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Closing market update: Sensex jumps over 500 points, Nifty hits fresh all-time high

Closing market update: The domestic market staged a recovery from the day's low, buoyed by positive PMI data from the Eurozone and an impressive earnings report from US tech stocks.

Sheenu Sharma Edited By: Sheenu Sharma @20sheenu Mumbai Published on: February 22, 2024 17:25 IST
Closing market update, Closing market update, Sensex jumps over 500 points, Nifty hits fresh all tim
Image Source : PTI (FILE) Closing market update: Sensex jumps over 500 points, Nifty hits fresh all-time high.

Closing market update: Equity benchmark indices rebounded today (February 22), with Nifty hitting its fresh all-time high and Sensex surging more than 500 points as investors went on a buying spree in IT, automobile and technology stocks.

After starting off on a volatile note, the equity market staged a recovery in the second half of the day, especially after 2:30 pm as the 30-share benchmark Sensex soared 535.15 points or 0.74 per cent to close at 73,158.24 points. As many as 22 Sensex constituents closed in the positive territory and the index touched an intra-day high of 73,256.39 points.

The broader Nifty climbed 162.40 points or 0.74 per cent to hit its highest-ever closing level of 22,217.45 points. During the intra-day trade, the index touched the peak of 22,252.50 points and 25 Nifty constituents ended the session with gains.

The domestic market staged a recovery from the day's low, buoyed by positive PMI data from the Eurozone and an impressive earnings report from US tech stocks.

"The broader market showed resilience as India's economic activity continued to expand in February, with both service and manufacturing PMI improving. Consequently, it resulted in outperformance in discretionary stocks and capital goods," Vinod Nair, Head of Research at Geojit Financial Services, said.

BSE Midcap index gained 0.92 per cent, large-cap index climbed 0.81 per cent and smallcap index rose 0.54 per cent. In the Sensex pack, HCLTech rose the maximum by 3.12 per cent, followed by ITC which gained 2.73 per cent and M&M went up 2.61 per cent.TCS climbed 2.44 per cent.

Who were among the major gainers?

  • Tech Mahindra
  • Wipro
  • L&T
  • Maruti

However, stocks of all major banks closed in the red with IndusInd Bank falling 1.87 per cent. While HDFC Bank dropped 1.28 per cent, Kotak Mahindra Bank declined 1.11 per cent and SBI slipped 0.73 per cent.

Among other scrips, Hindustan Unilever, Bharti Airtel and Bajaj Finance ended the day in the negative territory. In Asian markets, Japan's Nikkei 225 surged more than 2 per cent to an all-time high to hit its 1989 level. Hang Seng of Hong Kong and China's Shanghai Composite also ended with sharp gains. European stocks were also mostly trading with gains.

On Wednesday, US stocks finished mostly higher after minutes of the US Federal Reserve's January meeting showed most policymakers were concerned about the risks of cutting interest rates early. On Wednesday, Sensex and Nifty snapped their six-day winning streak. While Sensex fell 434.31 points to close at 72,623.09 points, Nifty declined 141.90 points to end the day at 22,055.05 points.

Foreign Institutional Investors (FIIs) were net buyers on Wednesday (February 21) as they purchased securities worth Rs 284.66 crore.

(With agencies inputs) 

ALSO READ: After gaining for five straight sessions, Sensex, Nifty fall in early trade

ALSO READ: Stock Market Today: Sensex surges 24 points to 72,450, Nifty at 22,073

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