On Friday, the Indian stock market opened higher, following good news from other Asian countries. This boost comes after US President Donald Trump announced plans to lower interest rates. Energy and metal companies led the way in these gains.
As of around 9:23 am, the BSE Sensex was up by 240 points, reaching 76,761, while the Nifty50 rose by 78 points to 23,282. Some of the biggest winners included companies like Power Grid, Adani Ports, and Tata Steel, which increased by up to 1%. However, some companies like Zomato and Maruti experienced losses.
In the US, stock prices also went up, with the S&P 500 reaching an all-time high after Trump talked about lowering rates and taxes during a meeting in Davos, Switzerland. If US interest rates go down, more foreign money could flow into emerging markets like India.
Adani Green Energy saw a big jump of over 4% after announcing a huge 85% increase in profits for the December quarter. HPCL also did well, with its profits rising by 257%. On the other hand, Dr. Reddy’s Labs’ shares dropped over 6% due to disappointing earnings.
In the broader market, the Nifty Smallcap 100 index was slightly down by 0.2%, while the Midcap 100 index was steady. The Nifty Oil & Gas and Metal sectors both gained over 0.5%.
Experts share mixed views about the market. V K Vijayakumar from Geojit Financial Services says that strong US markets and high US bond yields might put pressure on Indian stocks. He thinks foreign investors may keep selling shares, especially in big banks. However, good Q3 results from IT companies suggest that this sector is still a safe bet.
Hardik Matalia from Choice Broking mentions that the Nifty Index could find support at levels of 23,100, 23,000, and 22,800. The immediate resistance levels are at 23,300, 23,400, and 23,500.
More updates will follow!
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