Frontline indices Nifty 50 and the Sensex rose for the second consecutive session on Thursday, November 16, amid mixed global cues, on gains led by IT heavyweights, including Infosys, TCS and HCL Tech. Most IT stocks clocked healthy gains on hopes that the US Federal Reserve is done with hiking rates. The US is a key market for major Indian IT services companies and they earn a significant part of their revenue from the US. Growing anticipation of interest rates reaching their peak in the US intensified following the revelation of a decline in US retail sales for the first time in seven months during October. Easing inflation and cooling labour market are fuelling hopes that the the Fed may not hike rates further. if (adFreesubs || adLite) { getGooglePubAds("subs-adfree"); } Meanwhile, global financial firm UBS expects a series of rate cuts in the US in 2024 as it slips into a recession. "UBS expects the US Federal Reserve to cut interest rates by as much as 275 basis points in 2024, almost four times the market consensus, as the world’s largest economy tips into recession," reported CNBC on November 14. Nifty 50 closed the day at 19,765.20, up 90 points, or 0.46 per cent while the Sensex ended at 65,982.48, up 307 points, or 0.47 per cent. BSE Midcap and Smallcap indices hit their fresh record highs of 33,370.16 and 39,563.13 respectively during the intraday session. Finally, the BSE Midcap and Smallcap indices closed 0.52 per cent higher each. The overall market capitalisation of the firms listed on the BSE rose to nearly ₹327 lakh crore from ₹322.1 lakh crore on November 13, making investors richer by about ₹4.9 lakh crore in two sessions. Over 340 stocks, including HCL Tech, NTPC, Sun Pharma, Tata Motors and Titan, hit their fresh 52-week highs in intraday trade on BSE. Also Read: Bull vs bear: Sensex, Nifty 50 extend rally. Is Indian stock market getting ready for a fresh bull trend? Meanwhile, crude oil prices extended losses on persisting concerns over lower demand. Benchmark Brent Crude traded 0.27 per cent lower near the $81 per barrel mark around 4:05 pm. Top Nifty 50 gainers todayShares of Hero MotoCorp (up 3.34 per cent), Tech Mahindra (up 2.88 per cent), HCL Tech (up 2.85 per cent), TCS (up 2.72 per cent) and Infosys (up 2.45 per cent) ended as the top gainers in the Nifty 50 index. Also Read: TCS share price in focus as IT major declares record date for buyback of shares. Should you tender? Top Nifty 50 losers todayShares of Axis Bank (down 1.47 per cent), Coal India (down 1.03 per cent), Adani Enterprises (down 1.01 per cent), Tata Consumer Products (down 0.98 per cent) and ICICI Bank (down 0.65 per cent) ended as the top losers in the Nifty 50 pack. As many as 32 stocks ended higher in the Nifty 50 index while the remaining 18 suffered losses. Sectoral indices todayBarring Nifty PSU Bank (down 0.24 per cent), FMCG (down 0.15 per cent), Nifty Bank (down 0.09 per cent) and Private Bank index (down 0.03 per cent), all sectoral indices ended higher. Nifty IT index continued witnessing strong gains as it jumped 2.69 per cent after clocking a gain of 2.59 per cent in the previous session. Nifty Healthcare and Consumer Durables rose 1.13 per cent and 1.04 per cent respectively. Experts' views on markets"The Indian market continued its positive resurgence, tracking global gains. Softer-than-expected US inflation data and easing bond yields have brought optimism that spending will emerge in technology. Taking the cues further, IT stocks showed a significant jump in the broader market. The market is sensing that export-based sectors like IT and pharma could be future winners. While cut in inflation will also benefit domestic placed staples and consumer sector," said Vinod Nair, Head of Research at Geojit Financial Services. “Although key indices pared gains towards the closing hour, markets continued their upward bias due to an upsurge in IT and realty stocks. Moderating inflation in the US could be signalling that the Federal Reserve may be done with rate hikes, which is good for global markets. Further, domestic economic numbers like exports have shown signs of recovery, which has further boosted the market sentiment and has triggered renewed buying interest in recent sessions," said Prashanth Tapse, Research Analyst-Sr VP Research, Mehta Equities. Also Read: Nifty 50 covered the entire October drop in last 10 sessions, up 3.59% in Nov so far Technical views on markets"Nifty encountered resistance near 19,850, the consolidation high, on the daily chart, resulting in a sharp intraday decline. However, the index displayed strength by closing above the previous session's high. In the short term, the market outlook suggests a 'buy on dips' strategy as long as the index maintains levels above 19,500. A breakthrough above 19,850 could propel the Nifty towards the 20,000 mark," said Rupak De, Senior Technical analyst at LKP Securities. "Nifty 50 has made a strong bullish candle on the daily chart but a sharp up-move has already been seen in the last two sessions and we feel that there will be a profit-booking activity that will drag the Index lower. A level of 19,850 will continue to remain as immediate resistance while a zone of 19,580-19,550 will be a strong support area. There is a possibility of forming an Inverted Head and Shoulder as well but it is too premature to say," said Aditya Gaggar Director of Progressive Shares. 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Investors await key triggers Newcomer frenzy in options market worrisome: NSE chief Chauhan Explore Premium function cdpTrackingForPremiumWidget(cta){ var htfpPara = getCookie("_ht_fp"); var clientIdPara = getCookie("_ht_clientid"); var subsection = ""; var premiumPara = "yes"; dapTracker.track("PremiumArticles", { "url": window.location.href, "property": "lm", "platform": "web", "htfp_id": htfpPara, "client_id": clientIdPara, "section": sectionName, "subsection": subSectionName, "premium": premiumPara }, "event"); } Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less Updated: 16 Nov 2023, 04:41 PM IST Topics Indian stock market NIfty
