active buying, driving the market's ascent.
- IT, metal, and auto stocks faced selling pressure, limiting the broader market's performance.
- Midcap and smallcap indices closed marginally lower, reflecting investor caution in these segments.
Investor Wealth Dips:
- Despite the market's positive momentum, investors lost over Rs 11,000 crore due to the decline in midcap and smallcap stocks.
- The total market capitalization of BSE-listed companies fell to Rs 391.58 lakh crore.
Trading Activity:
- Over 3,900 stocks saw active trading on the BSE, with nearly 65% closing in the green.
- Similar trends were observed on the NSE, with over 2,100 stocks witnessing active trading.
Top Gainers and Losers:
- Power Grid Corporation, HDFC Bank, Axis Bank, NTPC, and Kotak Mahindra Bank were among the top gainers across Sensex and Nifty.
- Hero MotoCorp, Coal India, Bajaj Auto, Eicher Motors, and TCS were among the major losers.
Outlook:
- The market's continuous rally suggests positive investor sentiment, but midcap and smallcap weakness indicates cautiousness in certain segments.
- The upcoming Union Budget on February 1st might influence market direction in the coming days.
Tags: Stock Market