Stock market today: Sensex, Nifty 50 end flat on first trading day of year 2024; mid, smallcaps outperform

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During the trading session on Monday, January 1, significant market indices including the Sensex, Nifty 50, 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.

Also Read: DLF , HDFC Bank, L&T, Hero, Lupin among 17 top picks by Sharekhan for year 2024

Top Nifty 50 gainers today

Some 22 stocks ended in the green in the Nifty 50 today among which shares of Nestle India (up 2.95 per cent), Adani Enterprises (up 1.89 per cent) and Adani Ports and Special Economic Zone (up 1.64 per cent) ended as the top gainers.

Top Nifty 50 losers today

Shares of Eicher Motors (down 2.62 per cent), Bharti Airtel (down 1.96 per cent) and Mahindra & Mahindra (down 1.58 per cent) closed as the top losers in the Nifty 50 index.

Also Read: Top Gainers and Losers today on 1 January, 2024: Nestle India, Adani Enterprises, Eicher Motors, Bharti Airtel among most active stocks; Check full list here

Sectoral indices today

Among the sectoral indices, Nifty Media jumped 1.78 per cent to end as the top gainer. Nifty Oil & Gas (up 0.81 per cent), Nifty PSU Bank (up 0.76 per cent) and Nifty FMCG (up 0.54 per cent) also ended with decent gains.

On the flip side, Nifty Bank fell 0.12 per cent. Nifty Auto index also declined 0.13 per cent.

Expert’s view on markets

“Market exhibited strength led by optimism on rate cuts, easing global inflation, and softer bond yields. But profit booking was visible at higher levels as lingering concerns over Red Sea disruptions pose short-term risks to global supply chains and freight costs. The spotlight of this week is also on FOMC minutes which will provide an insight for the 2024 rate cut. Momentum in mid and small caps remains strong, buoyed by a positive macro-outlook, however, private banks experienced a reversal trend,” said Vinod Nair, Head of Research at Geojit Financial Services.

Also Read: Stocks to buy this week: Wipro, Eicher Motors, IPCA Labs among 9 technical picks; do you own any?

Technical views on Nifty 50

“On the daily chart, Nifty formed a Gravestone Doji candlestick pattern which indicates the rejection at the higher end. The possibility of a bearish divergence persists and if the same is confirmed, then we can see a correction to 21,500. On the other hand, a convincing close above 21,800 will be considered as a failure of divergence,” said Aditya Gaggar Director of Progressive Shares.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 01 Jan 2024, 03:31 PM IST

First appeared on www.livemint.com

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