FIRST TRADE: Sensex soars over 250 pts; Nifty above 21,700 amid subdued global cues
Stock market today: Last seen, both indices were up 0.28 per cent. The S&P BSE Sensex rose 219.96 points to 72,067.53, and the NSE Nifty was up 62.25 points to 21,720.85.
Stock market today: Indian shares on Friday, January 5, opened in positive territory ahead of quarterly results starting next week, while global stocks remained subdued after fresh data raised doubts over early US rate cuts in 2024. Last seen, both indices were up 0.28 per cent. The S&P BSE Sensex rose 219.96 points to 72,067.53, and the NSE Nifty was up 62.25 points to 21,720.85.
“An important feature of the ongoing rally in the market is that retail investors, not institutions, are calling the shots. This retail exuberance is reflected in the records set by the mid- and small-cap indices, even at frothy valuations in these segments. The excessive valuations of the broader market cannot continue for long. Big corrections are likely in the broader market; the only question is when,” said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Dr. Vijayakumar added that the risk to the global rally could come from the Fed, which may be less dovish than market expectations. The latest data from the US indicates an economy that is not weakening as much as the Fed would like. The Q3 results will impact stock prices. IT stocks have corrected, anticipating poor numbers. The result to watch would be that of HDFC Bank, which has the potential to move the bank index.
Nifty Mid Cap 100 and Small Cap 100 also mirrored strength and traded over half a per cent stronger. Similarly, with the benchmark indices increasing, the high-beta Nifty Bank was up 0.30 per cent at 48,342.2.
BUZZING STOCKS
Hindustan Aeronautics (HAL) shares were over 3 per cent after UBS initiated a 'buy' on the defence PSU with a 24 per cent potential upside.
CG Power shares were up nearly 4 per cent after UBS initiated a 'buy' on the stock.
Tata Power shares were up over 3 per cent after Jefferies raised the target price on the stock.
NTPC shares were up over 1 per cent after Jefferies raised its target price on the stock.
Utkarsh Small Finance Bank shares were up over 2 per cent a day after it released its Q3 business update.
On the other hand, Sobha shares were down over 1 per cent after the company released its Q3 business update.
GLOBAL MARKETS
Asian markets news: Stocks wobbled on Friday, keeping global equities on track to snap a nine-week winning streak, while the dollar was poised for its strongest weekly advance since mid-July as bets on aggressive Federal Reserve rate cuts were rolled back.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.1 per cent in the Asian morning, with Hong Kong's Hang Seng (.HSI) slipping 0.18 per cent.
(With inputs from agencies.)
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