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Sensex gains over awesome 150 points and Nifty crosses 21,700 during the trading session on Saturday

A positive global handover and buying activity in banks and auto stocks contributed to the strong opening of the Indian headline indices on Saturday morning.At 10:55 am, the broader Nifty was up 65 points, or 0.30%, at 21,698, while the S&P BSE Sensex was trading at 71,828, up 145 points, or 0.20%.Financial and bank stocks led the way, with the Nifty Bank banking index rising 0.66% to 46,002. The index’s twelve stocks were all trading higher.In the meantime, 42 stocks in the Nifty pack were rising, seven were falling, and one stock stayed the same. Seven traded with cuts and 23 were gainers in the 30-pack Sensex.

Top losers were Hindustan Unilever, UltraTech Cement, Wipro, Nestle India, and Maruti Suzuki, while top winners were Power Grid Corporation, HDFC Bank, NTPC, Bajaj Finance, and IndusInd Bank.

Expert Opinion

“The market’s underlying uptrend has not changed despite the recent correction. Prolonged DII and retail buying is offsetting FII selling. Furthermore, the market is receiving essential support from the robust economy. Consequently, unlike in the past when FIIs used to make all the decisions, FII selling is not strong enough to significantly lower the market. Investors can take advantage of this market feature to purchase quality stocks that are temporarily under pressure from FII sales, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

He stated that since many unproven stocks in the broader market are flying high on hopes rather than on fundamentals or strong prospects, it is crucial to purchase high-quality stocks in performing sectors. The frothy valuations of many mid- and small-cap stocks are the result of hyper-speculative and trading activity. It is only a matter of time before these stocks correct,” he cautioned.


Frontline Wall Street indices concluded Friday’s trading session higher, with the Nasdaq Composite leading the way. The S&P 500 closed at 4,780.94, up 41.73 points or 0.88%, while the Dow 30 closed at 37,468.60, up 201.94 points or 0.54%. At the close, the Nasdaq Composite was up 200.03 points, or 1.35 percent, at 15,055.70.

Germany’s Dax finished 0.07% lower on Friday, while the UK’s FTSE 100 index saw marginal gains of 0.04% at the close. Moreover, Spain’s IBEX 35 ended the day 0.22% down. The French CAC 40 ended the day 0.40% down.On weekends, markets around the world are closed.

Currency Watch

In conjunction with the government’s announcement of a half-day holiday in honour of the dedication of the Ram temple in Ayodhya, the Reserve Bank announced on Friday that money markets will open on January 22 at 2.30 pm rather than 9 am. According to a circular, the trading hours for the various markets under the Reserve Bank of India’s regulation have also been shortened in anticipation of the government of India’s announcement of a half-day closure on January 22.

The Indian rupee moved in a range-bound manner on Friday, mirroring the movements of its Asian counterparts. Reuters reported that traders continued to anticipate gains in the local currency in the near to medium term. As of 10:15 a.m. IST, the rupee was trading at 83.1425 against the US dollar, down from its close of 83.1225 during the previous session, according to the report.

In response to lower-than-expected U.S. jobless claims data, the dollar index remained stable at 103.32, and the yield on the 10-year U.S. Treasury increased to 4.16% in Asian trading hours, according to a Reuters report.

Crude Impact

Today’s commodity markets are closed. The February delivery of US WTI crude oil futures dropped $0.370 to $73.710 a barrel on Friday. For March delivery, Brent crude dropped $0.470 to $78.560 per barrel.On the local market, the February contract for MCX Crude oil ended at Rs 6,123 per BBL on Friday, up Rs 17 or 0.28%.

FII/DII Tracker

Foreign institutional investors (FIIs) offloaded Indian stocks valued at Rs 3,689.68 crore on Friday, acting as net sellers. At Rs 2,638.46 crore, domestic institutional investors (DIIs) were the net buyers.


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