Indian frontline equity indices, Sensex and Nifty, closed the session marginally higher on Thursday after the market erased substantial gains which were made earlier during the start of the day. IT stocks remained weak as investors focused on earnings announcement by TCS and Infosys. Coming to the Indian stock market news, Sensex ended the day at ~71,721.18 levels, exhibiting a rise of 63.5 points, with Nifty 50 ending 0.2% higher at ~21,661.25 levels. Indian rupee closed flat at ~83.03 per US dollar.
The Indian stock market news
Apart from the Indian stock market news, what other markets saw momentum?
Asian shares closed higher on Thursday, exhibiting the Wall Street’s climb to the near-record high. Tokyo’s benchmark closed near the highest level since the year 1990. Not only this, European stock markets ended higher following strong global cues from Asia and Wall Street.
Which stocks have gained and lost the most on 11th January 2024? Well, Reliance, Ultratech and Axis Bank have been categorized as the best gainers, with Wipro and HUL lagging 30-share index. Midcaps and small-caps surpassed the benchmarks as they saw ~0.7% gains. In addition, auto stocks topped the charts, with Nifty Auto gaining more than ~1%.
Coming to the stock-specific news, IRB Infrastructure Developers Ltd saw an increase of ~11% in 2024 so far. These gains were seen post 43% appreciation which was seen in 2023. The company saw ~26% year-on-year growth to reach INR 488 crore. However, any kind of unexpected increase in debt levels might impact the company’s business.
India-Japan Fund Invest in Mahindra & Mahindra
Some momentum was also seen in Mahindra & Mahindra. This comes after India-Japan Fund decided to invest ~INR 400 crore in Mahindra Last Mile Mobility Limited, which is the subsidiary of Mahindra & Mahindra, at valuation of upto INR 6,600 crore. This deal, which marks fund’s first investment since this got set up in August 2023, will result in IJF holding ~6%-~8% stake.
Coming to commodities, oil prices saw an increase on Thursday, with tensions in Middle East continuing to escalate. Apart from this, the US dollar weakened as investors awaited inflation data.
The gold prices is expected to remain volatile due to several factors such as ongoing geo-political scenario, strengthening of United States dollar against INR, etc.
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