As per provisional closing data, the barometer index, the S&P BSE Sensex rose 496.37 points or 0.70% to 71,683.23. The Nifty 50 index added 160.15 points or 0.75% to 21,622.40.

In the broader market, the S&P BSE Mid-Cap index advanced 1.69% and the S&P BSE Small-Cap index rose 1.06%.

The market breadth was strong. On the BSE, 2,473 shares rose and 1,332 shares fell. A total of 107 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 1.36% to 13.88.

The National Stock Exchange and Bombay Stock Exchange will hold a special live trading session on 20 January 2024 to switch to the Disaster Recovery (DR) site. There will be two sessions – the first from 9:15 am to 10 am and the second from 11:30 am to 12:30 pm.

Buzzing Index:

The Nifty Oil & Gas index rose 1.66% to 10,359.00. The index rose 2.27% in two trading sessions.

Oil India (up 3.78%), Oil & Natural Gas Corporation (up 3.68%), GAIL (India) (up 2.69%), Indian Oil Corporation (up 2.6%), Hindustan Petroleum Corporation (up 2.38%), Gujarat State Petronet (up 2.22%), Aegis Logistics (up 1.91%), Indraprastha Gas (up 1.83%), Mahanagar Gas (up 1.79%) and Bharat Petroleum Corporation (up 1.49%) rallied.

On the other hand, Gujarat Gas (down 0.81%) and Reliance Industries (down 0.06%), edge lower.

Stocks in Spotlight:

UltraTech Cement added 2.09% after the cement major reported its highest ever quarterly consolidated net profit at Rs 1,774.78 crore in Q3 FY24, registering a growth of 67.03% YoY. Revenue from operations rose 7.85% YoY to Rs 16,739.97 crore in the quarter ended 31 December 2023.

360 ONE WAM declined 2.37%. The company reported 12% rise in consolidated net profit to Rs 192.11 crore on 26.77% jump in total income to Rs 672.06 crore in Q3 FY24 over Q3 FY23.

Innova Captab jumped 3.03% after the company’s consolidated net profit jumped 22.06% to Rs 22.91 crore in Q3 FY24 as against Rs 18.77 crore posted in Q3 FY23. Revenue from operations grew by 16.82% year on year to Rs 282.94 crore in the quarter ended 31 December 2023.

Bajaj Finance rose 0.70%. The NBFC said that its board is scheduled to meet on Monday, 29 January 2024 to consider a proposal for raising funds through issuance of debt instruments.

Tata Consumer Products rose 1.26% after the company's board has approved a proposal to raise funds through the issuance and allotment of commercial papers (CPs), for an amount not exceeding Rs 3,500 crore, to be utilized for bridge funding to facilitate the payment of consideration for proposed acquisition of stakes in Capital Foods and Organic India.

The board has also accorded its approval to raise funds by way of issue of equity shares of the company of face value Re 1 each through rights issue for an amount not exceeding Rs 3,000 crore to the eligible equity shareholders of the company as on the record date, subject to receipt of statutory / regulatory approvals.

Poonawalla Fincorp advanced 2.12% after the NBFC reported 76% jump in net profit to Rs 265 crore in Q3 FY24 from Rs 150 crore in Q3 FY23.

Metro Brands declined 2.95% after the company reported 3% decline in standalone net profit to Rs 111.19 crore in Q3 FY24 as compared with Rs 114.63 crore in Q3 FY23..

Global Markets:

European shares advanced while Asian stocks traded mixed on Friday, tracking an overnight rise in US stocks.

Japan’s headline inflation rate fell to 2.6% in December, down from 2.8% in November and hitting its lowest level since June 2022. Japan’s core inflation rate — which strips out prices of fresh food — also fell to 2.3% from November’s figure of 2.5%.

US stocks ended with strong gains on Thursday, as AI optimism drove gains in Nvidia and other chipmakers. Atlanta Fed President Raphael Bostic said he would be open to reducing U.S. interest rates sooner than he had anticipated if inflation fell faster than he expected.