The stock market kicked off Wednesday on a strong note, with the Sensex rising over 200 points. Investors showed confidence in IT and media stocks, pushing major indices into the green. Early trading trends reflected positive momentum, especially in mid and small-cap IT and telecom stocks.
Market Overview
As of 9:20 AM IST, the BSE Sensex surged 218.78 points (0.29%) to 76,120.19, while the broader NSE Nifty gained 85.65 points (0.37%), reaching 23,042.90. Analysts attributed the bullish start to a mix of positive global cues and optimism ahead of the upcoming Union Budget.
Top Gainers of the Day
Among the Sensex 30 stocks, Infosys led the pack with a 1.58% jump, trading at ₹1,858.10. Zomato followed with a 1.30% rise, reaching ₹211.05, while Tata Consultancy Services (TCS) gained 0.81%, trading at ₹4,069.00.
Sectoral Performance
IT and media stocks took the lead in early trade. The Nifty Media Index was the top-performing sector, climbing 1.06% to 1,562.60. The Nifty IT Index followed closely, rising 1.03% to 42,250.65, while the Nifty Midsmall IT & Telecom Index gained 0.78%, reaching 10,161.80. The buying interest in these sectors indicated strong demand in digital and entertainment-driven stocks.
Sectors That Struggled
Despite the overall market strength, a few sectors failed to keep up. The Nifty Realty Index dipped 0.05% to 862.50, while Nifty FMCG slipped 0.21% to 55,327.15. The Nifty Midsmall Healthcare Index also saw a minor decline of 0.12%, touching 38,580.05. These sectors had performed well in the previous session, so mild profit booking was expected.
How the Market Closed Yesterday
On Tuesday, January 28, the market had ended on a strong note. The Sensex gained 535.24 points (0.71%), closing at 75,901.41. The Nifty 50 climbed 128.10 points (0.56%), finishing at 22,957.25. The biggest gainers of the day were real estate, financial services, and PSU banks, which had led the rally.
Among sectoral performers, the Nifty Realty Index jumped 2.17% to 862.90, driven by Sobha Ltd (+7.04%), Godrej Properties (+3.54%), and DLF Ltd (+3.40%). The Nifty Financial Services Index surged 1.89% to 22,805.90, with Cholamandalam Investment & Finance (+4.99%), Bajaj Finance (+4.31%), and Axis Bank (+3.71%) leading the gains.
PSU banks also had a strong session, with the Nifty PSU Bank Index rising 1.71% to 6,197.55. Top performers included Bank of India (+4.82%), Union Bank (+4.73%), and Punjab National Bank (+4.68%).
What’s Driving the Market?
Experts believe the market’s upbeat mood is driven by a mix of strong earnings from IT companies, global trends, and upcoming budget expectations. The tech sector’s strength suggests a positive outlook for digital businesses, while media stocks are benefiting from rising advertising revenues.
What’s Next?
As the day progresses, investors will keep an eye on global cues and sector-specific developments. With the Budget 2025 around the corner, the market may see more volatility in the coming sessions.
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