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Friday cheer: Sensex hits 71,700 led by Bharti Airtel, ICICI Bank

Friday cheer: Sensex hits 71,700 led by Bharti Airtel, ICICI Bank
  • Airtel, ONGC, ICICI Bank, Axis Bank, Tech Mahindra are the top gainers
  • Reliance Industries, RBL Bank, HUL are some of the big earnings being eyed by the street.
  • IndusInd Bank, HCL Tech, HUL, Reliance, Hero Motocorp are some of the laggards.

The stock market rebounded after closing in the red on Thursday, as the benchmark indices traded in the green on Friday, showing resilience and maintaining an upward momentum.

The Sensex and Nifty posted substantial gains, reflecting positive sentiment in the market.

Sensex opened 623.40 points up at 71,843.26, while Nifty witnessed a gain of 190.35 points, opening at 21,652.60. Among the Nifty companies, the market exhibited a robust advance, with 49 companies showing gains and only 1 declining.

Reliance Industries, RBL Bank, HUL, CreditAccess Grameen, Paytm, UltraTech Cement, Central Bank of India, are reporting their Q3 earnings today.

Airtel, ONGC, ICICI Bank, Axis Bank, Tech Mahindra emerged as the top gainers, contributing to the positive trend. IndusInd Bank, HCL Tech, HUL, Reliance, Hero Motocorp are some the laggards in trade

Indian benchmark index trends on Gift Nifty indicated a relatively flat or slightly positive start, with Gift Nifty trading around 21,591 in comparison to Nifty futures' previous close of 21,550.

Recent sessions witnessed a 3% decline in both the Nifty 50 and Sensex, prompting careful observation of market movements.

On January 18, the Sensex closed 0.44% lower at 71,186.86, and the Nifty 50 settled 0.51% lower at 21,462.25. The daily chart of the Nifty 50 reflected a small positive candle with upper and lower shadows, indicating heightened volatility in the market.

Varun Aggarwal, founder and managing director, Profit Idea, said, "Global factors have played a significant role in influencing market dynamics. TSMC's strong earnings report triggered a substantial rally in chipmakers, projecting solid growth in the sector."

"Despite positive US labor-market data, there is speculation about a rate cut in March, impacting Treasuries and the US dollar," he added.

In the US, major indices experienced gains, with the Dow Jones Industrial Average rising by 0.54%, the S&P 500 surging by 0.88%, and the Nasdaq reaching a new high, up by 1.35%.

TSMC shares played a pivotal role in the Nasdaq's success, surging nearly 10%. Other chipmakers, including Nvidia, Advanced Micro Devices, Broadcom, Qualcomm, and Marvell Technology, also witnessed notable gains.

Aggarwal said, "Oil prices remained steady, supported by escalating tensions in the Middle East, reaching a three-week high. Positive momentum in Asian markets was evident, with Japan's Nikkei 225 rallying by 1.4%, Topix gaining 0.98%, and South Korea's Kospi jumping 1.14%".

The US dollar index continued its ascent for the fifth consecutive session, reaching 103.47, its highest level since December 13. In 2023, the National Stock Exchange of India maintained its position as the world's largest derivatives exchange for the fifth consecutive year, ranking third globally in the equity segment by the number of trades.

These market dynamics underscore the intricate interplay of global factors, including economic data, geopolitical tensions, and corporate performances, influencing investment decisions and shaping the trajectory of the stock market.

(With text input from ANI)


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