Stock market today: Indian benchmark indices, BSE Sensex and Nifty50 , witnessed a sharp rise on Friday following the impressive December quarter results of IT giants TCS and Infosys. Despite concerns over weak global markets and higher-than-expected US inflation data, investor sentiment remained unaffected.
At 10:43 AM, BSE Sensex was trading at 72,321.84, up 600 points or 0.84%. Nifty50 too was up 0.79% or 172 points at 21,819.15.
Among the Sensex stocks, Infosys and TCS emerged as the top gainers, with a rise of 7% and 4% respectively, said an ET report. Other IT companies like Wipro, Tech Mahindra, HCL Tech, and UltraTech Cement also opened 2-3% higher. However, M&M, Asian Paints, Bharti Airtel, HUL, and Power Grid started the day with lower numbers.In individual stocks, small-cap civil construction firm HG Infra Engineering witnessed a surge of over 7% after being declared the lowest bidder by Central Railway for a project worth Rs 716 crore.
On the flip side, Nykaa shares fell by 2.5% due to reports of Lexdale International’s likely sale of 2.62 crore shares of the company through a block deal.
The Nifty IT index witnessed a remarkable surge of 3.75% following the inline results from Infosys and better-than-expected results from TCS. Nifty Bank, Media, Metal, and Realty sectors also opened on a positive note. In the broader market, Nifty Midcap100 rose by 0.22%, while Nifty Smallcap100 gained 0.6%.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services stated that the resilience in IT stocks and strength in Reliance will enable Nifty to consolidate around 21,600 levels. HDFC Bank results on January 16th will be keenly watched by the market for cues in the direction of Bank Nifty.
The US Department of Labor’s consumer price index (CPI), a crucial indicator of inflation, showed a 3.4% increase compared to the previous year, surpassing November’s figure.
At 10:43 AM, BSE Sensex was trading at 72,321.84, up 600 points or 0.84%. Nifty50 too was up 0.79% or 172 points at 21,819.15.
Among the Sensex stocks, Infosys and TCS emerged as the top gainers, with a rise of 7% and 4% respectively, said an ET report. Other IT companies like Wipro, Tech Mahindra, HCL Tech, and UltraTech Cement also opened 2-3% higher. However, M&M, Asian Paints, Bharti Airtel, HUL, and Power Grid started the day with lower numbers.In individual stocks, small-cap civil construction firm HG Infra Engineering witnessed a surge of over 7% after being declared the lowest bidder by Central Railway for a project worth Rs 716 crore.
On the flip side, Nykaa shares fell by 2.5% due to reports of Lexdale International’s likely sale of 2.62 crore shares of the company through a block deal.
The Nifty IT index witnessed a remarkable surge of 3.75% following the inline results from Infosys and better-than-expected results from TCS. Nifty Bank, Media, Metal, and Realty sectors also opened on a positive note. In the broader market, Nifty Midcap100 rose by 0.22%, while Nifty Smallcap100 gained 0.6%.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services stated that the resilience in IT stocks and strength in Reliance will enable Nifty to consolidate around 21,600 levels. HDFC Bank results on January 16th will be keenly watched by the market for cues in the direction of Bank Nifty.
The US Department of Labor’s consumer price index (CPI), a crucial indicator of inflation, showed a 3.4% increase compared to the previous year, surpassing November’s figure.
The US CPI inflation inching up to 3.4% YoY is slightly negative from the global equity market perspective. The rate cut expected from the US Fed in March this year may not materialize. It is likely to be postponed to June, and therefore, rate cuts by the MPC will also get delayed, said Vijayakumar.
Wall Street equities closed with little change after data revealed that headline CPI rose above estimates at 0.3% in December, resulting in an annual gain of 3.4%. Asian equities opened slightly higher. China’s blue chips and Hong Kong’s Hang Seng index both experienced a minor decline of 0.1%. In contrast, Japan’s Nikkei reached a 34-year high, gaining 1.1%.
