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On January 10, the BSE Sensex surged 271.5 points (0.38%) to 71,657.71, while the NSE index gained 69.25 points (0.32%) to reach 21,614.1.
Domestic benchmark indices, led by IT and metal stocks, closed higher in anticipation of Q3 earnings from major IT firms, including Tata Consultancy Services (TCS) and Infosys. According to analysts, the commentary from IT management is predicted to be more influential than the dull results.
Additionally, the US Consumer Price Index (CPI) for December and India’s CPI for December are scheduled for release later in the week.
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Impact on the stock market
In the sectoral indices, Nifty IT, Nifty Metal, Nifty Pharma, Nifty Media, and Nifty Bank closed higher, showing gains of 0.5-3.5%. Conversely, Nifty FMCG, Nifty PSU Bank, and Nifty Realty ended the day in the red.
| Sector/Index | Performance |
| Information Technology | +0.50% |
| Healthcare | +0.41% |
| Oil & Gas | +0.01% |
| Realty | -0.11% |
| PSU Banks | -0.26% |
Top gainers today
| Company | Price | Change (%age) |
| Cipla | 1,329.20 | + 3.09% |
| Adani Enterprise | 3,098.20 | + 2.77% |
| Reliance | 2,650.10 | + 2.70% |
| HCL Tech | 1,492.10 | + 2.17% |
| Adani Ports | 1,214.35 | + 1.44% |
Top losers today
| Company | Price | Change (%age) |
| ONGC | 212.10 | – 2.10% |
| Divis Labs | 3,902.65 | – 2.06% |
| NTPC | 313.35 | – 2.00% |
| BPCL | 451.25 | – 1.89% |
| Power Grid Corp | 239.15 | – 1.30% |
Market aftermath: Impact on stocks
Spicejet surges 5% ahead of AGM
SpiceJet shares soared 5% ahead of its annual general meeting, where the airline seeks approval for a Rs 2,250 crore investment to fuel expansion. The proposed investment has attracted interest from 64 entities.
Reportedly, the low-cost carrier is eyeing a market share of 25%, is also in the race to acquire bankrupt rival GoFirst. In a recent meeting, the president of Carlyle Aviation and SpiceJet CMD Ajay Singh discussed potential prospects and strategies for SpiceJet and its cargo arm, SpiceXpress.
Aurobindo Pharma eyes ₹ 4,500 crore IPO
Aurobindo Pharma is contemplating a substantial initial public offering (IPO) for its wholly-owned subsidiary, Eugia Pharma Specialities, with a target to raise approximately Rs 4,500 crore in 2024.
Also Read: Here’s everything you need to know about Jyoti CNC Automation Limited’s IPO
Puravankara hits 52-week high with 56% surge in Q3 sales value
Puravankara shares soared to a 52-week high at Rs 244.10, marking a 10.5% increase, following a robust Q3 performance. The real estate company reported a remarkable 56% surge in sales value, reaching Rs 1,241 crore compared to Rs 796 crore in the same quarter last fiscal year.
Customer collections from the real estate business in Q3 reached an all-time high at Rs 941 crore, up 52% from the previous year.
Crude oil futures rally
Crude oil futures witnessed an upward trend on Wednesday following a reported decline in US crude oil inventories, as per data from the American Petroleum Institute (API). March Brent oil futures rose by 0.24% to $77.78, while February WTI crude oil futures increased by 0.29% to $72.45 at 9:09 am today.
On the Multi Commodity Exchange (MCX), January crude oil futures traded at ₹6032, marking a 0.03% decrease, and February futures were at ₹6060, down by 0.03% from the previous close.
Also Read: 35% of Gujarat’s MSME steel sector succumb to Chinese pressure in Q2
Conclusion
In conclusion, today’s market reflected positive momentum, with the Sensex and Nifty posting gains ahead of crucial Q3 earnings and inflation data.
SpiceJet and Aurobindo Pharma made headlines with potential investments, while Puravankara’s stellar Q3 boosted real estate sentiments. Crude oil futures rebounded, showcasing resilience despite recent fluctuations.
Stay tuned for dynamic market movements and updates on StockGro!
