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On January 29, 2024, the Indian equity market saw robust buying activity.
The Nifty 50 opened at 21,433.10, rose to an intraday high of 21,763.25, and closed with a substantial gain of 385 points (1.80%) at 21,737.60 from the previous day’s close of 21,352.60.
Similarly, the Sensex opened at 70,968.10, reached an intraday high of 72,010.22, and concluded 1,241 points (1.76%) higher at 71,941.57, compared to the prior close at 70,700.67.
Market volatility increased, with India VIX rising by 13%, driven by anticipation around the Interim Budget 2024 and the upcoming US Fed policy decision.
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Impact on the stock market
Most sectoral indices posted notable gains, with the Nifty Oil & Gas index leading with a 5.18% surge, followed by a 2.43% rise in the PSU Bank index. The Nifty Bank index increased by 1.28%, and the Auto index saw a 1.68% jump.
| Sector/Index | Performance |
| Information Technology | +0.10% |
| Healthcare | +0.61% |
| Oil & Gas | +5.18% |
| Realty | +1.26% |
| PSU Banks | +2.43% |
Top gainers today
| Company | Price | Change (%age) |
| ONGC | 252.50 | +7.88% |
| Reliance | 2,895.15 | +6.98% |
| Coal India | 412.80 | +6.01% |
| Adani Enterprises | 3,064.65 | +5.91% |
| Adani Ports | 1,197.15 | +4.44% |
Top losers today
| Company | Price | Change (%age) |
| Cipla | 1,336.85 | -2.39% |
| ITC | 449.80 | -1.28% |
| Infosys | 1,656.60 | -0.75% |
| LTIMindtree | 5,454.05 | -0.74% |
| Bajaj Auto | 7,548.80 | -0.64% |
Market aftermath: Impact on stocks
IRB Infra surges 13%
IRB Infrastructure Developers surged by nearly 13.5% on January 29 following an arbitration tribunal’s award in favour of Yedeshi Aurangabad Tollway (YATL). The company is set to receive ₹ 1,681 crore in compensation, with additional interest.
IRB reported a significant 26% YoY increase in toll collection in December 2023. As of 10:40 am, the stock traded at ₹ 56.90. The tribunal’s decision resolves arbitration proceedings against the National Highways Authority of India (NHAI).
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Reliance Industries stock hits record high
Reliance Industries hits record high, Market Cap soars to ₹ 19.2 lakh crore on strong January surge. The stock reached an all-time high of ₹ 2,850, gaining 5% in the third consecutive session.
The surge followed Bloomberg’s report on the significant erosion in the valuation of Walt Disney’s India unit ahead of its merger with Mukesh Ambani’s media business, leading to a positive January for RIL with an 8.6% gain.
Tata Technologies records 15% surge in Q3 profit
Tata Technologies shares rose 1.6% as the global engineering services firm reported a robust Q3 FY24 performance. The consolidated profit surged by 14.7% YoY to Rs 170.22 crore, while revenue from operations grew by an equivalent percentage to Rs 1,289.5 crore.
In USD terms, total operating revenues increased 13.4% YoY to $154.8 million. Despite a 12.5% decline since its November 30 listing at Rs 1200, the stock displayed positive momentum.
The management anticipates aerospace, particularly Airbus projects, to drive growth in FY25 and aims for a 200-250 bps margin expansion in the upcoming quarter.
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Crude oil futures surges
Crude oil futures surged on Monday due to heightened tensions in the Middle East. April Brent oil futures rose to $83.29, a 0.41% increase, while March WTI futures were up by 0.46% at $78.37.
On the Multi Commodity Exchange (MCX), February crude oil futures traded at ₹6507, up 1.97%, and March futures stood at ₹6511, up 2.04% from the previous close.
Conclusion
In today’s market, optimism took the lead with Nifty 50 and Sensex enjoying significant gains, fueled by robust buying activity.
IRB Infra surged on a favourable tribunal award, Reliance Industries hit a record high, and Tata Tech’s robust results. Crude oil futures surged amid Middle East tensions.
As the market continues its dynamic rhythm, stay tuned on StockGro for more upbeat moves!
