Sensex Today Zooms 612 Points Ahead of Fed Meeting | Sun Pharma Jumps 3% Post Q3 Results | Why Indian Share Market is Rising

Wed, 31 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.

In continuation of the one-day-up and one-day-down pattern seen for the sixth consecutive session, benchmark indices Jumped with everyone busy forecasting the outcome of tonight's US Fed meeting and tomorrow's Interim Budget.

At the closing bell, the BSE Sensex stood higher by 545 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 186 points (up 0.9%).

Eicher Motors, Sun Pharma and Tata Motors were among the top gainers today.

L&T, BPCL and TCS on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,797, up by 168 points, at the time of writing.

The BSE MidCap index ended 1.5% higher and BSE SmallCap index ended 1.8% higher.

Barring capital goods sector, other sectoral indices are trading on positive note, with socks in healthcare sector, power sector and realty sector witnessing most buying.

Shares of Bajaj Auto, Tata Investment and KSB 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 fell 1.5% while the Nikkei gain 0.6%.

The rupee is trading at 83.1 against the US$.

Gold prices for the latest contract on MCX are trading marginally up at Rs 62,503 per 10 grams.

Meanwhile, silver prices were trading 0.1% lower at Rs 72,242 per 1 kg.

Here are four reasons why Indian Markets are rising today

#1 Budget

Union Finance Minister Nirmala Stharaman is scheduled to present an Interim Budget/Vote-on-Account on 1 February 2024.

Although markets expect the document to lack major announcements, but increased capex allocations are expected, favouring infrastructure and capital projects, crucial in an election year.

#2 Fed Expectation

The US Fed is widely expected to announce that it is sticking to its current benchmark interest rate, with questions remaining over when rate cuts will finally come. Global markets will be keenly watching the Fed comment on the timeline and quantum of rate cuts. The first rate cut is likely to come in June 2024.It would be important to see whether the Fed maintains its dovish stance or surprises the market with a hawkish tone.

#3 Bond Yields

Ahead of the US Fed's policy decision, the 10-year US bond yield was inching downwards towards the 4% mark which is positive since it will restrain FPI outflows.Traders are baking in 41% possibility of a rate cut in March, down from 88% last month, shows CME's FedWatch Tool.

#4 Buying in Bank Stocks

Banking stocks, which have been under selling pressure this month, were back on investor radar with Nifty Bank jumping 1.4%. The banking index is down about 5% this month as HDFC Bank has been facing investor wrath after Q3 miss.With investors now convinced that any further dip is likely to be absorbed by LIC, which has got RBI nod to hike stake up to 9.99%, HDFC Bank shares rallied 2%

Speaking of stock markets, the general elections in India have always played a big role in deciding sentiment in the market.

This may be for right or wrong reasons but the fact can't be denied. Most people who have put their hard-earned money in stocks either as investment or speculation, will be interested in knowing how the elections will impact the market.

Which stocks or sectors will rise in anticipation of the results? Which ones will be on the back foot?

Tue in to the below video to know the stocks likely to benefit from the 2024 general elections.

Why Voltas Share Price is Rising

In news from the consumer durable sector, shares of Voltas soared nearly 8 per cent to hit a 52-week high of Rs 1,095.9 on 31 January, a day after the company narrowed its net loss for the December quarter of the current fiscal year.

The company reported a net loss of Rs 276 m in Q3, down from a loss of Rs 110 crore last fiscal. The losses shrank on better sales as revenue surged 31% on-year to Rs 26.3 bn.

Regardless, the company's operational performance remained weak as the EBITDA margin contracted to 1.1% in October-December against 3.8% a year ago.

The projects segment saw its topline jump 51% on-year, supported by a healthy order book. The service segment's revenue rose 31% compared to the same quarter last year.

In the Projects segment, the domestic business grew 83% on-year and profitability improved.

Jyothy Labs Q3 Net Profit Jumps 34%

Moving on to news from the FMCG sector, Jyothy Labs on 31 January 2024 reported a consolidated net profit of Rs 909 m for the December quarter of FY24, growing 34.9% from the year-ago period.

The company's revenue came in at Rs 6.8 bn, up 10.6% from Rs 6.1 bn in the year-ago quarter.

Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter was at Rs 1.2 bn, growing by 40.6%. EBIDTA margin was at 17.5% from 13.8% YoY.

In general, the demand landscape has been varied. Elevated inflation has led to a reduction in consumer spending, intensifying competition and emphasizing the importance of volume growth.

The recovery in demand in rural India has been slow to gain momentum. While input prices have stabilized, this has contributed to maintaining margins, allowing for increased advertising and promotional spending to expand market share across our product range.

The company's ongoing investments in digital and environmental, social, and governance (ESG) initiatives underscore our commitment to sustained and responsible growth.

Sales of Fabric Care products, including Fabric Whitener, Enhancer, Bar Soap, Detergent Powder, and Liquid Detergent, grew by 11.9% in Q3FY24.

Dishwashing sales increased by 6.7% in Q3FY24, driven by initiatives to strengthen brands and prepare for the future.

Sales in the Personal Care category, including Body Soap, Hand Wash, and Toothpaste, surged by 22.3%. While, the Household Insecticides sales grew by 5.4%.

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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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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Indian Share Market Update: Top Gainers and Losers