Mumbai (Maharashtra) [India], January 20 : Domestic stock markets on Monday ended on strong note led by traction seen in the financial and banking sectors.
The sentiment in the market was driven by expectations of a potential rate cut at the upcoming policy meeting and a boost in sentiment following Kotak Bank's performance and return projections, as per the market experts.
At the end of the trading session today, the BSE Sensex was up 454.11 points or 0.59 per cent at 77,073.44, and the Nifty 50 at the National Stock Exchange was up 141.55 points or 0.61 per cent at 23,344.75.
"Markets appear to be consolidating following the recent decline, with the ongoing earnings season keeping participants engaged. Additionally, budget-related themes are attracting selective buying interest," Ajit MishraSVP, Research, Religare Broking Ltd stated.
He stated that while there has been limited alignment with global markets lately, developments following Trump's inauguration will be closely monitored for potential cues.
VLA Ambala, Co-Founder of Stock Market Today said that during today's session, banking and financial services stocks emerged as market leaders, driven by expectations of a potential rate cut at the upcoming policy meeting and a boost in sentiment following Kotak Bank's performance and return projections.
She said Indian markets have reacted positively to Donald Trump's political comeback.
"Despite past disagreements between the US and China, Trump appears interested in improving relations to gain trade and political benefits as Xi Jinping seeks a hands-off U.S. approach toward Taiwan. However, a US-China deal could present challenges as changing dynamics between the world's two largest economies could impact global markets, including Europe, Russia, and India," Ambala said.
In today's trading, banking and financial sector stocks emerged as the market players, supported by a boost in investment sentiment.
At the NSE, stocks of Kotak Mahindra Bank, Wipro, Bajaj Finance, NTPC, Bajaj Finserv emerged as the top gainers, while SBI Life Insurance, Shriram Finance, Trent, HDFC Life, Adani Ports were the bigest losers.
On the sectoral indices at NSE, except auto and FMCG, all other indices ended in the green, with bank, media, metal, capital goods, PSU, telecom, power, and PSU bank up 1-2 percent.
In today's trading, the BSE midcap index saw an uptick of 0.66 percent and the smallcap index rose about 1 per cent.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor