Stock Market Today: Sensex Rises Over 250 Points, Nifty Over 23,000
Stock Market Today: ITC Ltd's hotel arm, ITC Hotels, is set to list on the bourses today. ITC decided to demerge its hotel business into a separate listed entity to unlock shareholder value
![Stock Market Today: Sensex Rises Over 250 Points, Nifty Over 23,000 Stock Market Today BSE Sensex Rises Over 250 Points NSE Nifty Over 23000 Stock Market Today: Sensex Rises Over 250 Points, Nifty Over 23,000](https://feeds.abplive.com/onecms/images/uploaded-images/2024/08/22/50daa71de2ff6b7cecd21ab46b5f35fb1724297152725121_original.jpeg?impolicy=abp_cdn&imwidth=1200&height=675)
India's benchmark indices opened higher on January 29, driven by anticipation of the US Federal Reserve's rate decision later today and the upcoming Union Budget this weekend. IT and banking stocks led the gains on the Nifty 50. At 10:00 am, the Sensex rose by 268.91 points, or 0.35 per cent, to reach 76,170.32, while the Nifty gained 89.60 points, or 0.39 per cent, to stand at 23,046.85. Of the total shares traded, 2,521 advanced, 589 declined, and 121 remained unchanged.
Despite recent rebounds, the Nifty 50 and BSE Sensex remain nearly 12 per cent below their record highs. The indices are on track to experience their worst monthly losing streak in 23 years, impacted by weak corporate earnings, ongoing FII outflows, and broader economic uncertainty.
Broader Market
In the broader market, the BSE Midcap and Smallcap indices outperformed the benchmarks, each rising by 0.7 per cent.
ITC Ltd's hotel arm, ITC Hotels, is set to list on the bourses today. ITC decided to demerge its hotel business into a separate listed entity to unlock shareholder value. The demerger ratio was set at 1:10, meaning shareholders with 10 shares of ITC, as of January 6, 2025, will receive one share of ITC Hotels after the demerger. Following the listing, ITC Hotels will be included in all NSE and BSE indices at a constant price for three business days. If the stock hits circuit limits, the exclusion will be delayed by two trading days each time.
Overnight, Wall Street surged as AI-related tech stocks rebounded sharply. The Nasdaq jumped 2 per cent, fueled by a 9 per cent recovery in Nvidia following its record $593 billion single-day market cap loss. Apple rose nearly 4 per cent ahead of its earnings report this week, while investors awaited quarterly results from Microsoft and other tech giants.
Japan and Australia saw early gains in the Asia-Pacific region, reflecting Wall Street’s momentum. Meanwhile, markets in Taiwan, South Korea, Hong Kong, and China were closed for the Lunar New Year holidays.
Trending News
Top Headlines
![ABP Premium](https://cdn.abplive.com/imagebank/metaverse-mid.png)
![Arunansh B. Goswami](https://feeds.abplive.com/onecms/images/author/37d0f6d9bead901e5e6f85ba189df8b9.png?impolicy=abp_cdn&imwidth=70)