Sensex Today: Benchmark Indian equity indices, BSE Sensex and Nifty50, were trading higher on Thursday, supported by the reopening of major global markets after the New Year’s Day break.
By 12 PM, the BSE Sensex had gained 723 points, or 0.92%, reaching 79,231.30, while the Nifty50 stood at 23,945.10, up by 202.20 points, or 0.85%.
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In the afternoon, only five of the 30 Sensex stocks were in the red, with Sun Pharma leading the decline (down 0.98%), followed by SBI, Adani Ports & SEZ, NTPC, and Tata Steel. On the positive side, gains were led by Bajaj Finserv (up 4.80%), followed by Bajaj Finance, Maruti Suzuki India, Mahindra & Mahindra, and Infosys.
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On the Nifty50, 40 stocks were in the green, while the remaining 10 saw losses. Losses were led by Britannia Industries (down 1.29%), followed by Sun Pharma, SBI, Adani Ports & SEZ, and BPCL, while gains were led by Eicher Motors (up 6.36%), followed by Bajaj Finserv, Maruti Suzuki India, Bajaj Finance, and Mahindra & Mahindra.
Sectorally, the Auto index emerged as the top gainer, rising 2.53%, followed by a 1.31% increase in the IT index. Other sectoral indices in the green included Nifty Bank, Financial Services, FMCG, Metal, Private Bank, Healthcare, Consumer Durables, and Oil & Gas.
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On the downside, the PSU Bank index was the top laggard, falling 1.21%, while the Media, Pharma, and Realty indices also saw declines.
In the broader markets, the Nifty Midcap 100 was up by 0.35%, while the Nifty Smallcap 100 gained 0.15%.
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Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “Leading indicators available so far do not indicate a pick up in economic growth. GST collections for December have declined 2.97 per cent month-on-month (M-o-M) indicating continuation of the slowdown. Therefore, Q3 corporate earnings are unlikely to register a rebound. This means investors have to focus on segments which will buck the slowdown like IT, pharma and to some extent financials. Luxury consumption like hotels, jewellery and aviation also are likely to post good results. FIIs are likely to continue with their selling strategy since the dollar remains strong and the U.S. bond yields are attractive enough for FIIs to ignore emerging markets in the near-term. While DII buying can support the market at lower levels, that is not sufficient to take the market higher. For higher market levels we will have to wait for indications of growth and earnings recovery.”
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Global Cues:
Asian stocks showed a mixed performance on Thursday as several major markets returned to action after the New Year’s Day holiday. South Korea’s Kospi slipped by 0.02%, while the Kosdaq gained 1.01%.
Mainland China’s CSI 300 fell 0.74%, Hong Kong’s Hang Seng Index dropped by 1.78%, and the Shanghai Composite declined 0.46%.
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Australia’s S&P/ASX 200 rose by 0.41%, while markets in Japan remained closed on Thursday and Friday due to a Bank Holiday.
