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On January 19, 2024, the Nifty 50 and Sensex closed with significant gains, propelled by widespread buying in various sectors and positive global cues.
The Nifty 50 opened at 21,615.20, rose over 1% to reach the day’s high at 21,670.60, and closed at 21,622.40, marking a gain of 160 points or 0.75%.
The Sensex opened at 71,786.74, surged 1% to the intraday high of 71,895.64, and closed with a rise of 496 points or 0.70% at 71,683.23.
The optimistic market sentiment was driven by expectations of robust economic growth and potential rate cuts, leading investors to favour shares after the recent correction.
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Impact on the stock market
On Friday, major sectoral indices like Nifty Auto, FMCG, Metal, PSU Bank, and Oil & Gas surged by over 1%.
Nifty Bank slipped by 0.03%, Nifty Private Bank by 0.28%, and Nifty Media was the top loser, declining by 0.96%. Excluding these, all other indices closed higher on the NSE.
| Sector/Index | Performance |
| Information Technology | +0.92% |
| Healthcare | +0.73% |
| Oil & Gas | +1.66% |
| Realty | +0.70% |
| PSU Banks | +1.15% |
Top gainers today
| Company | Price | Change (%age) |
| ONGC | 242.05 | + 3.64% |
| Bharti Airtel | 1,125.00 | + 3.49% |
| NTPC | 308.45 | + 3.06% |
| Tech Mahindra | 1,389.90 | + 2.56% |
| SBI Life Insurance | 1,440.60 | + 2.54% |
Top losers today
| Company | Price | Change (%age) |
| IndusInd Bank | 1,561.10 | – 3.21% |
| HDFC Bank | 1,470.65 | – 1.04% |
| Kotak Mahindra | 1,764.30 | – 0.73% |
| Divis Labs | 3,693.80 | – 0.17% |
| Adani Ports | 1,152.45 | – 0.14% |
Market aftermath: Impact on stocks
Shree Marutinandan Tubes Ltd soars 46% in BSE
Shree Marutinandan Tubes Ltd’s IPO, valued at ₹ 14.30 crore, opened on January 12 and closed on January 16, garnering subscriptions over 47 times. The stock debuted on the BSE SME platform at a 46% premium, opening at ₹ 200 per share against its issue price of ₹ 143.
As of 10.05 am, the stock traded at ₹ 210, reflecting a 46.85% increase from the issue price. The company, established in 2013, reported a revenue of ₹ 42.77 crore and a net profit of ₹ 1.42 crore for the period ending September 2023.
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HDFC Bank rebounds after 11% Slump
HDFC Bank rebounds over 1% to ₹ 1,504 after a steep 11% drop after disappointing Q3 results. CLSA issues a ‘buy’ recommendation with a target price of ₹ 2,025, indicating a 34% potential upside.
Key concerns include slower deposit growth and margin compression. The bank’s recent slump contributed to a 5% decline in Bank Nifty over two days, given its substantial 40% weightage in the index.
Aarti Industries surges 8.5% to 52-week high
Aarti Industries stock surged 8.5% to a 52-week high, reaching ₹ 663 after brokerages Emkay and Morgan Stanley expressed bullish sentiments. The company’s long-term contract of ₹ 6,000 crore for a niche speciality chemical further fueled the rise.
The stock, currently trading at ₹ 661, gained over 13% in two sessions, surpassing the target set by Morgan Stanley.
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Crude oil futures decline
Crude oil futures dip as China’s economic growth concerns outweigh geopolitical tensions. March Brent oil is at $78.89 (-0.27%), and March WTI is at $73.87 (-0.11%) on Friday at 9:29 am.
January MCX crude oil futures trade at ₹6144 (-0.13%), and February futures at ₹6149 (-0.13%) from previous closes.
Conclusion
In a refreshing turn, today’s market saw the Nifty 50 and Sensex experience significant gains, fueled by positive global vibes and investor optimism.
Shree Marutinandan Tubes made a stellar debut, while HDFC Bank bounced back, and Aarti Industries reached a new high. As crude oil futures took a dip, the market journey continued with its twists and turns.
Stay tuned on StockGro for more such insights on the market.
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