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On January 4, 2024, Indian equity benchmarks rebounded after two consecutive days of decline.
Nifty 50 opened at 21,605.80, touching an intraday high of 21,685.65 and a low of 21,564.55, closing at 21,658.60, up 141 points or 0.66%.
Sensex opened at 71,678.93, reaching an intraday high of 71,954.79 and a low of 71,546.60, finally ending 491 points or 0.69% higher at 71,847.57.
The positive market sentiment is fueled by expectations of early rate cuts, with a 70% chance priced in for March, according to the CME FedWatch tool.
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Impact on the stock market
As many as 480 stocks, including Bharti Airtel, IndusInd Bank, NTPC, Power Grid, and Sun Pharma, hit their fresh 52-week intraday trade high on the BSE.
All sectoral indices ended with gains, but Nifty Realty stole the show with a stellar gain of 6.76 %. Nifty Bank, Financial Services, PSU Bank, and Private Bank indices rose over 1% each.
| Sector/Index | Performance |
| Information Technology | + 0.04% |
| Healthcare | + 0.71% |
| Oil & Gas | + 0.58% |
| Realty | + 6.76% |
| PSU Banks | + 1.03% |
Top gainers today
| Company | Price | Change (%age) |
| Bajaj Finance | 7,705.55 | + 4.34% |
| Tata Consumer Products | 1,125.55 | + 3.74% |
| NTPC | 317.10 | + 3.56% |
| ONGC | 214.65 | + 3.07% |
| IndusInd Bank | 1,648.55 | + 2.96% |
Top losers today
| Company | Price | Change (%age) |
| BPCL | 452.65 | – 1.82% |
| LTIMindtree | 5,866.40 | – 1.59% |
| Dr Reddys Labs | 5,842.20 | – 1.51% |
| HCL Tech | 1,419.95 | – 1.24% |
| Hero Motocorp | 3,946.95 | – 1.08% |
Market aftermath: Impact on stocks
Sobha’s shares skyrocket: Surge 20% to record high
Sobha’s share price surged 20%, reaching a fresh all-time high and hitting the upper circuit at ₹1,339.95 intraday trade on BSE.
Following a notable 11% surge in the previous session, the stock opened at ₹1,125.95, closing at ₹1,295.25 with a 15.7% gain on NSE and at ₹1,297.5 with a 16.2% gain on BSE. In the past year, Sobha’s share price more than doubled, rising 123%, outpacing the BSE Realty index’s 94% increase.
LTIMindtree shares slide 1% on ₹206 crore GST demand
LTIMindtree Limited faces a setback as its shares dip over 1% following a Rs 206-crore GST demand. The IT services company deems the demand unjustified and plans to contest the order.
The violations include the denial of zero-rated supply, leading to a demand for output IGST, and the rejection of previously granted refunds. Despite this setback, LTIMindtree’s shares have gained 38% in the past year, outperforming other major IT stocks.
Also Read: What is a GST Demand Notice, and why is everyone getting them?
Torrent Power surges 14% to a 52-week high
Torrent Power shares surged 13.5% in trade, hitting a 52-week high at Rs 1,071.95, following the signing of four MoUs with the Gujarat government for a whopping Rs 47,350 crore investment in renewable energy, green hydrogen, and power distribution.
Over the past year, Torrent Power shares have skyrocketed, doubling investors’ wealth and outpacing the Nifty 50 index by over 80%.
Crude oil surges
Crude oil futures rose on Thursday amid concerns of supply disruptions due to protests in Libya. March Brent oil futures reached $78.49, up by 0.31%, while February WTI crude oil futures were at $73.05, up by 0.48%.
Additionally, January MCX crude oil futures traded at ₹6095, a 0.40% increase, and February futures at ₹6127, up by 0.36% from the previous close.
Conclusion
In today’s market hustle, Indian indices bounced back, fueled by positive sentiment and expectations of early rate cuts, marking a promising start to the year.
Sobha’s meteoric rise and Torrent Power’s mind-boggling rally added excitement, while LTIMindtree faced a tax hiccup. Crude oil, reacting to global unrest, moved higher.
Stay tuned for more such market updates on StockGro!
