Sensex Soars,closes 612 Points Higher Ahead of Fed Decision; Nifty Maintains Stronghold Above 21,700

Ira Singh
Khabar Khabaron Ki,31 Jan’24

The domestic equity market indices bounced back on Wednesday from a weak start, led by a rise in index heavyweights HDFC Bank and Reliance ahead of budget and Federal Reserve monetary policy decision. At close, the Sensex was up 612.21 points or 0.86 percent at 71,752.11, and the Nifty was up 203.60 points or 0.95 percent at 21,725.70. About 2113 shares advanced, 1137 shares declined, and 63 shares unchanged.

Stocks and Sectors

Dr Reddy’s Laboratories, Eicher Motors, Sun Pharma, Divis Labs, Tata Motors were the biggest gainers on the Nifty, while losers included L&T, Titan Company, Tata Consumer, BPCL.

On the sectoral front, except capital goods, all other sectoral indices ended in the green, with auto, bank, healthcare, power, metal and realty up 1-2 percent each.The BSE midcap index added 1.5 percent, and smallcap index rose nearly 2 percent.

On 31 Jan’24,the Indian rupee ended higher at 83.04 against the US dollar in early trade on Wednesday, as market participants remained cautious ahead of the interim budget that will be released on February 1.

Forex traders said the rupee was trading in a narrow range as the strength of the American currency in the overseas market and foreign fund outflows weighed on investor sentiments.

Experts Take:
Market experts have recommended nine stocks to buy for Wednesday- Maharashtra Gas Limited, PNCINFRA, Paytm, Ashoka, Himatsingka Seide, Data Patterns, BDL, WABAG and NCLIND.