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- Nifty and Sensex set to extend the upbeat momentum on Friday
Nifty and Sensex set to extend the upbeat momentum on Friday
- India’s Nifty and Sensex eye a positive open, extending its recovery into Friday.
- Nifty and Sensex rose on Thursday amid global market optimism, encouraging Indian trade data.
- All eyes are on the US PPI and Consumer Sentiment data for Friday’s moves in Nifty and Sensex.
The Sensex 30 and Nifty 50, India’s key benchmark indices, are set to open on a firmer footing on Friday, having ended Thursday in the green. The Indian indices are expected to track the positive close on Wall Street and European stocks. The advance in their Asian counterparts could also lend support.
Gift Nifty, formerly known as SGX Nifty, is down 0.08% early Friday. But Nifty and Sensex are likely to shrug off the negative cues from the lead indicator.
The National Stock Exchange (NSE) Nifty 50 index finished 0.40% higher on the day at 21,927 while the Bombay Stock Exchange (BSE) Sensex 30 also gained 0.40% on Thursday to settle at 72,091.61. The focus now remains on the upcoming US economic data, including the top-tier Retail Sales report.
Stock market news
- Nifty and Sensex drew support from the impressive gains in the automobile and utility sector stocks.
- Additionally, India’s trade data for January showed a shrinking Trade Deficit to $17.49 billion, which added to the market optimism.
- Mahindra & Mahindra, Power Grid, BPCL, ONGC and NTPC are the top gainers in the Nifty 50 so far. While Axis Bank, Brittania, Hindustan Unilever, ITC and Apollo Hospitals emerged as the key losers, capping the gains in Nifty.
- Mahindra & Mahindra stocks touched its all-time highs in Thursday’s session.
- Automaker Hero Motocorp is in the news for the launch of the brand’s premium motorbike Mavrick 440.
- Aluminium producer Hindalco’s net profit rose 71.1% increased to Rs 2,331 crores but missed analysts’ estimates.
- The Indian Supreme Court strikes down electoral bonds, terming them as “unconstitutional”. The court further stopped SBI from issuing fresh bonds for political funding.
- The US stock markets closed higher on Wednesday, as investors weighed whether the Federal Reserve (Fed) can bring down inflation without de-railing the economy. Dow Jones, NASDAQ Composite, and the S&P 500 indices gained up to 1%.
- On Wednesday, the Indian WPI inflation dropped to 0.27% in January, as against a 0.73% increase in December. The data missed the market consensus of 0.53%.
- The Lunar New Year holidays in China could keep the liquidity thin around the Indian indices.
- All eyes now turn toward the top-tier US Producer Price Index (PPI) and Consumer Sentiment data for trading impetus in Nifty and Sensex indices.
- US Retail Sales declined by 0.8% in January, the US Census Bureau reported on Thursday, worse than the market expectations for -0.1%.
Nifty 50 FAQs
What is the Nifty 50?
The Nifty 50, or simply Nifty, is the most commonly followed stock index in India. It was launched in 1996 by the National Stock Exchange of India (NSE). It plots the weighted average share price of 50 of the largest Indian corporations, offering investors comprehensive exposure to 13 sectors of the economy. Each corporation's weighting is based on its “free-float capitalization”, or the value of all its shares readily available for trading.
What factors drive the Nifty 50?
The Nifty is a composite so its value is dependent on the performance of the companies that make up the index, as revealed in their quarterly and annual results. Another factor is government policies, such as when in 2016 the government decided to demonetize 500 and 1000 Rupee banknotes. This led to a temporary cash shortage which negatively impacted the Nifty. The level of interest rates set by the Reserve Bank of India is a further factor as it determines the cost of borrowing. Climate change, pandemics and natural disasters are also drivers.
What are the key milestones for the Nifty 50?
The Nifty 50 was launched on April 22, 1996 at a base level of 1,000. Its highest recorded level to date is 22,097 achieved on January 15, 2024 (this is being written in Feb 2024). The index first closed above the 10,000 level on October 17, 2017. The Nifty recorded its biggest daily decline on March 23, 2020 during the Covid pandemic, when it fell 1,125 points or 12.37%. The Nifty’s biggest gain in a single day occurred on May 18, 2009, when it rose 651 points after the results of the Indian elections.
What are some of the major companies in the Nifty 50?
Major corporations in the Nifty 50 include HDFC Bank, Reliance Industries, ICICI Bank, Tata Consultancy Services, Larsen and Toubro, ITC Ltd, Housing Development Finance Corporation Ltd and Kotak Mahendra Bank.
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