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Among the 30 Sensex companies, 25 stocks were in the green. Mahindra & Mahindra, Asian Paint, Bajaj Finance, Bharti Airtel, and Larsen & Toubro were the top gainers rising by up to 1.76 per cent.
Sensex Today.
In a highly volatile trade, the domestic markets on Wednesday recovered sharply, with the BSE Sensex surging 390 points to trade at 78,530 and and the NSE Nifty trading higher by 109 points at 23,749. The recovery comes after the BSE Sensex had declined 221 points to 77,921 in the morning trade and the NSE Nifty fell by 72 points to trade at 23,571.
Global markets remain closed on account of the New Year celebrations.
Among the 30 Sensex companies, 25 stocks were in the green. Mahindra & Mahindra, Asian Paint, Bajaj Finance, Bharti Airtel, and Larsen & Toubro were the top gainers rising by up to 1.76 per cent. However, among the top losers were NTPC, Tata Steel, Adani Ports, Power Grid, and Tech Mahindra falling up to 0.48 per cent.
V K Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The New Year begins on a sombre note for the Indian equity market. The near-term trend appears weak with the macro construct dominated by weak GDP and earnings growth. The headwinds from a strong dollar (the US dollar index is at 108.5 per cent) and high US bond yields will impact the market through more FII selling, at least in the early days of 2025. Even though FII selling is matched by DII buying, in this tug of war, in the near-term, sentiments are on the side of FIIs since valuations continue to be elevated and growth and earnings are yet to show signs of recovery.”
A trend reversal may happen if the Q3 corporate results indicate a recovery in earnings. But an across the board sharp recovery appears unlikely. Positive cues can come from a growth-stimulating Budget followed by a rate cut by the MPC in February, he added.
“Investors should be cautious and watch for potentially market moving macro data,” Vijayakumar said.