At 09:30 IST, the barometer index, the S&P BSE Sensex, jumped 343.34 points or 0.44% to 78,815.12. The Nifty 50 index added 103.60 points or 0.44% to 23,831.25.
In the broader market, the S&P BSE Mid-Cap index shed 0.02% and the S&P BSE Small-Cap index rose 0.30%.
The market breadth was strong. On the BSE, 1,873 shares rose and 900 shares fell. A total of 159 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,454.21 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,819.25 crore in the Indian equity market on 23 December 2024, provisional data showed.
Stocks in Spotlight:
Jammu and Kashmir (J&K) Bank added 3.01% after the bank said that its board has approved the appointment of Amitava Chatterjee as a managing director (MD) and chief executive officer (CEO) for a period of three years, which will be effective from 30 December 2024.
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Ultratech Cement rose 0.42%. The company has signed an Energy Supply agreement to acquire 26% equity shares of Clean Max Sapphire. The acquisition is for the purposes of meeting the companys green energy needs, optimising energy costs, and complying with regulatory requirements for captive power consumption under electricity laws.
Transport Corporation of India (TCI) rose 0.23%. The company has entered into a slump sale agreement to sell chemical logistics business to TCI Chemical, a wholly owned subsidiary of the company. The sale has been proposed to be done at Rs 45 crore.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was up 1.68% to 6.890 as compared with the previous close 6.776.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 85.2450, compared with its close of 85.1500 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement rose 0.45% to Rs 76,614.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.08% to 108.12.
The United States 10-year bond yield rose 0.57% to 4.614.
In the commodities market, Brent crude for February 2025 settlement added 26 cents or 0.35% to $73.84 a barrel.
Global Markets:
Asia-Pacific stocks advanced on Thursday, with several markets remaining closed for Boxing Day.
Investors closely tracked the developments in the Japanese economy after media reports stated that the country was preparing a record $735 billion budget for its fiscal year starting in April. The budget will account for increased social security and debt-servicing expenses, the report said.
On Wednesday, Bank of Japans Governor Kazuo Ueda reportedly said: Japans economy will move closer to sustainable and stable 2 percent inflation [in 2025], accompanied by wage increases.
Traders in Asia will be looking at November manufacturing output data coming out of Singapore later in the day.
The Chinese government said on Wednesday that efforts to stabilize and stem the declines of the countrys real estate market will persist in 2025. The measures will include controlling the supply of commercial housing to optimize supply.
European markets closed higher on Tuesday, in a shortened trading day for Christmas Eve.
In the US, stocks jumped Tuesday on Christmas Eve as the market pulled off back-to-back gains in the holiday week.
The S&P 500 added 1.1% to 6,040.04, and the Dow Jones Industrial Average gained 390.08 points, or 0.91%, to 43,297.03. The Nasdaq Composite climbed 1.35% to 20,031.13.
Tuesday marked the start of the seasonal Santa Claus rally, which happens in the last five trading days of the year and the first two in January.
With two straight winning days, the S&P 500 is up 1.8% this week, while the Dow has gained about 1%. The strong rally in megacap tech lifted the Nasdaq up 2.3% week to date.
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