Indian Stock Market Rebounds: Key Players, Gains, and Losses
In a day of mixed fortunes, the Indian stock market witnessed a rebound on February 13, 2024. The benchmark indices BSE Sensex and NSE Nifty showed positive movement, with major gainers including ICICI Bank, Axis Bank, Wipro, Kotak Mahindra Bank, and NTPC.
Market Momentum and Major Gainers
The BSE Sensex surged by 0.68%, settling at 71,555.19, while the NSE Nifty soared by 0.59%, closing at 21,743.25. Among the top contributors to the Nifty were Reliance Industries and ICICI Bank.
In the banking sector, ICICI Bank led the pack with a significant gain, followed closely by Axis Bank and Kotak Mahindra Bank. The IT sector also fared well, with Wipro emerging as a major gainer.
Losses and Downgrades
However, not all stocks were in the green. Paytm shares tanked after a downgrade, while metal stocks took a hit due to Hindalco's poor performance.
In the metal sector, Hindalco Industries saw a drop in total income despite an increase in net profit. This, in turn, dragged down other metal stocks.
Currency Exchange and Market Predictions
The Indian rupee remained flat at 83 against the US dollar. Market observers predict significant foreign portfolio investor inflows, which could further boost the market.
In the PSU sector, SBI reclaimed the most valuable tag. Meanwhile, Morgan Stanley raised its outlook on Brent crude prices.
Eicher Motors reported a rise in net profit, and despite a drop in total income, Hindalco Industries saw an increase in net profit.
The NCLT extended the resolution process deadline for Go First airline, providing some respite to the beleaguered carrier.
Recommended largecap stocks from different sectors, including NFL, HCC, and HAVELLS, are expected to have an upside potential of up to 31%. Traders are advised to continue with a stock-specific approach.
As we head into Valentine's Day, the Indian stock market will remain open for trading. The technical view for the Nifty and Bank Nifty shows expected support and resistance levels.
In the broader market landscape, various companies like Coal India, Infosys, Lupin, Career Point Ltd, and DCM Shriram Industries reported their financial results and stock performance.
In conclusion, the Indian stock market's rebound on February 13, 2024, was marked by significant gains and losses. While ICICI Bank, Axis Bank, Wipro, Kotak Mahindra Bank, and NTPC led the gains, Paytm and metal stocks experienced losses. As the market continues to evolve, traders and investors will be watching closely for new opportunities and challenges.