Indian Stock Indices Tread In Green Amid Mixed Global Cues

The stock market started positively on Thursday with the Nifty showing an optimistic trend in pre-opening, rising by 88.45 points to reach 21,605.8.

The increase suggested a promising start for the Indian NSE Nifty 50 and BSE Sensex in the domestic market.

The performance of global markets in the Asia-Pacific area was diverse, showing both losses and gains to different extents.

The Asia Dow saw a decline of 1.72 per cent, Japan's Nikkei 225 dropped by 2 per cent, Hong Kong's Hang Seng index decreased by 0.85 per cent, while China's Shanghai Composite rose slightly by 0.17 per cent.

Despite the lackluster global market cues, the Indian stock market indices, Sensex and Nifty 50, are anticipated to tread cautiously at the opening, closely monitoring global sentiments.

In the latest session on January 3, both major stock market indicators experienced a downward trend for the second time in a row. This was attributed to investors taking profits from stocks with high valuations. The Sensex ended at 71,356.60, marking a decrease of 535.88 points, while the Nifty 50 finished 0.69 per cent lower at 21,517.35.

As trading began, the Sensex had a positive start, rising by 319.70 points to open at 71,672.51.

The Nifty started the day on a positive note, opening at 21,616.50 with a gain of 99.35 points.

In the group of Nifty companies, there were more companies that saw increases in their value than those that saw decreases. Specifically, 29 companies saw their value rise, while 21 experienced a decrease.

In the realm of individual stock fluctuations, leading performers within the Nifty companies comprised Bajaj Finance, NTPC, Bajaj Finserv, Tata Consumer Products, and Tata Motors. Conversely, the primary decliners were BPCL, Bajaj Auto, Dr. Reddy's, Hero Motocorp, and HCL.

Numerous favorable advancements were observed within Indian firms, influencing market outlook positively.

Ujjivan Small Finance announced a strong 29 per cent year-on-year growth in total deposits. RVNL obtained a substantial contract valued at Rs 123 crore for the redevelopment of Varkala Sivagiri railway station.

Power Finance Corporation solidified its connections by signing a Memorandum of Understanding with the Gujarat government for projects amounting to Rs 25,000 crore.

Furthermore, Reliance Jio, a company under the umbrella of Reliance, gained 3.16 million new subscribers in October, in addition to the aforementioned advancements.

ONGC was successful in securing seven blocks in the most recent bidding round, while IEX noted a 16.9 per cent year-on-year increase in overall volume for Q3.

Tech Mahindra made a significant move by appointing Richard Lobo, a veteran from Infosys, as the Chief People Officer. In another development, Sun Pharma expanded its international footprint through the acquisition of Israel's Libra Merger.

Varun Aggarwal, founder and managing director, Profit Idea said, "On the neutral side, Bharti Airtel added 3.5 lakh subscribers in October, while Vodafone lost 20.4 lakh subscribers. NHPC signed an MoU with Gujarat Power Corporation for a Rs 4,000 crore investment in the 750 MW Kuppa Pumped Storage Project".

"However, certain companies faced negative developments: BGR Energy's credit exposure was classified as Sub-Standard by State Bank of India, Religare encountered issues related to Rashmi Saluja ESOPs, and LIC received GST demands totalling Rs 667.5 crore along with penalties from three states--Tamil Nadu, Uttarakhand, and Gujarat," added Aggarwal.

In October, Bharti Airtel gained 350,000 new subscribers, whereas Vodafone lost 2.04 million subscribers.

NHPC signed a memorandum of understanding with Gujarat Power Corporation, indicating a 4,000 crore rupee investment in the 750 MW Kuppa Pumped Storage Project.

Some companies encountered difficulties and unfavorable events. BGR Energy's credit exposure was labeled as Sub-Standard by the State Bank of India.

Religare faced problems concerning Rashmi Saluja's Employee Stock Ownership Plans (ESOPs). LIC was confronted with GST claims amounting to Rs 667.5 crore, in addition to fines, from three states - Tamil Nadu, Uttarakhand, and Gujarat.

Throughout the day, those involved in the market are anticipated to attentively observe both local and worldwide indicators in order to navigate the changing environment of the Indian stock market.

Also Read: Stock Market Holidays in 2024: BSE and NSE Dates to Mark on Your Calendar