Sensex Today Rallies 690 Points | HFCL Surges 12% | 3 Reasons Why Indian Share Market is Rising

Wed, 24 Jan Closing

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After opening the day on positive note, Indian share markets gained the momentum as the session progressed and ended on firm footing.

Indian equity benchmarks Sensex and Nifty rebounded after Tuesday's selloff amid buying in index heavyweights. The global market mood was mixed.

At the closing bell, the BSE Sensex stood higher by 689 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 215 points (up 1%).

Hindalco, HCL Tech and Tata Steel were among the top gainers today.

ICICI Bank, Axis Bank and Asian Paints on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,466, up by 276 points, at the time of writing.

The BSE MidCap index and BSE SmallCap index ended 1.7% higher.

Barring banking sector, other sectoral indices are trading on positive note, with socks in Telecom sector, metal sector and oil & gas sector witnessing most buying.

Shares of Infosys, Cummins India and Lupin hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended mixed. The Shanghai Composite gained 1.8% while the Nikkei fell 0.8%.

The rupee is trading at 83.1 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 62,122 per 10 grams.

Meanwhile, silver prices were trading 1% higher at Rs 71,700 per 1 kg.

Here are five reasons why Indian Markets are rising today

#1 IT Stock Rally

The driving force behind the rally is a sharp surge in Information Technology (IT) stocks. The Nifty IT sectoral index, comprising 10 companies, rose over 1% in early trade.

Much of Dalal Street's exhilarating climb can be attributed to the stellar performance of IT giants like Tech Mahindra, Persistent Systems and HCLTech.

#2 Upbeat Global Markets

After a stumbling start, Asian markets rose on Wednesday. Hang Seng bucked the chary mood and rose 3.6% China's Shanghai Composite gained 1.8%.

Hong Kong stocks clocked their best day in more than two months on Wednesday after China's central bank said it will cut banks' reserve ratio, a move expected to boost sentiment after a market meltdown earlier this week, while mainland stocks also bounced.

Mounting hopes that Chinese authorities would come to the rescue of the battered market with more measures and news of Jack Ma scooping up Alibaba Group shares also lifted overall market sentiment. China A-shares closed higher, but before the reserve requirement ratio cuts were announced.

#3 Buying in Index Heavyweights

The rebound can be attributed to buying in index heavyweights such as Tech Mahindra, HCL Tech today.

Speaking of stock markets, India's three leading exchanges, BSE, MCX and IEX operate in different genres.

One is a stock exchange (operating in financial sector).

The second is a commodity exchange (operating in manufacturing sector).

The third is an energy exchange (operating in infrastructure sector).

All three exchanges are listed. Also, they are perceived by investors as the gateway to the long-term prosperity of the underlying sector they operate in.

Which one could be a future multibagger?

Tanushree Banerjee co-head of research at Equitymaster, answers these questions in below video.

Bharat Dynamics Q3 Profit Surges 61%

In news from the defence sector, ammunition and missile manufacturer Bharat Dynamics reported a consolidated net profit of Rs 1.4 billion (bn) for the October-December quarter, up 61% year-on-year (YoY) to Rs 1.4 bn from Rs 840 m recorded in the year-ago period.

Consolidated revenue from operations grew 30% YoY to Rs 6 bn in Q3FY24, from Rs 4.6 bn in the previous fiscal.

EBITDA for the reporting period was up by 32% at Rs 1.2 bn, against Rs 900 m in the previous fiscal. The margin for Q3FY24 was 19.8% against 19.5% in Q2FY24.

According to media reports, Bharat Dynamics will see an order inflow of Rs 2 to 2.5 bn in the next 3-4 years from MRSAM (Medium Range Surface To Air Missile) for Indian Navy (at an order value of Rs 30 bn), QRSAM (Quick Reaction Surface To Air Missile) and LRSAM ( Low Reaction Surface To Air Missile) with an initial order value of around Rs 30-40 bn with total opportunity size of around Rs 180 bn and Akash NG weapon system amongst others.

In FY2023, Bharat Dynamics had an order book of Rs 240 bn.

Since its listing in March 2018, the stock has zoomed over 225%.

For more, check out New All-Time High for 6 Indian Defence Stocks: Should You Invest?

Epack Durable IPO Subscribed 7x.

Moving on, the public issue of Epack Durable was subscribed 7.3 times so far on 24 January, the final day of bidding, as investors picked up 145.1 m equity shares against an offer size of 19.9 m shares.

High net-worth individuals (HNIs) remained at the forefront, buying 16.8 times the allotted quota, and retail investors picked up 5.1 times the portion set aside for them, while the part reserved for qualified institutional buyers was booked 3.9 times.

The Epack public issue was supposed to close on 23 January but was extended by a day after 22 January was declared as a public holiday for the Ram Mandir opening.

The Uttar Pradesh-based original design manufacturer of room air conditioners, which launched the IPO on 19 January, aims to raise Rs 6.4 bn from the public. It is a mix of a fresh issuance of shares worth Rs 4 bn and an offer-for-sale of 10.4 bn shares worth Rs 2.4 bn by the existing shareholders.

The price band for the offer has been fixed at Rs 218-230 per share. Ahead of the issue, the company raised Rs 1.9 bn through its anchor book on 18 January.

Societe Generale, Integrated Core Strategies (Asia), Copthall Mauritius Investment, HDFC Mutual Fund, SBI Life Insurance Company, HDFC Life Insurance Company, and Aditya Birla Sun Life Insurance Company were some of the investors participated in the anchor book.

The Bothra and Singhania-promoted company will utilise Rs 2.3 bn of the net fresh issue proceeds for the expansion of manufacturing facilities, and Rs 800 m for repaying debts, besides general corporate purposes.

For more information on IPOs, check out the list of upcoming IPOs.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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