|
The stock market continued its bullish trend at the midday mark of the trading day, sustaining the positive momentum observed since the opening.
The Sensex soared fresh high of 73164.77, recording a high of 590.32 points, while the Nifty surged 160.35 points to reach 22056.90. Among the Nifty companies, the midday session saw 35 advances and 15 declines, reflecting a predominantly bullish sentiment. Notably, Wipro, ONGC, HCL Technologies, Tech Mahindra, and Apollo Hospitals emerged as the top gainers, contributing to the positive trend. Conversely, HDFC Life, Bajaj Finance, Tata Consumer Products, Hindalco, and Eicher Motors found themselves among the top losers at the midpoint of the trading day. Varun Aggarwal, founder and managing director, Profit Idea, said, "The National Stock Exchange's (NSE) Nifty witnessed a noteworthy ascent as the GIFT Nifty traded higher by 8.50 points or 0.26 per cent, settling at 22,052. This upward movement signals a potentially positive or moderate start for Dalal Street on Monday". He added, "The surge was particularly fueled by a robust rally in information technology stocks, propelling the Sensex to a historic high of 72,721 before closing at 72,568, marking an increase of 847 points or 1.18 per cent. Simultaneously, the Nifty reached 21,895, up 247 points or 1.14 per cent." Sector-wise, the Nifty IT index exhibited remarkable strength with a surge of 5.27 per cent, followed by the Nifty PSU Bank index at 2.7 per cent, and the Nifty Realty at 1.6 per cent. Despite this positive trend in the Indian market, Asian markets, excluding the Nikkei, experienced declines, with the Hang Seng dropping by 0.8 per cent. In the global context, the oil market displayed stability amid concerns about potential wider conflicts following airstrikes by the US and allies against the Houthis, which could disrupt crude flows from the Middle East. The trajectory of the Indian equity market for the remainder of the week hinges on pivotal factors, including quarterly earnings reports from key firms such as HDFC Bank and Hindustan Unilever, coupled with the release of WPI inflation data and global trends. Sector-specific movements will be influenced by expectations and institutional flows, while global factors such as macroeconomic indicators from the US and China, the dollar index, US bond yields, and crude oil prices will be meticulously monitored. Ongoing geopolitical tensions globally continue to pose uncertainties. Investor attention remains heightened on Q3 FY24 earnings, global trends, macroeconomic data, crude oil prices, and the rupee-dollar movement. Notably, IT stocks, especially Wipro and HCL Technologies, are under scrutiny following their earnings declarations. Foreign Portfolio Investors (FPIs) have adopted a cautious approach, with reduced investments in Indian equities, amounting to around Rs 3,900 crore in the first two weeks of January--a notable deceleration compared to the previous month. The market remains poised for further developments as these key factors unfold in the coming days. (ANI)
|
