Financial, IT stocks lift Sensex over 700 points higher, Nifty tops 23,950
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The BSE Sensex rose 699 points, or 0.86%, to 79,189, while the Nifty50 advanced 209.60 points, or 0.88%, to 23,952 as of 11:10 am.
The market capitalisation of all listed companies on BSE rose by Rs 2.09 lakh crore to Rs 446.52 lakh crore.
From the Sensex stocks, Bajaj Finance, Kotak Mahindra Bank, Bajaj Finserv, Zomato, M&M, and Tata Motors opened with gains, while Bharti Airtel, Adai Ports, NTPC, and HDFC Bank opened with cuts.
Meanwhile, the Nifty Auto index rose by up to 0.3% in early trade, driven by strong gains in Maruti Suzuki and Mahindra & Mahindra, following a rise in their monthly sales figures.
Tata Motors shares also rose 2% after the company reported a 1% year-on-year growth in its December 2024 sales numbers at 76,599 units versus 76,138 units in the year-ago period.Among individual stocks, CSB Bank shares surged 6.5% following its Q3 FY25 financial update, which showed robust growth. Total deposits rose by 22.17% year-on-year (YoY) to Rs 33,406 crore as of December 31, 2024, compared to Rs 27,345 crore in the same period last year.South Indian Bank also rose by 2.3% in an early trade as the lender reported an 11.94% jump in its gross advances for the quarter ended December 31, 2024 at Rs 86,965 crore versus Rs 77,686 crore reported in the year ago period.
Experts View
"Leading indicators available so far do not indicate a pick up in economic growth. GST collections for December have declined 2.97% MoM 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," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
"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," Vijayakumar added.
Global Markets
Asian stocks began the year on a dour note on Thursday as they struggled for traction after a jittery close to 2024, while the U.S. dollar charged higher and investor sentiment stayed cautious ahead of Donald Trump's return to the White House.
MSCI's broadest index of Asia-Pacific shares outside Japan, which slid 1.2% in December though registered a gain of more than 7% for 2024.
The index was last down 0.5% in the early Asian session on Thursday, with volume thinned given a trading holiday in Japan.
FII/DII Tracker
The Foreign institutional investors (FIIs) sold equities worth Rs 1,782.7 crore on January 1, while domestic institutional investors (DIIs) purchased equities worth Rs 1,690 crore on the same day.
Crude Oil
Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China's economy and fuel demand following a pledge by President Xi Jinping to promote growth.
Brent crude futures rose 46 cents, or 0.6%, to $75.10 a barrel by 0128 GMT after settling up 65 cents on Tuesday, the last trading day for 2024. US West Texas Intermediate crude futures gained 49 cents, or 0.7%, to $72.21 a barrel after closing 73 cents higher in the previous session.
Rupee vs Dollar
The Indian rupee fell 9 paise to 85.73 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.17% to 108.3 level.
(With inputs from agencies)
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