Synopsis
On January 20, 2021, the Indian stock market ended on a high note as optimism surrounding Donald Trump's upcoming inauguration and strong Q3 earnings fueled gains. The BSE Sensex and Nifty 50 both recorded increases, highlighting a positive sentiment in the market amid ongoing investor focus on the upcoming Union Budget.Key Takeaways
- Indian stock market closed positively ahead of Trump's inauguration.
- BSE Sensex increased by 454 points, Nifty 50 up by 141.55 points.
- Kotak Mahindra Bank was the top gainer, while SBI Life was the biggest loser.
- Investors are awaiting the Union Budget for economic measures.
- Strong sentiment from Asian markets boosted local indices.
Mumbai, Jan 20 (NationPress) As the US prepares for the inauguration of President-elect Donald Trump as the 47th President, the Indian stock market concluded the day positively, buoyed by favorable Q3 earnings. At the end of trading, the BSE Sensex gained 454 points, or 0.59 percent, reaching 77,073.44, while the Nifty 50 increased by 141.55 points, equivalent to 0.61 percent.
During the first trading session on the NSE Nifty, out of 50 stocks, 29 were in the green. In contrast, on the Sensex, 19 stocks posted gains.
Market analysts noted that positive sentiment from various Asian and European markets ahead of Trump’s presidency contributed to the uplift in Indian benchmarks, particularly in the banking and telecom sectors.
“Although this is primarily driven by sentiment, the underlying atmosphere remains one of uncertainty characterized by significant volatility. Local investors are keenly awaiting the Union Budget announcement on February 1, looking for measures from Finance Minister Nirmala Sitharaman to tackle the prevailing slowdown in conjunction with Trump's trade policies,” stated Prashanth Tapse, Senior VP (Research), Mehta Equities.
Kotak Mahindra Bank, which soared by 9.35 percent, was the top performer on the Nifty 50 index. Other notable gainers included Wipro, NTPC, Bajaj Finserv, and Bajaj Finance. Conversely, SBI Life was the biggest loser on the National Stock Exchange, followed by Tech Mahindra, TCS, and HDFC Life.
On the BSE Sensex, Kotak Mahindra Bank again emerged as the top gainer, with SBI, NTPC, and Bajaj Finance following closely. The leading loser was TCS, succeeded by Tech Mahindra, ITC, and others.
Private banks dominated the gains across various sectors, while PSU banks rose by 2.28 percent. The financial services sector also performed well, while the auto index saw the most significant decline, alongside FMCG and IT.
Experts believe that the robust positive sentiment from Asian markets has provided a strong start to the week for domestic markets.
