FIRST TRADE: Sensex rises over 250 pts; Nifty above 21,450; HDFC Bank up over 1%

Stock market today: Last seen, both indices were up over half a per cent. The S&P BSE Sensex traded 367.17 points higher at 71,067.84, and the NSE Nifty soared 117.15 points to 21,469.75.

Representative image. Source: Reuters

Stock market today: The Indian share market on Monday, January 29, edged higher, tracking gains in Asia after China rolled out measures to stabilise its markets, while U.S. data added to hopes of early interest rate cuts. Last seen, both indices were up over half a per cent. The S&P BSE Sensex traded 367.17 points higher at 71,067.84, and the NSE Nifty soared 117.15 points to 21,469.75.

"Two important events are due this week: the interim Budget and the Fed meeting on rate decision. But these events are unlikely to impact the market in a big way. The Budget will be a vote on account without major announcements capable of impacting the market. Regarding the Fed decision, no rate cut is expected, but the commentary will be keenly watched," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. Vijayakumar added that the turbulence in the Red Sea is turning out to be a serious issue. Brent crude has spiked to $83.

TRENDING NOW

Meanwhile, the Nifty Mid Cap 100 and Small Cap 100 opened in positive territory. Nifty Bank was up over 0.86 per cent at 45,251.2.

BUZZING STOCKS

SBI Card shares slipped nearly 5 per cent after the company posted weak Q3 numbers.

Conversely, IEX shares were up over 1 per cent after the company posted mixed Q3 results.

Kfin Tech shares were up over 3 per cent after the company posted good Q3 results.

Capri Global shares rose over 3 per cent a day after the company posted mixed Q3 numbers.

Magalam Cement shares were up over 3 per cent after the company posted good Q3 results.

HDFC Bank shares were up over 1 per cent after RBI gave nod to LIC to acquire 9.99 per cent stake.

GLOBAL MARKETS

Chinese equities led a rally in Asian stocks to start the week, after regulators took new steps over the weekend to support the market.

Hong Kong's Hang Seng jumped 1.4 per cent, and a sub-index of mainland property shares surged 3.6 per cent after China's securities regulator said on Sunday that it will fully suspend the lending of restricted shares.

(With inputs from agencies.)

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