Upbeat global mood, IT stocks lift Sensex 847 pts up, Nifty ends at 18,101

CLOSING BELL: Broader markets also gained in tandem with the frontline indices. The BSE Midcap and Smallcap indices closed 0.9 per cent and 0.5 per cent up, respectively

CLOSING BELL

STOCK MARKET HIGHLIGHTS

Equity markets snapped a three-day losing streak on Monday as upbeat economic data in the US lifted global stocks. 

After a dismal week, Monday saw benchmark indices closing 1.4 per cent higher as a contraction in US services and a slower wage rise signalled that the economy may be cooling off, prompting bullish bets from investors.  

The BSE Sensex jumped 989 points to the day's high. It eventually settled 847 points higher at 60,747. The gains on the index were led by M&M, HCL Tech, TCS, IndusInd Bank, Bharti Airtel, Tech M, Infosys, Wipro, Reliance, Axis Bank and HUL, which rose 2-3.6 per cent. 

The NSE Nifty ended at 18,101 with a gain of 242 points. Its additional winners included SBI Life, which gained 3 per cent. On the flip side, Titan, Bajaj Finserv, Maruti, Bajaj Auto, HDFC Life and Grasim were among the few losers. 

ALSO READ: Bulls stage turnaround on Monday; key reasons why Sensex rallied 1,000 pts

Broader markets also gained in tandem with the frontline indices. The BSE Midcap and Smallcap indices closed 0.9 per cent and 0.5 per cent up, respectively. 

Within sectors, Nifty IT gained the most, up 3 per cent, followed by oil & gas, metal, auto PSB indices that logged in over 1 per cent gains each. 

Among buzzing stocks, Kalyan Jewellers ended 4 per cent higher after the company's consolidated revenue grew 13 per cent in the December quarter (Q3FY2023) as compared to the same period last year. Read story here

Shares of Vodafone Idea hit a 52-week low before closing 5 per cent lower on the BSE. According to a media report, the Department of Telecommunications (DoT) is now looking at the financials and the operations of the company to ascertain its health. Read more

BS SPECIAL: How to trade IT stocks ahead of Q3 results?

Shares of L&T Technology Services and Tech Mahindra could revive their positive bias since the second quarter of FY23 by consecutively closing higher. Read the full story here

4:18 PM

TECHNICAL VIEW: Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

The Nifty, on January 06, had moved down towards the lows seen in the last couple of weeks. It had fallen towards the 20 WMA, daily lower Bollinger Band & the 50% retracement of the Sept-Dec 2022 rally. These parameters were present near the lower end of the short term consolidation range, which is 17800. Thereon the index witnessed a smart bounce on January 09. It can go on till 18200-18260 on the higher side. The level of 18000 will act as an immediate support. The overall structure for the last few sessions shows that the sharp moves in both the directions are part of the short term consolidation process.

4:14 PM

MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services

Wall Street climbed in anticipation of a less aggressive US Fed as wage growth slowed and service activity contracted, fuelling bets that inflation is moderating. Furthermore, the December payrolls rising higher than anticipated increased the possibility of a softer landing for the US economy. These gains were also absorbed by the domestic market, with IT being the biggest gainer ahead of the release of sector earnings, as the favourable US economy boosted sector optimism.

4:09 PM

GLOBAL CHECK: Mixed trade for European markets

4:05 PM

GLOBAL CHECK: US equity futures continue to inch up in trade

4:00 PM

Over 2,000 stocks advanced, while 1,582 declined

3:54 PM

Broader markets upbeat; India VIX slips 2%

3:49 PM

All sectors close in positive territory; Nifty IT best sectoral performer

3:44 PM

Titan, Bajaj Finserv, Grasim top Nifty50 losers

3:40 PM

M&M, SBI Life, IndusInd Bank top Nifty50 gainers

3:38 PM

SENSEX HEATMAP: Only 3 out of 30 index constituents close in red

3:34 PM

CLOSING BELL: Nifty50 closes above 18,100 levels, up 200 points

3:32 PM

CLOSING BELL: Bulls drive Sensex over 800 points higher

3:20 PM

Budget to be fiscally prudent without losing growth focus: DBS economist

DBS Bank expects the government to target a fiscal deficit of 5.8-5.9% of gross domestic product (GDP) in 2023/24 as against the 6.4% outlined for this financial year ending on March 31. READ MORE

3:10 PM

Bond issuance by banks to touch record Rs 1.3 trn in FY23: Report

They raised more than Rs 73,000 crore in FY22, says rating agency ICRA. READ MORE

3:01 PM

Global Check:: US, UK stock futures advance up to 0.5%

Source: Investing.com