Stock Market Today: Sensex Rises 280 Points, Nifty Over 23,300
JPMorgan reported its highest-ever annual profit, BlackRock reached a record $11.6 trillion in assets under management, and Goldman Sachs more than doubled its Q4 profit
Stock Market Today: Benchmark indices Nifty and Sensex started on Thursday on a positive note, recording their third consecutive day of gains. Investor sentiment was lifted by December's cooler-than-expected US inflation data, fueling hopes of further rate cuts by the Federal Reserve. While PSU bank and metal stocks drove the rally, losses in FMCG stocks somewhat limited the overall momentum.
The stock market sentiment turned upbeat as impressive Q4 earnings sparked optimism. JPMorgan reported its highest-ever annual profit, BlackRock reached a record $11.6 trillion in assets under management, and Goldman Sachs more than doubled its Q4 profit, highlighting the financial sector's resilience.
At 10 am, the Sensex gained 279.28 points, or 0.36 per cent, reaching 77,003.36, while the Nifty rose 102.80 points, or 0.44 per cent, to 23,316. Of the total shares, 2,612 advanced, 489 declined, and 104 remained unchanged.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Macro indicators from the US suggest that as the swearing-in of Trump nears, the Trump trade has peaked. The decline in US bond yields and the dollar index are indications of this. This downshift in the dollar index and bond yields has been assisted by the lower-than-expected CPI inflation in the US, again igniting hopes of more rate cuts by the Fed this year. Hope of an end to the conflict in Gaza is another major relief. This global backdrop is positive for the market.”
He added, “A relief rally in India is certainly on the cards, but the sustainability of the rally will depend on the Indian macros, particularly the revival of GDP and earnings growth. Budget expectations can aid a rally in the market but it will soon give way to the trends in GDP and earnings growth. Investors should focus on largecaps which have been more stable than the mid and small caps. Broadly speaking, segments with growth visibility like Pharma and health care, IT and discretionary consumption will remain resilient.”
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