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<ul><li><keyword id="19906778" type="General" weightage="20" keywordseo="infosys" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/infosys-ltd/stocks/companyid-10960.cms">Infosys</keyword>, <keyword id="19950203" type="General" weightage="20" keywordseo="tcs" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cms">TCS</keyword>, Wipro, Tata Consumer Products, and Tech Mahindra are the gainers in morning trade. </li><li>Hindustan Unilever, M&amp;M, Nestle India, Reliance, and Asian Paints are some of the laggards.</li><li>Asian equity markets are showing mixed trading patterns.</li></ul> The Indian stock market continued its upward momentum as it opened on a positive note on Friday, with both the <keyword id="6484188" type="General" weightage="20" keywordseo="Sensex" source="Orion" topicspecial.url="https://economictimes.indiatimes.com/indices/sensex_30_companies">Sensex</keyword> and <keyword id="19896381" type="General" weightage="100" keywordseo="nifty" source="keywords" topicspecial.url="https://economictimes.indiatimes.com/indices/nifty_50_companies">Nifty</keyword> registering gains and maintaining the upward movement in the first hour of trade. The Sensex rose by 326.11 points, opening at 72,051.69, while the Nifty surged by 93.70 points, commencing the day at 21,737.80. The Nifty at the time of publishing is at 21,825, having gained close to a percent. Among the Nifty companies, there were 28 advances and 21 declines, reflecting a mixed trend in the market. Notable gainers from the Nifty pack included Infosys, TCS, Wipro, Tata Consumer Products, and Tech Mahindra. On the other hand, Hindustan Unilever, M&amp;M, Nestle India, Reliance, and Asian Paints were among the top losers. Gift Nifty indicated a favourable start, trading at approximately 21,722 compared to Nifty futures' previous close of 21,690. In the previous session, the Sensex gained 63.47 points (0.09%), closing at 71,721.18, while the Nifty 50 rose by 28.50 points (0.13%), settling at 21,647.20. Technically, the Nifty 50 displayed a small negative candle, suggesting a range-bound market below immediate resistance. The market faces a hurdle at a down-sloping trend line, connecting recent lower highs at 21,725 levels. Varun Aggarwal, founder and managing director, Profit Idea, said, "Despite selling pressure within the 21,700-21,750 range, Nifty maintained stability above its 10-day moving average. Key levels to watch include 21,600 as immediate support and 21,730 as a resistance level on the technical chart. A decisive move above 21,850 could trigger significant upside momentum.". He added, "On the economic front, the central government's net direct tax receipts, after refunds, rose 19.4% YoY to Rs 14.7 trillion, making up 80.61% of the budget estimates for direct taxes this fiscal year". The government's target for direct tax collection this financial year is Rs 18.2 trillion. Global oil prices experienced a surge due to US and allied airstrikes against Houthi rebel targets in Yemen. Brent crude rose by 2% to nearly $79 a barrel, and West Texas Intermediate approached $74. In the US, December's consumer prices exceeded expectations, increasing by 0.3%, while the Consumer Price Index (CPI) rose 3.4% over the past 12 months. In contrast, China's consumer prices fell 0.3% in December, indicating weak domestic demand. Asian equity markets showed mixed trading patterns, influenced by US inflation data and increased oil prices following the UK's approval of military intervention in Yemen. Japanese stocks, particularly the Nikkei 225, demonstrated strength with a 1.17% increase, reaching 35,458.75. Other markets, like South Korea's KOSPI, Hang Seng, and Australia's S&amp;P/ASX 200 experienced varied movements. In the US, the Dow Jones witnessed a modest rise, while the S&amp;P 500 and Nasdaq Composite had marginal fluctuations, reflecting the complex global market dynamics. (With text input from ANI)

Friday cheer on D-Street as Nifty and Sensex are off to a flyer

<ul><li>ICICI Bank and SBI led with the maximum gains of 4.68% and 3.99%.</li><li>Wipro and Tata Motors defied the trend and traded in negative. </li><li>This was the biggest single-day jump since May 20, 2022 for the benchmarks.</li></ul> India's benchmark indices, <keyword id="6484188" type="General" weightage="70" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="6354813" type="General" weightage="70" keywordseo="nifty" source="Orion">Nifty</keyword>, soared to unprecedented highs during Monday's market action. The <keyword id="6354813" type="General" weightage="70" keywordseo="nifty" source="Orion">Nifty</keyword> rallied 2% to close at 20,686 while the <keyword id="6484188" type="General" weightage="70" keywordseo="sensex" source="Orion">Sensex</keyword> jumped almost 1400 points to close at 68,865. This surge was fuelled by the recent triumph of the ruling Bharatiya Janata Party (BJP) in state elections, coupled with robust domestic macroeconomic data and mounting expectations of a US rate cut in March. The 30-share BSE Sensex jumped 1,383.93 points, or 2.05%, to close at a lifetime high of 68,865.12. The index touched an intra-day record peak of 68,918.22. The barometer logged its biggest single-day jump since May 20, 2022. The broader Nifty also climbed 418.90 points, or 2.07%, to hit its all-time closing high of 20,686.80. On the 50-stock benchmark Nifty, 44 closed with gains. Among the Sensex firms, ICICI Bank and SBI led the index with the maximum gains of 4.68% and 3.99%, respectively. Other major gainers were Larsen &amp; Toubro, Kotak Mahindra Bank and HDFC Bank. On the other hand, Wipro and Tata Motors defied the trend and traded in negative. "The benchmark index hits its all-time high following the landslide victory of BJP in elections in three states. It spurred a rally with an anticipation that the country will witness a stable government post the general elections next year," Vinod Nair, Head of Research at Geojit Financial Services, said. As the Sensex and Nifty reached their all-time highs, market experts provided insights into the driving forces behind this impressive rally. Sunil Shah attributed the surge to the favourable outcome of state election results, stating, "Only one reason I would accurate to this rally, Sensex is up by more than 900 points, the reason is the outcome of state election results and results are in favour of the ruling party". Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, emphasized the significance of political stability and a reform-oriented government in driving market optimism. He stated, "The state elections results have turned out to be a big event which can trigger renewed optimism and further rally in the market. The market likes political stability and a reform-oriented, market-friendly government. From the market perspective, the results were better than expected". Vijaykumar further said, "The market has already partly discounted a BJP victory with a 500-point rally during the last 4 sessions. But the mood is so exuberant that the rally will continue. The global backdrop also is favourable with the US 10-year bond yield declining to 4.23%. An across-the-board rally in stocks is in the offing. A restraining factor will be the valuations which are high and will get stretched further with the rally gaining momentum". The Indian stock markets reflect a dynamic interplay of political events, macroeconomic indicators, and global factors, contributing to a complex and evolving financial landscape. Investors remain watchful as the market navigates through these dynamics, balancing exuberance with underlying fundamentals. (With text input from PTI)

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Friday cheer on D-Street as Nifty and Sensex are off to a flyer

BI India Bureau

Dalal Street witnesses record highs as Nifty and Sensex close 2% in the green

ANI

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