The Indian indices ended higher on January 23 after closing lower for two straight sessions amid buying in auto, oil & gas, information technology and banking names.
The BSE Sensex leaped around 500 points to the day’s high but pared some gains to close 320 points higher at 60,942. Top index winners included Sun Pharma, HUL, TCS, Tech M, Infosys, SBI, Tata Motors, HCL Tech and Bharti Airtel, which gained 1-2 per cent.
The NSE Nifty rose 91 points to end at 18,119. Ultratech Cement was the top index drag, down over 4 per cent, followed by Grasim, NTPC, JSW Steel, Tata Steel and L&T.
In the broader markets, BSE Midcap index rose 0.4 per cent led by up to 7 per cent rally in Delhivery, Torrent Power, Persistent Systems, Tata Elxsi, Bajaj Holdings and AU Bank. The smallcap index trailed the market and closed 0.3 per cent down.
Sectorally, Nifty IT clocked around a 2 per cent gain, followed by nearly 1 per cent upmove in bank, auto, FMCG and pharma indices. Metals and realty were the only pockets to close lower.
Among stocks, YES Bank tanked 8 per cent following disappointing Q3 result.
“Market breadth tilted in favour of bulls, lifted by financial stocks, amid positive cues from global peers. Strong corporate earnings reported by banks boosted the appetite for financial stocks. Positive global markets, owing to the possibility of a less aggressive rate hike, further added colour,” said Vinod Nair, Head of Research at Geojit Financial Services.
Global Cues
Tokyo stocks opened higher on Monday after Wall Street stocks rebounded, led by tech shares buoyed by Netflix results and Federal Reserve comments signalling smaller interest rate hikes.
US stocks rallied to close higher on Friday, as the S&P 500 and Dow snapped a three-session losing streak and the Nasdaq rose more than 2%, as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.
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