The key equity indices continued to trade with modest gains in mid-morning trade, as investors await the upcoming Union Budget. The Nifty traded above the 23,050 mark. Consumer durables stocks advanced after declining in the past three consecutive trading sessions.
At 11:30 IST, the barometer index, the S&P BSE Sensex, advanced 390.06 points or 0.50% to 76,253.28. The Nifty 50 index added 104.40 points or 0.45% to 23,061.65.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 1.84% and the S&P BSE Small-Cap index rallied 2.43%.
The market breadth was strong. On the BSE, 2,855 shares rose and 879 shares fell. A total of 146 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Dr. Agarwals Health Care received bids for 15,75,035 shares as against 5,35,26,172 shares on offer, according to stock exchange data at 11:18 IST on 29 January 2025. The issue was subscribed to 0.03 times.
The issue opened for bidding on 29 January 2025 and it will close on 31 January 2025. The price band of the IPO is fixed between Rs 382 and Rs 402 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Consumer Durables index added 1.31% to 37,344.85. The index declined 2.99% in past three consecutive trading sessions.
Cera Sanitaryware (up 4.59%), Blue Star (up 3.53%), Voltas (up 2.97%), Bata India (up 2.58%), Amber Enterprises India (up 2.57%), Rajesh Exports (up 2.41%), Crompton Greaves Consumer Electricals (up 1.88%), V-Guard Industries (up 1.75%), Dixon Technologies (India) (up 1.7%) and Kalyan Jewellers India (up 1.48%) advanced.
Stocks in Spotlight:
Bharat Heavy Electricals (BHEL) jumped 3.33% after the company's consolidated net profit zoomed 123.34% to Rs 134.70 crore in Q3 FY25 as against Rs 60.31 crore posted in Q3 FY24. Revenue from operations grew by 32.21% year on year (YoY) to Rs 7,277.09 crore in the quarter ended 31 December 2024.
Syrma SGS Technology was locked in upper circuit of 20% after the company’s consolidated net profit soared 161% to Rs 530 crore in Q3 FY25 as compared with Rs 203 crore in Q3 FY24. Revenue from operations jumped 22.5% YoY to Rs 869.2 crore during the quarter.
IDFC First Bank shed 0.63%. The company’s board approved the appointment of Nitin Chauhan as the Chief Information Security Officer of the bank, effective 28 January 2025.
Global Markets:
The US Dow Jones index futures were currently down by 20 points, signaling a negative opening for US stocks today.
Asian stocks were mixed on Wednesday following the minutes from the Bank of Japan’s December meeting revealed that members discussed neutral interest rates and monetary policy actions. The BOJ has been debating how far borrowing costs should be raised as inflation remains above its 2% target while wage hikes broaden due to labor shortages.
Japan's central bank had hiked interest rates by 25 basis points to 0.5% in its meeting last week. This increase brings Japan’s policy rate to its highest level since 2008.
Markets in Taiwan, South Korea, Hong Kong and China are closed for the Lunar New Year holidays.
The Australian Bureau of Statistics reported that inflation rose 0.2% in the December quarter and 2.4% annually.
On Monday, the S&P 500 and Nasdaq 100 surged 0.92% and 2.03%, respectively. The Dow Jones Industrial Average, however, added 136.77 points, or 0.31%, to 44,850.35.
In the U.S., key stock indexes regained some of their losses overnight, following the sell-off caused by Chinese AI startup DeepSeek's challenge to the U.S. AI sector.
All eyes were on Nvidia, which gained momentum to close nearly 9% higher. The chipmaker had previously lost 17%, or nearly $600 billion in market value, in the prior session, marking the largest one-day drop in value ever recorded for a U.S. company.