Synopsis
On January 29, the Indian stock market marked its second consecutive day of gains, with both Sensex and Nifty closing positively. Smallcap stocks led the rally, showcasing strong investor sentiment despite some declines in major companies.Key Takeaways
- Sensex and Nifty closed in the green.
- Smallcap stocks led the rally.
- 42 stocks on Nifty recorded gains.
- Immediate support seen at 23,000.
- Sectoral indices mostly performed positively.
Mumbai, Jan 29 (NationPress) The Indian stock market witnessed an upward movement for the second consecutive day on Wednesday, with both the Sensex and Nifty finishing in positive territory. The Sensex rose by 631.55 points, or 0.83 percent, closing at 76,532.96 after hitting an intra-day high of 76,589.93.
In a similar fashion, the Nifty advanced 205.85 points, or 0.90 percent, to end at 23,163.10, fluctuating between 23,181.35 and 22,976.50 during the trading session.
A total of 42 stocks on the Nifty recorded gains as investor sentiment remained robust throughout the day.
According to Rupak De from LKP Securities, the Nifty rebounded from two days of decline. “The immediate support level is likely to be around 23,000, and if it falls below this mark, it may cause panic in the market. Conversely, if it moves above 23,200, the Nifty could gain further momentum,” he stated.
Among the top gainers on the NSE were Shriram Finance, Bharat Electronics, Tata Motors, SBI Life, and Trent, which saw increases of up to 3.98 percent.
Conversely, Bharti Airtel, ITC Hotels, Maruti Suzuki, Britannia, and Asian Paints were part of the eight stocks that declined, experiencing losses of up to 3.53 percent.
Adani Ports was also among the top gainers on the BSE Sensex, while Syrma SGS Technology Limited reached an upper circuit limit of 20 percent.
The broader markets outperformed the benchmark indices, with smallcap stocks leading the rally. The Nifty Smallcap100 index surged by 3.32 percent, while the Nifty Midcap100 saw a gain of 2.31 percent.
Most sectoral indices closed positively, with all except FMCG showing gains.
The Nifty IT index experienced a significant rise of 2.62 percent, propelled by stocks like Persistent Systems and LTIMindtree.
Other sectors, including Auto, Healthcare, Financial Services, Realty, and Banking, recorded gains of up to 2.91 percent.
The India VIX index, which measures market volatility, increased slightly by 2.44 percent to 18.64 points.
“The overall situation indicates a cautious but optimistic perspective, requiring sustained strength above resistance levels for a clear breakout,” experts commented.
Meanwhile, gold prices remained stable, trading at approximately $2,760 on Comex and Rs 80,450 on MCX, as market participants awaited the policy decision from the US Federal Reserve.
