Indian markets closed slightly higher on Tuesday, paring early gains. The Sensex rose 33 points to 78,017, while Nifty added 10 points to 23,669, as IT and banking gains offset declines in Reliance, ICICI Bank, and M&M.
The NSE Nifty 50 and BSE Sensex opened lower on Tuesday. The Nifty 50 opened 0.51% lower at 22,345.95 and the Sensex opened 0.50% down at 73,743.88. ICICI Bank Ltd., Bharti Airtel Ltd. and Sun Pharmaceutical Industries Ltd. gained the most in the Nifty 50, while IndusInd Bank Ltd. was dragging the index the most. Infosys Ltd., HEG and Adani Ports were also among the buzzing stocks in trade around midday.
HEG Ltd.'s board of directors approved on Monday an investment of Rs 250 crore from Singularity Growth Opportunities Fund II in Bhilwara Energy Ltd. At a meeting, the board approved the execution of share subscription and shareholders' agreement between HEG, Singularity, Bhilwara and its existing shareholders. The deal will also involve certain other persons that the venture capital fund will identify in keeping with the terms of share subscription and shareholders' agreement in Bhilwara.
Stocks including HCL Technologies, DMart, Adani Wilmar, Indian Overseas Bank, Ola Electric, ICICI Lombard, Biocon, PCBL, and more will be in the spotlight on Monday, January 13.
India's benchmark indices fell sharply, with Sensex down 1.59% and Nifty 1.62%, driven by broad-based selling and cautious investor sentiment over Human Metapneumovirus (HMPV) cases and global economic uncertainties, including the Fed's hawkish stance and strong dollar.
As many as 15 stocks hit their 52-week lows today. BSE 500 stocks such as Prince Pipes and Fittings Ltd and Tata Technologies Ltd hit their respective one-year low levels. That said, 250 stocks touched their one-year high levels today.
Smallcap stocks in India surged to record highs, driven by renewed investor confidence after the BJP's election win and expectations of earnings growth. The BSE Smallcap index jumped 11%, adding nearly Rs 8 lakh crore to market capitalization. While experts acknowledge the rally, they caution investors about potential risks and emphasize the importance of fundamental analysis.
The Nifty continues to hold above the breakout from an inverse head-and-shoulders pattern, signaling strength in the market, said Rupak De, Senior Technical Analyst at LKP Securities. "In this scenario, a buy-on-dips strategy appears to be a wise approach, particularly with the possibility of a short-term move toward 25,500," De added.
Indian markets closed higher on Thursday, led by technology stocks. Positive comments from the US Fed Chair and anticipation of a dovish RBI policy boosted sentiment. FIIs have also started buying Indian stocks.