Stock market today: BSE Sensex rises 300 points, Nifty50 above 21,700 as winning streak continues

Stock market today: Indian benchmark indices, BSE Sensex and Nifty50, continued their winning streak on Saturday after closing in green on Friday. While BSE Sensex opened 300 points up to reclaim the 72,000 level, Nifty50 was above 21,700. The benchmark indices opened strongly amid a positive global handover and buying action in banks and auto stocks.
At 9:31 AM, BSE Sensex was up over 130 points at 71,816.64 while Nifty50 was up over 60 points at 21,689.10.
Banks and financial stocks led the way, with the banking gauge Nifty Bank rising 0.66% to 46,002. All 12 stocks in the index were trading positively.
In the Nifty pack, 42 stocks were on the winning side, seven in the red, and one stock remained unchanged. Among the 30 stocks in the Sensex, 23 were gainers, while seven experienced losses.
Power Grid Corporation, HDFC Bank, NTPC, Bajaj Finance, and IndusInd Bank were the top gainers, while Hindustan Unilever, UltraTech Cement, Wipro, Nestle India, and Maruti Suzuki were the top losers.
Indian domestic indices broke a three-day losing streak on Friday as global markets took a break. Today, the market will react to the results of major index heavyweights such as Reliance, HUL, ICICI Bank, and Kotak Bank, according to an ET report. ICICI Bank, Kotak, IDBI Bank, IDFC First Bank, and several other companies will announce their third quarter results today.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the recent market correction has not altered the underlying uptrend. While foreign institutional investor (FII) selling is being offset by sustained domestic institutional investor (DII) and retail buying, the market’s strength is supported by the strong economy.
Hence, FII selling is not powerful enough to significantly impact the market as it did in the past, he said. Investors can take advantage of this market feature by purchasing quality stocks that are temporarily affected by FII selling. Vijayakumar emphasized the importance of investing in high-quality stocks in performing sectors, as many unproven stocks in the broader market are currently overvalued due to speculative trading. He cautioned that a correction in these stocks is inevitable.
The stock market will have normal trading operations on Saturday on the primary site, but will remain closed on January 22, according to exchange circulars issued late Friday.
Earlier, stock exchanges announced to conduct a special live trading session on Saturday from the disaster recovery site. But, now as per the latest circular, regular trading activities will be performed on the primary site and there will be no switchover.
Meanwhile, the S&P 500 achieved a record high close on Friday for the first time in two years, driven by a rally in chipmakers and other heavyweight technology stocks on optimism surrounding artificial intelligence. The S&P 500 was up 1.23%, Nasdaq rose 1.70%, and Dow gained 1.05%.
Oil prices settled slightly lower on Friday but recorded a weekly gain due to Middle East tensions and disruptions to oil output, offsetting concerns about the Chinese and global economies.
Foreign portfolio investors were net sellers at Rs 3,689 crore on Friday, while DIIs bought shares worth Rs 2,638 crore.

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