Indian Stock Market Updates: Indian stock market indices closed higher on Monday, as a strong rally in the banking and financial indices boosted market sentiments. The Bank Nifty index ended at 49350.80, or 1.67% at the close. The strong performance of Nifty index stocks, Kotak Mahindra Bank, and Wipro after the Q3 earnings announcement motivated investors’ sentiments. At the same time, the upside remained capped as Auto and FMCG stocks witnessed profit booking.
Indian Stock Market Indices Today
The BSE Sensex jumped 454.11 points or 0.59% to 77073.44, while the Nifty 50 index gained 141.55 points or 0.61% to 23344.75. The broader markets outperformed the benchmarks, as the Nifty midcap index gained 0.91% while the Nifty smallcap index added 1.09%.
Heavyweight index stocks, Kotak Mahindra Bank up 9.15%, followed by Wipro, and Bajaj Twins. The market breadth was positive today. On the NSE, 1600 shares advanced while the 820 shares declined. The NSE’s volatility index “India VIX” gained 4.23% to 16.42.
Foreign Institutional Investors (FIIs) were the net sellers in the Indian equity markets, they offloaded shares worth Rs 4336.54 Cr. The Domestic Institutional Investors (DIIs) were the net buyers, they purchased shares worth Rs 4321.96 Cr.
Global Stock Market News Today
European stock markets traded slightly higher on Monday, as investor’s eyes are on the inauguration of U.S. President-elect Donald Trump later in the day. The pan-European Stoxx 600 index rose by 0.10% as of 9.30 p.m. in India, recovering from earlier losses. Mining stocks saw the biggest gains, climbing 1.56%.
Meanwhile, most Asian stock markets closed higher on Monday, supported by optimism that U.S. President-elect Donald Trump might take a less aggressive approach toward China than earlier expected as he prepares to take office later in the day.
Wall Street performed strongly on Friday, where benchmarks surged, driven by solid bank earnings and hopes for interest rate cuts, boosting investor confidence. The US markets will remain closed on Monday on account of Martin Luther King Jr Day.
Indian Stock Market Prediction Tomorrow
The Indian Stock Market indices have given a sharp recovery in today’s trade led by a smart-up move in the banking stocks. It was a broad-based rally as the mid and small-cap indices also participated in the bullish sentiments.
Going ahead, on the index, Nifty has stiff resistance around 23400 followed by 23480 while support is at 23100-23150 for tomorrow.
Conclusion
The Indian stock market ended on a positive note on Monday, driven by robust gains in banking and financial stocks, with Kotak Mahindra Bank and Wipro leading the rally following their strong Q3 earnings reports. While broader markets outperformed, profit-booking in Auto and FMCG stocks limited the upside.
Global market cues were mixed, with European and Asian indices showing cautious optimism ahead of the U.S. presidential inauguration. Despite foreign institutional investors turning net sellers, domestic institutional buying supported market sentiments.
Going ahead, the Nifty is likely to face resistance at 23,400–23,480 and has support at 23,100–23,150, indicating a potential range-bound movement in the near term. Investors are advised to keep an eye on global developments and sector-specific opportunities.
If you like the post “Indian Stock Market Rallies on Banking Gains Amid Global Optimism” please share it with others.
You may also like to read, Nifty & Bank Nifty Prediction for Next Week, 20th to 24th January 2025
Happy Investing!
Editor’s Desk