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Shares in the domestic bourse treaded higher as tracking gains in the Wall Street on Thursday as a lower-than-anticipated US core inflation kept alive the prospect of Federal Reserve rate cuts this year.
Other Asian markets also saw gains, with the MSCI Asia ex-Japan index (.MIAPJ0000PUS) rising 1.2%. Lower US interest rates tend to make emerging markets like India more appealing to foreign investors.
The benchmark Sensex rose by 319 points to close at 77,043, while the Nifty gained 99 points, ending the day at 23,312. The midcap index outperformed, advancing by 1%, compared to a 0.4% rise in the Nifty.
The Midcap index surged by 585 points, closing at 54,484, led by strong performances in stocks like Bharat Dynamics and RVNL. The Nifty Bank index gained 527 points, ending at 49,279, supported by gains in major private and public sector banks. Stocks such as Axis Bank and HDFC Life were among the notable gainers on the day, bolstering market sentiment.
HDFC Life was the top gainer on the Nifty, jumping 8% following a robust third-quarter earnings report that exceeded market expectations. L&T Technology Services also saw a strong 8% rise after reporting an in-line operating performance.
Reliance Industries (RIL) and Axis Bank saw gains of 1% each, while LTIMindtree climbed 2% ahead of its upcoming third-quarter earnings.
Bharat Dynamics stood out with a 5% rise after the company secured a ₹2,960 crore order from the Ministry of Defence, signaling strength in its order book.
Railway stocks had a solid outing with BEML, IRFC, Railtel, and IRCON all rising between 2% and 13%. RVNL was another standout performer, gaining 10% as the company announced a ₹3,622 crore order win from BSNL.
Logistics company Delhivery rose 2% after launching its new ‘Rapid Commerce’ service, offering two-hour deliveries, which could position the company for further growth in the competitive logistics space.
First Published: Jan 16, 2025 3:49 PM IST
