MARKETS: Sensex zooms 600 pts, Nifty atop 17,200; IT stocks in focus
Last Updated on January 26, 2023 by Admin
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Opening Bell
Power Grid (up 3 per cent) was the top gainer on the Nifty50 index, followed by Tata Motors, Titan, SBI, Bajaj twins, BPCL, and Axis Bank.
On the downside, Dr Reddy’s Labs, Hero Moto Corp, HUL, and Cipla were the top laggards.
In the broader markets, the BSE MidCap and SmallCap indices snapped their losing streak and gained up to 0.8 per cent.
However, individually, shares of Reliance Capital hit 5 per cent lower circuit after the Reserve Bank of India (RBI) on Monday superseded the board of industrialist Anil Ambani-promoted company, owing to defaults and governance issues.
On the contrary, shares of Dish TV rose 2 per cent after the Supreme Court agreed to hear the petition filed by YES Bank to appeal against an Allahabad High Court order which dismissed the bank’s petition to de-freeze its voting rights in Dish TV India.
Sectorally, the Nifty Realty index climbed 3.4 per cent; the Nifty PSU Bank and Consumer Durable index (2 per cent each); and the Nifty IT index (up 1.3 per cent).
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Pre-open session
LIVE market updates: The frontline indices were flat in pre-open trade, although with a positive bias. The BSE benchmark closed the session 23 points higher at 57,284 while the Nifty50 index was 3 points down at 17,051.
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LIVE market updates: Given the uncertainties around the impact of Omicron variant of Covid-19, domestic equities may remain volatile on Tuesday.
Although the global set-up is supportive of an upmove, the World Health Organisation’s (WHO’s) statement that the new variant poses a “very high” global risk and could have “severe consequences” may limit upside.
At 8:10 AM, SGX Nifty was at 17,065 levels compared with the Nifty’s spot close of 17,054 on Monday.
Primary market action
Go Fashion is set to debut on the bourses today with an issue price of Rs 690. The public issue of the company had seen tremendous response from investors, and was subscribed 135.46 times during its IPO last week.
That apart, Star Health IPO will open for subscription today in a price band of Rs 870-900. READ MORE
Global cues
Wall Street bounced back in trade on Monday after US President Joe Biden said there’s no need for Covid omicron lockdowns for now. The Dow Jones gained 0.7 per cent, while the S&P 500 and Nasdaq surged 1.3 per cent and 1.9 per cent, respectively.
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