Sensex Gains 300pts At Open, Nifty Above 18,100; Rupee Hits 10-Week High

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Last Updated: January 23, 2023, 09:53 IST

FILE PHOTO: A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui

FILE PHOTO: A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, June 29, 2015. REUTERS/Danish Siddiqui

Sensex Today: Indian indices opened on positive note on January 23 with Nifty around 18,100.

Indian indices opened on positive note on January 23 with Nifty around 18,100. The Sensex was up 288.18 points or 0.48% at 60909.95, and the Nifty was up 78.80 points or 0.44% at 18106.50. About 1620 shares have advanced, 616 shares declined, and 143 shares are unchanged.

Tata Motors, ICICI Bank, Hindalco Industries, SBI Life Insurance and Kotak Mahindra Bank were among major gainers on the Nifty, while losers were UltraTech Cement, Bajaj Finserv, Dr Reddys Labs, Adani Enterprises and ITC.

Broader markets, too, moved in sync as Nifty MidCap 100 and Nifty SmallCap 100 indices rose up to 0.1 per cent.

Sectorally, Nifty Bank index gained the most, up to 0.8 per cent. However, Nifty FMCG and Nifty Realty indices were subdued in trade.

Among individual stocks, shares of ICICI Bank gained over 0.7 per cent after the private sector lender’s net profit surged 34.2 per cent to Rs 8,311.85 crore in Q3FY23.

On the flipside, shares of Ultratech Cement declined 0.3 per cent after the company’s consolidated net profit declined 37.9 per cent YoY in Q3FY23.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Nifty’s 17800-18200 range has been holding for sometime now. To break the upper end of the range, the market needs positive triggers. Early Q3 results broadly have been positive with IT companies and banks delivering good results. This trend continues with the latest results from ICICI and Kotak Bank. Reliance, too, has delivered a decent set of numbers. Positive news from the Fed meeting outcome and the Union Budget on 1st February can break the upper band of the Nifty range and take the market higher. On the contrary, if the Fed message and the Budget deliver negative news, the lower end of the range can be broken. Sustained FII selling is a near-term negative. Investors may wait for and watch these crucial numbers.”

Global Cues

Tokyo stocks opened higher on Monday after Wall Street stocks rebounded, led by tech shares buoyed by Netflix results and Federal Reserve comments signalling smaller interest rate hikes.

US stocks rallied to close higher on Friday, as the S&P 500 and Dow snapped a three-session losing streak and the Nasdaq rose more than 2%, as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.

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