Markets in a bull run; banking stocks lead

29 Jan 2024 , 01:30 PM

Indian benchmark indices are trading with substantial gains in the afternoon session on Monday, tracking gains in Asian peers after China introduced measures to prop up its markets.

Two crucial events are due this week: the interim Budget and the Fed meeting on rate decisions. However, these events are unlikely to have any major impact on the market.

On the sectoral front, Nifty PSU Bank stocks are trading with over 2% gains. Nifty Metal, Bank, and Financial Services stocks are trading with over 1% uptick.

At around 1.20 PM, BSE Sensex was trading 1,081.80 points higher at 71,782. NSE Nifty was trading at 21,688.70, up by 336 points.

Top gainers driving the market rally in today’s trade include ONGC with an uptick of about 8%. Adani Enterprises is next on the chart with a 5.52% gain, followed by Reliance Industries (+5.48%). Coal India and Adani Ports are trading with over 4% gains each.

On the flipside, Cipla is trading as the biggest loser with a nearly 3% decline, owing to the resignation of Executive Vice Chairperson, Samina Hamied. Dr Reddy’s is trading with about 1% decline. LTIMindtree, Bajaj Auto, and Infosys are all in a sluggish momentum with about 1% downside.

Nifty Midcap and Smallcap indices are trading about 2% higher. While India’s VIX spiked about 11% so far today.

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