Indian equity benchmarks closed higher on February 18, supported by gains in metal and public sector banking stocks amid firm cues from Asian markets.
The BSE Sensex rose 283.29 points, or 0.34 percent, to close at 83,734.25 after opening at 83,553 and witnessing intraday volatility. The Nifty 50 opened at 25,752 and settled at 25,819, registering a gain of 93.95 points, or 0.37 percent.
Metal and banking stocks led the advance. Following a positive stance from JP Morgan, buying was seen in shares of SAIL, Tata Steel, JSW and Jindal Steel. Gains in index heavyweight Reliance Industries also contributed to the upward movement in the Sensex. However, continued selling in information technology stocks capped the broader upside.
On the Sensex, Tata Steel, ITC, Axis Bank, Reliance Industries and Mahindra & Mahindra were among the top gainers, rising up to 2.8 percent. In contrast, Tech Mahindra, Infosys, Eternal, Adani Ports, HCL Tech and TCS were among the top losers, declining by up to 1.6 percent.
The Nifty Midcap 100 index advanced 0.5 percent, while the Nifty Smallcap 100 index closed 0.54 percent higher. The India VIX, which measures market volatility, declined 3.5 percent.
Among sectoral indices, the Nifty Metal index gained 1.33 percent and the Nifty PSU Bank index rose 1.3 percent. The Nifty FMCG index advanced 1.2 percent, while the Nifty IT index declined 1.23 percent.
Asian markets provided additional support. Japan’s Nikkei 225 rose 0.98 percent and Australia’s S&P ASX advanced 0.28 percent. Markets in China, Hong Kong and South Korea remained closed due to Lunar New Year holidays.
On Wall Street, US markets closed marginally higher overnight. The S&P 500 index rose 0.1 percent, the Nasdaq Composite gained 0.14 percent, and the Dow Jones Industrial Average ended 0.07 percent higher. Investors remained focused on the economic impact of artificial intelligence and the implications of elevated spending on AI technologies.
