Stock Markets Today, January 29, 2025: Positive global cues, Q3 results from major companies like Maruti Suzuki and Tata Motors, along with FII inflows, are expected to drive the benchmark indices, Sensex and Nifty50, today.
At 6:33 AM, GIFT Nifty futures indicated a higher start, up 59 points at 23,036.50
In the previous session, the Sensex gained 535.24 points, or 0.71 per cent, closing at 75,901.41. Similarly, the Nifty50 closed higher at 22,957.25, up 128.10 points or 0.56 per cent.
Domestic cues
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Investors will keep an eye on Q3 earnings from companies including Tata Motors, Maruti Suzuki, Ambuja Cements, Adani Power, Blue Dart and JK paper among others.
Meanwhile, investors will also react to/assess Q3 results from several companies, including Bajaj Auto, JSW Energy, M&M Financial, and Suzlon Energy among others.
In other developments, India’s valuations are not ‘materially expensive’ compared to peers but the returns over the next five years could be in low double digits, says the BlackRock Investment Institute.
January 2025 is on track to become the worst month on record for stock corrections, with 2,461 companies listed on the BSE seeing a drop in value so far, surpassing the previous record of 2,334 stocks in March 2024.
Markets regulator Sebi, on Tuesday, announced the launch of a web-based portal for the submission of preliminary and final root cause analysis (RCA) reports on technical glitches by stock exchanges and other market infrastructure institutions (MIIs).
Other market triggers
FII, DII
FIIs sold shares worth Rs 4,920.69 crore on January 28, while DIIs bought shares worth 6,814.33 crore.
IPO market
Denta Water IPO (Mainline) and Rexpro Enterprises IPO (SME) will debut on exchanges.
Dr. Agarwal's Health Care IPO (Mainline) and Malpani Pipes And Fittings IPO (SME) will open for subscription.
H M Electro Mech IPO (SME) and GB Logistics IPO (SME) will see their allotment.
Global cues
Stocks in Japan and Australia rose on Wednesday, buoyed by a rebound in Wall Street overnight.
Other Asia-Pacific markets remained closed for the Lunar New Year holiday.
Last checked, Nikkei was trading 0.73 higher, and the Topix gained 0.53 per cent, recovering from the losses of the previous session.
ASX 200 was up 0.721 per cent, with the country set to release its inflation data later in the day. Economists surveyed by Reuters are forecasting a 2.5 per cent rise in inflation for the 12 months ending in the December quarter, down from 2.8 per cent in the previous year.
In the US, key indexes rebounded after a sell-off triggered by the challenge posed by Chinese AI startup DeepSeek to the US AI ecosystem. The S&P 500 rose 0.92 per cent, led by a strong performance from technology stocks.
The Nasdaq surged 2.03 per cent. The Dow Jones rose 0.31 per cent. A major point of focus was Nvidia, which gained nearly 9 per cent after its steep losses the previous day.
Commodity market
Gold prices rebounded on Tuesday after a dip triggered by a tech-led market sell-off, with rising uncertainty over President Trump’s proposed tariffs boosting demand for the safe-haven asset. Spot gold rose 0.8 per cent to $2,763.26 per ounce, while US gold futures climbed 1.2 per cent to $2,770.90.
Oil prices also bounced back, recovering from multi-week lows. Brent crude rose 0.53 per cent to $77.49 per barrel, and US WTI gained 0.82 per cent to $73.77. Gains were limited by concerns over weaker demand due to soft Chinese economic data and rising temperatures.
Here's how analysts are assessing today's (January 29) trading session:
Shrikant Chouhan, head of equity research at Kotak Securities
We believe that 23,000/76000 will act as a trend decider level for the bulls. Above 23,000/76000, the market could retest levels of 23,100/76300 to 23,150/76500. Conversely, below 22,900/75700, selling pressure is likely to accelerate, and the market could slip to levels of 22,800/75400 to 22,775/75200.
Rupak De, senior technical analyst at LKP Securities
On the downside, immediate support is placed at 22,800, and a breach below this level could lead to a decline toward 22,500. Conversely, a close above 23,000 might provide some short-term relief to the market."