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Taking Stock: Market bounces back on favourable data; banks outshine

Hindalco Industries, Grasim Industries, BPCL, Divis Laboratories and UltraTech Cement were among the top losers on the Nifty, while gainers included Coal India, UPL, Axis Bank, SBI Life Insurance and ICICI Bank

February 13, 2024 / 16:46 IST
Among sectors, except metal (down 2 percent), all other indices ended in the green with bank, healthcare, Information technology and capital goods up 0.4-1.5 percent.

Backed by favourable macroeconomic data, the Indian equity market erased most of its losses in the previous session and ended higher with Nifty above 21,700 led by banking stocks.

At close, the Sensex was up 482.70 points or 0.68 percent at 71,555.19, and the Nifty was up 127.30 points or 0.59 percent at 21,743.30.

The Nifty Bank index also shed previous session losses and ended at 45,502.40, up 1.38 percent.

December IIP growth rises to 3.8%

Stocks and sectors

Hindalco Industries, Grasim Industries, BPCL, Divis Laboratories and UltraTech Cement were among the top losers on the Nifty, while gainers included Coal India, UPL, Axis Bank, SBI Life Insurance and ICICI Bank.

Among sectors, except metal (down 2 percent), all other indices ended in the green with bank, healthcare, Information technology and capital goods up 0.4-1.5 percent.

India's January CPI inflation eases to 5.10%, core inflation drops to 3.6%

IndexPricesChangeChange%
Sensex83,216.28-94.73 -0.11%
Nifty 5025,492.30-17.40 -0.07%
Nifty Bank57,876.80322.55 +0.56%
Nifty 50 25,492.30 -17.40 (-0.07%)
Fri, Nov 07, 2025
Biggest GainerPricesChangeChange%
Shriram Finance816.3523.85 +3.01%
Biggest LoserPricesChangeChange%
Bharti Airtel2,001.20-93.70 -4.47%
Best SectorPricesChangeChange%
Nifty Metal10426.80144.90 +1.41%
Worst SectorPricesChangeChange%
Nifty Infra9393.60-95.20 -1.00%

The BSE midcap index added 0.6 percent and the smallcap index rose 0.2 percent.

Among individual stocks, a volume spike of more than 200 percent was seen in UPL, Hindalco Industries and Eicher Motors.

A long build-up was seen in Oracle Financial Services Software, Bosch and Coal India, while a short build-up was seen in Hindalco Industries, Grasim Industries and Bharat Forge.

Abbott India, Advanced Enzyme, Bombay Burmah, Bosch, Chalet Hotels, DCM Shriram Industries, Deccan Cements, HDFC AMC, Kalyani Steels, Max Healthcare, Oracle Financial Services, Sanghvi Movers, Siemens, Taj GVK Hotels, Voltas among other stocks that touched their 52-week high on the BSE. Click here for the full list

Outlook for February 14

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

The Nifty opened on a flat note and witnessed volatile price action. It swung in both directions and ultimately closed up ~127 points. On the daily charts we can observe that Nifty has found buying interest from the zone of 21540 – 21520. The intraday bounce was restricted in the zone 21760 – 21730 where the key hourly moving averages are placed. Thus, it’s a narrow rangebound move though the intraday volatility has been high. The broader market witnessed buying interest from their respective support zone and closed in the green which indicates that some stability is likely over the next few trading sessions.

Bank Nifty witnessed a sharp pullback from the 200-day moving average ( 44900 ) and closed closed in the green. The pullback can continue towards, 46100 – 46200. The daily momentum indicator has a positive crossover which is a buy signal and hence intraday dips should be bought into.

Prashanth Tapse, Senior VP (Research), Mehta Equities

Although markets ended in positive territory, it was mainly due to recovery in banking stocks which were hammered in recent sessions due to mixed earnings in financial space and central banks delaying rate cuts. Volatility is likely to persist as most of the hurdles such as geo-political worries coupled with stretched valuations of local stocks and FII selling will continue to keep investors at bay.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Rakesh Patil
first published: Feb 13, 2024 03:45 pm

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