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Stock Market Today: Sensex Gains 270 Points, Nifty Holds Above 23,200

Bajaj Finance, Bajaj Finserv, Power Grid, L&T and NTPC were the top gainers on the Sensex. At the same time, Tata Motors, ICICI Bank, Infosys, Untratech Cement and ICICI Bank were the biggest losers

Stock Market Today: Indian benchmark indices opened flat on Thursday, tracking the subdued movement of Asian markets, as the US Federal Reserve kept interest rates unchanged and offered little insight into future rate cuts. All attention has now shifted to Finance Minister Nirmala Sitharaman’s Union Budget 2025, where investors are hoping for initiatives that support growth.

At 10 am, the Sensex gained 165.67 points, or 0.22 per cent, to reach 76,698.63, while the Nifty rose 74.25 points, or 0.32 per cent, at 23,237.35. A total of 2,389 shares advanced, 684 declined, and 138 remained unchanged.

Bajaj Finance, Bajaj Finserv, Power Grid, L&T and NTPC were the top gainers on the BSE Sensex. At the same time, Tata Motors, ICICI Bank, Infosys, Untratech Cement and ICICI Bank were the biggest losers. 

Foreign investors, however, remain sceptical. FPIs have pulled out a substantial Rs 81,600 crore from Indian equities in January so far, marking the second-highest monthly outflow on record. Persistently high US Treasury yields and lacklustre domestic earnings have provided little incentive for foreign inflows.

The impact is clear— the Nifty 50 and Sensex have dropped nearly 2 per cent in January, on track for their longest monthly losing streak in 23 years. The Nifty and Sensex are still down approximately 11.5 per cent each from their record highs on September 27.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “The recovery in the market is healthy since it is being led by fairly valued largecaps. The rally can sustain if the Budget comes up with some strong growth stimulating measures that can improve the market sentiments too. However, a sustained rally can happen only if the FII selling stops and we get some leading indicators suggesting growth and earnings recovery.”

“Globally, the stock markets remain strong mainly due to the resilient US economy and the down trending interest rate cycle in the US. The Fed’s decision to pause yesterday was on expected lines. The Fed chief Powell’s statement yesterday that “the central bank will need to see real progress on inflation or easing of labour conditions before making further adjustments” is a clear message that further cuts will be data-dependent,” he added.

Meanwhile, Wall Street struggled overnight, and the dollar remained firm after the Federal Reserve held interest rates steady at 4.25-4.5 per cent and offered no clear guidance on future cuts. With inflation largely stagnant in recent months, the Fed dropped its previous reference to progress toward the 2 per cent target, instead noting that price pressures remain elevated.

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