Stock market today: BSE Sensex surges 450 points, Nifty50 above 21,700 – Times of India

by The Technical Blogs



Stock market today: BSE Sensex and Nifty50 surged in trade on Tuesday as investors awaited crucial US inflation data. The easing domestic inflation and the addition of five Indian stocks into a key MSCI index boosted market sentiment. At 11:54 AM, BSE Sensex was trading at 71,517.27, up over 440 points or 0.63%. Nifty50 was at 21,725.65, up over 100 points or 0.51%.
India’s retail inflation dropped to a three-month low of 5.10% in January due to slower price increases of some food items.In December, industrial output grew by 3.8% year-on-year, driven by the manufacturing sector, indicating positive macroeconomic fundamentals.
MSCI, the index provider, increased India’s weightage in its Global Standard (Emerging Markets) index to a record high of 18.2% after its February review, adding five stocks to the list.
Among the Sensex stocks, NTPC, M&M, ICICI Bank, Reliance Industries, Tata Motors, and ITC opened with gains, while JSW Steel, Power Grid, Tata Steel, UltraTech Cement, and Wipro opened with losses.
SAIL’s stock traded over 5% lower as the company reported a decline in third-quarter profit due to higher imports affecting sales volume. On the other hand, Coal India’s stock rose nearly 3% after reporting higher-than-expected third-quarter profit on increased production.
Nifty Metal fell 3.2% due to declines in Jindal Stainless, Hindalco, and SAIL. Nifty Auto, IT, Media, PSU Bank, and Realty sectors also opened in the red.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, there is a noticeable weakness in the broader market, with many mid and small-cap stocks experiencing significant corrections. This correction is expected to continue as overvalued stocks are being reevaluated.
In Asian markets, stocks inched higher before the release of a crucial U.S. inflation report. MSCI’s Asia-Pacific index rose 0.15% in early trading. The index is down 3% year-to-date. Japan’s Nikkei continued its upward trend, reaching a fresh 34-year high on the back of a weaker yen.
Foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net buyers of Indian equities on Monday. FIIs bought Indian shares worth Rs 127 crore, while DIIs purchased Rs 1,712 crore of shares.





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