India's benchmark indices were up on January 29, ahead of the U.S. Federal Reserve's rate decision later today and the Union Budget this weekend. IT and banking stocks led the charge on the Nifty 50.
At 11:16 AM, the Sensex was up 373 points or 0.5 percent at 76,275, and the Nifty was up 124 points or 0.5 percent at 23,081. About 2,716 shares advanced, 633 shares declined, and 108 shares remained unchanged.
"By and large, traders—especially short-term ones—are staying on the sidelines. Even investors are being cautious. At this point, one either needs to stay out or have strict stop losses in place," said Kranthi Bathini, Director of Equity strategy at WealthMills Securities.
Foreign institutional investors (FIIs) have offloaded over Rs 79,000 crore worth of Indian equities so far in January. "Valuations remain a concern for them, along with earnings disappointments. A revival in growth outlook in the short to medium term could encourage FIIs to return," Bathini said.
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Despite recent rebounds, both the Nifty 50 and BSE Sensex remain nearly 12 percent below their record highs. The indices are on track for their worst monthly losing streak in 23 years, weighed down by weak corporate earnings, sustained FII outflows, and broader economic uncertainty.
Today, Bajaj Auto, Bharat Electronics, Wipro, Trent, and Infosys were the top gainers on Nifty 50, gaining 1-4 percent and BPCL, TATA Consumer, HUL, Britannia, and Nestle were the biggest losers falling 0.5-1.5 percent.
Shares of Bajaj Auto rose over 4 percent after the company's December quarter results were broadly in-line with expectations. Netweb Technologies and Anant Raj surged as the companies clarified that DeepSeek's emergence and similar developments present opportunities, not threats, to their business.
FMCG-to-cigarettes conglomerate ITC's spun-off hotels arm ITC Hotels debuted on the NSE at Rs 180 per share today, marking an IPO-less listing at a 31 percent discount to its implied price of Rs 260. The listing follows its demerger from parent company ITC.
In the broader market, both the BSE Midcap and Smallcap indices outperformed the benchmarks, rising over 2 percent each.
Also Read | ITC Hotels to list on NSE, BSE today; what price will it list at?
Hardik Matalia, Derivative Analyst at Choice Broking, identified 23,000 as immediate resistance, with a stronger hurdle at 23,200. "Given the prevailing volatility, traders are advised to exercise caution, implement strict stop-loss strategies, and avoid carrying long positions overnight to effectively manage risk," he said. On the downside, Matalia warned that sustained selling pressure below 22,800 could trigger further weakness, potentially dragging the Nifty toward the 22,500–22,000 range.
Overnight, Wall Street rallied as AI-linked tech stocks rebounded sharply. The Nasdaq surged 2 percent, driven by a 9 percent recovery in Nvidia after its record $593 billion single-day market cap wipeout. Apple gained nearly 4 percent, ahead of its earnings report this week, while investors awaited quarterly results from Microsoft and other tech giants.
In Asia-Pacific, Japan and Australia saw early gains, tracking Wall Street's momentum. Meanwhile, markets in Taiwan, South Korea, Hong Kong, and China remained closed for the Lunar New Year holidays.
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