Indian Markets Recover: Sensex & Nifty Gain Despite US Inflation Jitters

14 Feb 2024 , 03:50 PM

Indian benchmark indices closed on a positive note amidst high volatility, with Nifty settling at 21,800.

Both BSE Sensex and NSE Nifty 50 rebounded from intraday losses to end flat-to-positive in afternoon trade on February 14, propelled by a 5% surge in State Bank of India stocks and a rally in other PSU banks.

At the closing bell, the Sensex was up 277.98 points or 0.39% at 71,833.17, while the Nifty gained 96.70 points or 0.44% to reach 21,840. Among the stocks, 1948 advanced, 1361 declined, and 73 remained unchanged.

The BSE Midcap and Smallcap indices each added 1% during the session.

Earlier in the day, Indian markets experienced pressure due to hotter-than-expected US inflation data, which dampened global sentiment and led to an uptick in bond yields and dollar rates.

Notable gainers on the Sensex included SBI, Axis Bank, Maruti Suzuki, Tata Steel, and IndusInd Bank. Conversely, Tech Mahindra, Sun Pharma, Infosys, TCS, and UltraTech Cement were among the top losers.

On the Nifty, BPCL, SBI, Coal India, ONGC, and Axis Bank emerged as the top gainers, while Tech Mahindra, Cipla, Sun Pharma, TCS, and Dr. Reddy’s Laboratories faced declines.

In terms of sectors, PSU Banks and Oil & Gas indices surged by 3% each, while auto, bank, FMCG, capital goods, metal, power, and realty all rose by 1.2% each. Conversely, Information Technology and Pharma indices witnessed a 1% decline.