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Sensex wipes off losses to close 268 pts higher; SBI surges 4%, BPCL 7%

Stock market highlights on February 14, 2024: Indian benchmarks Sensex and Nifty defied global market selloff, which came as US reported a hotter-than-expected rise in January retail inflation

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Stock market highlights on February 14: Indian markets firmly recouped early losses on Wednesday as state-run majors like SBI, BPCL, ONGC and Coal India surged 3-7 per cent in late deals, aiding the rebound.

The BSE Sensex index closed 268 points higher at 71,823 after recovering over 1,000 points from its intra-day low. The Nifty50 ended 97 points up at 21,840 from touching an intra-day low of 21,530.

With this, Indian benchmarks defied a global market selloff on Wednesday, which came as US reported a hotter-than-expected rise in January retail inflation.

Back home, however, the WPI index eased to 0.27 per cent in January, a slower increase than expected, aiding the turnaround for equities.

Tata Steel, Axis Bank, Maruti, NTPC, Power Grid, ITC, Nestle, IndusInd Bank, Tata Motors, Reliance and M&M were other frontline gainers, which closed 1-2 per cent higher.

Tech M, Infosys, Sun Pharma, Cipla, Dr Reddy's, meanwhile, were the top drags.

The BSE MidCap and SmallCap indices also recouped day's losses and ended up to 1.3 per cent higher.

Among sectors, Nifty IT and Pharma indices lost 1 per cent each. Nifty PSU Bank and Oil & Gas indices logged most gains, up over 3 per cent each.

3:52 PM

COMMENT:: PSU banks led recovery; favourable UK inflation aids optimism

"The domestic market staged a recovery from day's low, buoyed by renewed buying interest in banking stocks. Improving asset quality and the government's continued focus on fiscal prudence attracted PSU banks, yet concerns lingered regarding their elevated valuations. The optimism was further supported by favourable inflation figures from the UK, contributing to a widespread recovery. However, IT shares experienced selling pressure following the release of higher-than-expected US CPI, prompting concerns over potential delays in interest rate cuts and its impact on client spending."

- Vinod Nair, Head of Research at Geojit Financial Services

3:49 PM

Sectoral ALERT:: Nifty PSU Bank index soars over 3%

3:48 PM

BSE Smallcap Heatmap:: Jubilant Industries zooms 20%; MRPL, BEML surge over 11%

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3:46 PM

BSE Midcap Heatmap:: SJVN soars 12%; HPCL, Indian Bank, Zee rallu over 6%

3:43 PM

Broader Market Check:: MidCap, SmallCap indices outrun Nifty50; India Vix dips 2%

3:41 PM

Nifty50 Movers & Shakers:: BPCLMaruti, SBI shine; Tech Mahindra, Cipla whine

3:40 PM

Sensex 30 Heatmap:: 16 Gainers v/s 14 Losers

3:38 PM

CLOSING BELL:: NSE Nifty50 settled with a gain of 97 pts at 21,840

3:36 PM

CLOSING BELL:: S&P BSE Sensex ends 278 pts higher at 71,833

3:14 PM

SBI extends rally post Q3 results; soars 5% to new high on steady outlook

Shares of State Bank of India (SBI) surged 5 per cent to a new high of Rs 747.45 on BSE in Wednesday’s otherwise intra-day trade. In comparison, the S&P BSE Sensex was down 0.02 per cent at 71,539 at 02:25 pm. Read

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