Market Update: Green Opening with Strong Gains

Market Update: Green Opening with Strong Gains

VoM News Desk | January 29, 2024 | 03:48 PM IST | Breaking News | Follow on Google News

Market Update: Green Opening with Strong Gains

Market Update: Green Opening with Strong Gains

January 29: The benchmark indices opened positively, with the Nifty at 21,707.50. By 3 pm, the Sensex showed substantial gains, up 1,131.74 points (1.60%) at 71,832.41, while the Nifty rose by 351.80 points (1.65%) to reach 21,704.40.

Nifty Gainers and Losers

Major gainers on the Nifty included ONGC, Reliance Industries, SBI Life Insurance, Adani Enterprises, HDFC Bank, and Sun Pharma. Meanwhile, Cipla, Dr Reddy’s Labs, Bajaj Auto, BPCL, and ITC were among the losers.

Asian Markets and Geopolitical Tensions

Asian stocks began the week positively, with Beijing’s efforts to stabilize the local market outweighing concerns about the liquidation of China Evergrande. Geopolitical risks, including a Houthi missile attack in the Red Sea and a drone attack killing three US troops in Jordan, influenced oil prices.

US Dollar Stability and Geopolitical Tensions

The US dollar remained stable as investors assessed US economic data ahead of the Federal Reserve policy meeting. Geopolitical tensions in the Middle East, marked by the Houthi missile attack and the drone incident, tempered risk sentiment.

Oil Prices Surge on Multiple Factors

Oil prices reached a two-month high due to factors such as reduced US inventories, Chinese stimulus measures, and an attack on a Russian refinery. Algorithmic buying surged in response to these developments.

The market continues to navigate global economic and geopolitical factors, with investors closely monitoring key events and data releases.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.