Stock Market Today: Sensex Settles 170 Points Higher, Nifty Over 23,175

Adani Ports, NTPC, Tata Steel, Zomato and Tata Motors were the top gainers on the Nifty. Laggards included HCL Tech, HUL, Titan Company, TCS and Ultratech Cement were the major laggards

Among sectoral indices, Nifty IT was the biggest loser, dropping over 2 per cent after disappointing Q3 results from HCL Tech

Source : PTI

Indian benchmark indices Nifty and Sensex ended on Tuesday with modest gains, breaking a four-day losing streak, as a strong rally in banking, metal, and energy stocks lifted sentiment. However, a selloff in IT and FMCG stocks kept investors cautious. Major tech stocks, like HCL Tech, plunged 10 per cent following weak guidance in its Q3 results.

Despite concerns over stretched valuations and the prevailing negative sentiment, the broader market, including mid and small-cap indices, saw buying interest, with gains of nearly 2.5 per cent and 2 per cent, respectively. However, both segments have had a tough start to the year, down nearly 10 per cent.

At the close, the Sensex rose by 169.62 points, or 0.22 per cent, to 76,499.63, while the Nifty gained 90.10 points, or 0.39 per cent, to 23,176.05. A total of 2,752 shares advanced, 1,049 declined, and 103 remained unchanged.

Adani Ports, NTPC, Tata Steel, Zomato and Tata Motors were the top gainers on the Nifty. Laggards included HCL Tech, HUL, Titan Company, TCS and Ultratech Cement were the major laggards.

Sectorial Update

Among sectoral indices, Nifty IT was the biggest loser, dropping over 2 per cent after disappointing Q3 results from HCL Tech. Nifty FMCG also slipped by 1 per cent, led by declines in HUL, Nestle, and Britannia. On the other hand, Nifty Metal surged nearly 4 per cent, driven by gains in Hindalco, Adani Enterprises, and JSW Steel. Nifty Realty, which fell 6 per cent the previous day, rebounded with a 1 per cent gain on January 14. Nifty Auto rose over 2 per cent, led by strong performances from M&M, Maruti Suzuki, and Tata Motors. Nifty Bank saw a sharp 1.6 per cent rise in the afternoon, boosted by gains in HDFC Bank, ICICI Bank, and SBI.

Shares of REC and Power Finance Corporation surged by as much as 8 per cent in morning trade on January 14, after JSW Energy was announced as the winning bidder for KSK Mahanadi Power under the Insolvency and Bankruptcy Code. This news also provided relief to KSK Mahanadi Power's creditors, including state-owned REC and PFC.