Stock market today: After witnessing a sharp sell-off on Thursday, the Indian stock market shifted into a sustainable upside bounce from the lows and closed higher on Friday. The Nifty 50 index gained 64 points and closed at the 21,782 level, the BSE Sensex went up 167 points and closed at the 71,595 mark while the Nifty Bank index shot up 622 points and finished at the 45,634 level. However, broad market indices continue to remain weak.
The small-cap index lost 1.36 percent while the mid-cap index dipped to the tune of 0.82 percent. "Sharp selling was seen in the broader domestic market on account of the rise in crude oil prices and muted global cues amid the Lunar New Year holiday in Asian markets. Mid and small caps had witnessed strong rallies over the past few months thus making valuations a little stretched.
However, buying was seen in large caps where there is still some comfort. After a subdued start, Nifty made a recovery in the second half of the session to close near the day’s high with gains of 65 points at 21,783 levels. Sector-wise it was a mixed bag with buying seen in Banking, Financial, and Pharma stocks.
A mixed set of results and a sharp run-up in PSUs over the past months led to profit booking at this counter. Further, early diminishing hopes of early rate cuts too dampened the sentiments," said Siddhartha Khemka, Head - Retail Research at Motilal Oswal. On the outlook for the Nifty 50 today, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "The overall uptrend status of Nifty remains intact and there is a possibility of further upside towards 22000 levels in the near term.Read more on livemint.com