Vikrant Shekhawat : Jan 02, 2025, 07:45 PM
Share Market Today: With the advent of the new year, the Indian stock market has started strongly. On Thursday, the benchmark Sensex of the Bombay Stock Exchange (BSE) closed at 79,943.71 with a jump of 1,436.30 points (1.83%), while the Nifty of the National Stock Exchange (NSE) closed at 24,188.65 with a gain of 445.75 points (1.88%). The market witnessed extensive buying today, with 2,312 stocks rising, 1,496 falling, and 108 stocks remaining stable.Major stocks with gains and lossesBajaj Finserv, Eicher Motors, Bajaj Finance, Maruti Suzuki, and Shriram Finance were the top gainers in the Nifty. At the same time, giants like Britannia Industries and Sun Pharma suffered losses.Strength in midcap and smallcap indicesThe BSE midcap and smallcap indices also gained 1% on Thursday. The auto index recorded a spectacular gain of 3.5%, while the IT index climbed 2%. Apart from this, all sectoral indices closed in the green.
The main contribution to the market boom was strong buying in banking and IT stocks and positive sentiment regarding the upcoming quarterly earnings. Along with this, investors also showed confidence in pharma, FMCG, and energy stocks.Manufacturing activity declines in DecemberHowever, there were some weak signals from the manufacturing sector for the Indian economy. The Manufacturing Purchasing Managers Index (PMI) fell to 56.4 from 56.5 in December. This shows that despite cost reduction and increase in jobs, demand declined.Rupee weakness continuesThe Indian rupee closed 9 paise lower at 85.73 on Thursday due to strong dollar demand and foreign fund outflows. Dollar purchases by importers and exit of foreign investors from the market weakened the rupee.Global market performanceAsian and European markets witnessed a mixed trend on Thursday.The Shanghai Composite Index fell 2.7% to 3,262.56 and Hong Kong's Hang Seng fell 2.2% to 19,623.32.France's CAC 40 fell 0.5%, while Germany's DAX closed with a gain of 0.2%.In the US markets, the S&P 500 and Dow Jones Industrial Average futures were up 0.4%.Further expectationsAccording to experts, this rise in the market is due to positive expectations related to the upcoming quarterly results and technical supportive signals. However, the strength of the dollar and increasing uncertainty at the global level can remain a matter of concern for investors.This excellent performance of the Indian market is a positive sign for the beginning of the new year. Investors are hoping that domestic and global factors can take the market to greater heights.
The main contribution to the market boom was strong buying in banking and IT stocks and positive sentiment regarding the upcoming quarterly earnings. Along with this, investors also showed confidence in pharma, FMCG, and energy stocks.Manufacturing activity declines in DecemberHowever, there were some weak signals from the manufacturing sector for the Indian economy. The Manufacturing Purchasing Managers Index (PMI) fell to 56.4 from 56.5 in December. This shows that despite cost reduction and increase in jobs, demand declined.Rupee weakness continuesThe Indian rupee closed 9 paise lower at 85.73 on Thursday due to strong dollar demand and foreign fund outflows. Dollar purchases by importers and exit of foreign investors from the market weakened the rupee.Global market performanceAsian and European markets witnessed a mixed trend on Thursday.The Shanghai Composite Index fell 2.7% to 3,262.56 and Hong Kong's Hang Seng fell 2.2% to 19,623.32.France's CAC 40 fell 0.5%, while Germany's DAX closed with a gain of 0.2%.In the US markets, the S&P 500 and Dow Jones Industrial Average futures were up 0.4%.Further expectationsAccording to experts, this rise in the market is due to positive expectations related to the upcoming quarterly results and technical supportive signals. However, the strength of the dollar and increasing uncertainty at the global level can remain a matter of concern for investors.This excellent performance of the Indian market is a positive sign for the beginning of the new year. Investors are hoping that domestic and global factors can take the market to greater heights.