Indian Stock Market Today: Nifty Holds 26,000 Mark, Auto and Realty Stocks Shine
The Indian stock market started the new year on a positive note, with the Nifty 50 index managing to sustain its momentum above the 26,000 mark. The index closed at 26,146, up 0.06% from its previous close. The Sensex, on the other hand, ended marginally lower by 32 points to close at 85,188.
Auto and Realty Indices Lead the Gains
The Auto Index was the star performer of the day, rallying 1% on the back of positive expectations. The Realty Index also saw healthy buying, with stocks such as Unitech Ltd and DLF Ltd gaining traction. The Metal Index also saw some buying, with stocks such as Tata Steel Ltd and Hindalco Industries Ltd gaining ground.
FMCG Index Faces Sharp Correction
However, the FMCG Index faced a brutal correction, shedding over 3%. The index was dragged down by heavyweights such as Hindustan Unilever Ltd and ITC Ltd. The correction in the FMCG Index limited the upside for the Nifty 50, which otherwise could have closed higher.
Market Breadth Remains Positive
The market breadth remained positive for the second straight session, with an advance-decline ratio of 1.14 on the BSE. This suggests that stock-specific opportunities continue to dominate the early January trade. The Nifty 50 is expected to continue its momentum above the 26,000 mark, with the Auto and Realty indices leading the gains.
Indian Bank Reports Strong Q3 Results
Indian Bank reported strong Q3 results, with its total business up 13.4% at Rs 14.3 lakh crore as on Dec 31 (YoY). The bank’s gross advances were up 14.5% at Rs 6.4 lakh crore as on Dec 31 (YoY), while its total deposits were up 12.5% at Rs 7.9 lakh crore as on Dec 31 (YoY). The bank’s domestic CASA ratio stood at 39.02% as on Dec 31, compared to 40% a year ago.
Other Stocks in Focus
Other stocks that were in focus today included South Indian Bank, Punjab and Sind Bank, Bansal Wire, and SG Finserve. These stocks reported strong Q3 results, with TVS Motor reporting a 50% increase in total sales to 4.81 lakh units (YoY).
Global Markets
Global markets were mixed today, with the S&P 500 futures trading 0.16% higher and the Euro Stoxx 50 futures trading 0.65% lower. The rupee had a weak start to the year, opening four paise lower at 89.90 against the US dollar.
Outlook
The Nifty 50 is expected to continue its momentum above the 26,000 mark, with the Auto and Realty indices leading the gains. However, the FMCG Index is expected to remain under pressure, limiting the upside for the index. Investors are advised to keep a close eye on the Q3 results of major companies, as well as the global markets, for any cues.
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