Benchmark indices close high driven by tech stocks - the statesman

The benchmark indices closed higher on January 22 after a volatile session, rebounding from seven-month lows. This was driven by strength in technology stocks. At the close, the Sensex rose

566 points (0.75%) to 76,404, while the Nifty gained 130 points (0.57%) to finish at 23,155. Market breadth remained weak, with 1,110 stocks advancing, 2,677 declining, and 107 remaining

unchanged. Advertisement Broader market indices lagged significantly, with midcap and smallcap indices losing over one per cent. Advertisement Recovery on Dalal Street was primarily driven

by heavyweights such as Infosys, HDFC Bank, and TCS, which saw strong buying momentum during the session. Pharma stocks supported the rally helping the markets close higher. Nifty Midcap 100

index tumbled 1.34 per cent to 53,113, and the Nifty Smallcap 100 index experienced even more selling pressure as it ended with a cut of 1.63 per cent at the 17,172 level. On Nifty, the

gainers were Wipro (3.60%), Infosys (3.10%), Tata Consultancy Services (2.99%), Tech Mahindra (2.65%), and Sun Pharmaceutical Industries (2.06%). While on losing side were Bharat Electronics

(3.10%), Tata Motors (2.37%), Trent (1.93%), Power Grid Corporation of India (1.59%), and Axis Bank (1.12%). On the sectoral front, mostly was negative. Nifty IT, Nifty Pharma, and Bank

Nifty posted stable gains, while the Nifty Realty index emerged as the biggest laggard, falling by four per cent. Bank Nifty concluded at 48570.9, with an intraday high of 48781.75 and a low

of 48074.05. IT stocks witnessed strong buying momentum as President Donald Trump’s push to boost investment in artificial intelligence is expected to benefit Indian IT companies. Zomato

was up by 1.65 per cent while Swiggy was down by 1.34% amid growing concerns over intensifying competition in the sector. HDFC Bank shares recovered from day’s lows gained over a percent

following its Q3 FY25 results. Jana Small Finance Bank surged 20% after the company announced its Q3 FY25 results. Further, ICICI Prudential Life Insurance sank over 7.5 per cent after the

insurance player saw a miss on margins in Q3 of the current financial year. Experts believe that Indian IT firms could benefit from Trump’s second term, on the back of economic policies.

Advertisement