Stock market today: Sensex, Nifty 50 end flat on first trading day of year 2024; mid, smallcaps outperform
BSE Midcap index, and BSE Smallcap index surged to new all-time highs. Sensex opened 22 points lower at 72,218.39 and traded in the negative territory for the most part of the day. However, the index touched its fresh all-time high of 72561.91 during the session.
Sensex finally closed 32 points, or 0.04 per cent, higher at 72,271.94. Nifty 50 opened at 21,727.75 against the previous close of 21,731.40 and touched its all-time high of 21,834.35. The Nifty 50 settled at 21,741.90, up 11 points, or 0.05 per cent.
On the other hand, the BSE Midcap and Smallcap indices closed with gains of 0.54 per cent and 0.73 per cent respectively. The BSE Midcap index hit its fresh all-time high of 37,171.97 while the BSE Smallcap index touched its all-time high of 43,094.79 during the session. After the robust gains in the last two months on expectations of rate cuts in light of favourable macros, the market is expected to see some consolidation due to rich valuations.
Indian corporations will start declaring their December quarter earnings in the coming weeks which will trigger stock-specific action in the market. On Monday, nearly 400 stocks, including Nestle, Tata Steel, Wipro, Bank of Baroda, Coal India, DLF, GAIL, Hindalco, InterGlobe Aviation (IndiGo), Tata Consumer Products and Hindalco Industries, hit their fresh 52-week highs in intraday trade on BSE. The overall market capitalisation of BSE-listed firms rose to nearly ₹365.8 lakh crore from nearly ₹364.3 lakh crore in the previous session, making investors richer by about ₹1.5 lakh crore in a single session.
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