Stock market today: Nifty 50, Sensex snap 3-day losing streak, banks, metals shine | Stock Market News
Source: Live Mint
Stock market today: Indian stocks showed a smart recovery in the second half of the trading session today, rebounding from an initial weak start. This turnaround propelled the frontline indices to close positively, breaking a three-day losing streak.
The Nifty 50 concluded the session with a gain of 0.42%, closing at 24,854 points. At one point, the index tumbled below 24,600 points; however, a robust recovery in banking and auto stocks helped the index finish in positive territory.
Similarly, the Sensex ended the trading day with a gain of 0.27%, closing at 81,227 points.
In the broader market, the Nifty Midcap 100 index rose by 0.31%, closing at 58,649 points, while the Nifty Smallcap 100 index ended the session with a modest gain of 0.06%, finishing at 19,077 points.
Sectoral performance
Banking stocks demonstrated a significant recovery in today’s trading session, with the Nifty Bank index closing at 52,094 points, marking a gain of 1.57%. Metal stocks also rebounded significantly after a four-day decline, as investor sentiment was buoyed by China’s recent funding initiatives and encouraging economic data.
The Nifty Metal Index closed the session with a gain of 1.57%, reaching 9,753 points. On the downside, IT stocks faced significant losses, with 70% of the Nifty IT constituents ending in the red. LTIMindtree and Infosys were among the biggest decliners following their earnings releases on Thursday.
LTIMindtree saw a decline of 6.3%, closing at ₹5,991 per share, while Infosys tumbled by 4.5%, finishing at ₹1,879 per share. Overall, the Nifty IT index ended the session with a drop of 1.47% at 42,106 points.
Similarly, FMCG stocks experienced significant declines in today’s session, causing the Nifty FMCG index to reach its lowest point since early August. The index closed the session in the red, down 0.51% at 61,042 points.
Today’s drop has pushed the index down 8.10% from its recent high of 66,427 points.
