Benchmarks Rise 1%, Defying FII Woes and F&O Expiries

24 Jan 2024 , 03:42 PM

On January 24, despite initial apprehensions, benchmark indices BSE Sensex and NSE Nifty displayed resilience, gaining approximately 1 percent as investors seized the opportunity to purchase stocks during market dips. Persistent concerns about near-term uncertainties, particularly regarding substantial selling by foreign institutional investors (FII), lingered in the backdrop.

The day witnessed some volatility, attributed to the expiration of monthly and weekly futures and options (F&O) contracts for Nifty. Additionally, the market sentiment was influenced by the quarterly earnings reports of key companies.

Closing on a positive note, benchmark indices reflected a higher trajectory in the volatile session, with Nifty surpassing 21,450. At the close, Sensex recorded a gain of 689.76 points or 0.98% at 71,060.31, while Nifty rose by 215.20 points or 1.01%, settling at 21,454. Among the listed stocks, 2,373 shares advanced, 1,288 shares declined, and 81 shares remained unchanged.

The top gainers on the Nifty included Hindalco Industries, Dr Reddy’s Laboratories, Tata Steel, Power Grid Corporation, and HCL Technologies. On the flip side, ICICI Bank, Axis Bank, Asian Paints, Adani Ports, and HDFC Life were among the losers.

Several sectors experienced positive momentum, with auto, Information Technology, capital goods, FMCG, metal, oil & gas, and power sectors witnessing gains ranging from 1-2%.

Moreover, the BSE Midcap and Smallcap indices both recorded an addition of nearly 2 percent each, contributing to the overall positive market sentiment.