Indian Stock Market Rallies in Early Trade on Jan 23

Indian Stock Market Rallies in Early Trade on Jan 23

VoM News Desk | January 23, 2024 | 10:28 AM IST | Breaking News | Follow on Google News

Indian Stock Market Rallies in Early Trade on Jan 23/Pixabay

Indian Stock Market Rallies in Early Trade on Jan 23

The Indian stock market indices, Sensex and Nifty 50, surged nearly 1% in early trade on January 23, led by strong gains in IT and banking stocks. The Sensex rose over 600 points to open above the 72,000 level, while the Nifty 50 opened 145 points higher above 21,700.

Positive global market cues and better-than-expected corporate earnings for the December quarter contributed to the gains. Broader markets, represented by the Nifty Midcap 100 and the Nifty Smallcap 100 indices, also traded in the green.

The positive sentiment was influenced by global factors, such as the S&P 500 reaching a record high at 4,850, and domestic events, including the historic Pran Prathishta at Ayodhya. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that these factors, along with Q3 results, would impact specific stocks positively and negatively in the short run.

Japanese shares reached fresh 34-year highs after the Bank of Japan maintained its ultra-loose monetary policy. China’s stock market rallied on reports of state authorities considering a package of measures to stabilize the market.

Index heavyweights like ICICI Bank, Bharti Airtel, Infosys, TCS, Sun Pharma, and Cipla were among the top contributors to the Nifty 50. Positive Q3 results from major companies like ICICI Bank and Cipla boosted investor confidence.

The Bank Nifty index formed a higher low on January 20, breaking the immediate resistance of 46,300, and analysts anticipate short-covering that could propel it towards 46,500 / 46,800 levels.

Indian Stock Market Rallies in Early Trade on Jan 23

VoM News Desk

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