Mumbai (Maharashtra) [India], February 14 (ANI): The stock market exhibited resilience today, shrugging off initial losses to close on a positive note.

Despite a rocky start fueled by concerns over higher-than-expected US inflation, equity benchmark indices rebounded during late trading hours, reflecting investor optimism.

Also Read | FC Goa vs Mohun Bagan Super Giant, ISL 2023-24 Live Streaming Online on JioCinema: Watch Telecast of EBFC vs MCFC Match in Indian Super League 10 on TV and Online.

The Sensex surged by 277.98 points to reach 71,833.17, while the Nifty climbed 96.80 points to close at 21,840.05.

Amidst the market rally, 35 out of the 50 Nifty companies witnessed gains, while 15 ended the day in the red.

Also Read | US: Indian-American Couple, Twin Sons Found Dead at Their Home in California.

Notable gainers among Nifty companies included BPCL, SBI, ONGC, Coal India, and Tata Steel, whereas Tech Mahindra, Cipla, Dr. Reddy, Infosys, and TCS emerged as the top losers at the market closing.

Varun Aggarwal, founder and managing director, Profit Idea, said, The market's positive trajectory comes in the wake of global market selloff triggered by hotter-than-expected US inflation data. Despite initial concerns, Indian equities displayed resilience, buoyed by late-session gains".

He added, "In terms of sectoral performance, the Nifty IT sector experienced the steepest decline, falling by 1.7 per cent. Additionally, both Nifty Bank and Nifty PSB indices were down by 1 per cent each. The BSE MidCap and SmallCap indices also witnessed declines ranging from 0.7 per cent to 1 per cent".

Globally, European shares posted marginal gains, influenced by softer-than-expected UK inflation data, raising hopes for imminent rate cuts by the Bank of England.

Meanwhile, Hong Kong stocks closed higher, with investors eagerly anticipating measures from Chinese authorities to support the struggling stock market.

Despite an initial drop of 1.8 per cent at the start of trading, the Hang Seng Index reversed course to close up by 0.8 per cent. Hong Kong-listed Chinese tech firms also saw a notable rise of 2.5 per cent.

The positive momentum witnessed in Indian equities despite initial headwinds underscores investor confidence and resilience amidst global market volatility. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)