Stock market today: The Indian stock market witnessed healthy buying across segments on Wednesday, January 28, largely driven by optimism over an India-EU free trade agreement.
Extending gains to the second consecutive session, the Sensex settled 487 points, or 0.60%, higher at 82,344.68, while the Nifty 50 closed the day at 25,342.75, rising 167 points, or 0.66%.
The mid and small-cap segments outperformed as the BSE Midcap 150 index jumped 1.69%, while the Smallcap 250 index surged 1.81%.
Strong gains in the market made investors richer by about ₹6 lakh crore in a single session as the overall market capitalisation of BSE-listed firms jumped to nearly ₹460 lakh crore from nearly ₹454 lakh crore in the previous session.
10 key highlights from the Indian stock market today
What drove the Indian stock market higher?
The domestic market saw healthy gains on short covering as an India-EU free trade agreement influenced sentiment.
“Domestic markets displayed continued optimism, supported by the India–EU FTA,” Vinod Nair, Head of Research, Geojit Investments Limited, noted.
Ajit Mishra, SVP- Research at Religare Broking, said apart from the continued rub-off from the India–EU FTA, positive global cues, including a weaker U.S. dollar and supportive moves in global indices, helped bolster sentiment.
“Short-covering and renewed buying interest across sectors added to the positive momentum, while company-specific triggers, including notable gains in select heavyweight stocks, further supported the upside,” Mishra said.
2. Top Nifty 50 gainers
As many as 32 stocks ended higher in the Nifty 50 index, among which Bharat Electronics (BEL) (up 9.21%), ONGC (up 8.18%), and Coal India (up 5.27%) ended at the top.
3. Top losers in the Nifty 50 index
Tata Consumer (down 4.55%), Asian Paints (down 4.22%), and Maruti Suzuki India (down 2.39%) ended as the top losers in the index.
4. Sectoral indices today
Barring Nifty FMCG (down 0.71%), Pharma (down 0.22%), and Healthcare (down 0.20%), all sectoral indices ended higher.
Nifty Oil and Gas (up 3.40%) ended at the top, followed by Metal (up 2.34%), Media (up 2.13%), PSU Bank (up 1.68%), and Realty (up 1.57%).
Nifty Bank jumped 0.66% to end at 59,598.80. The Financial Services index rose by 1%.
5. Most active counters in terms of volume
Vodafone Idea (64.5 crore shares), Tata Silver Exchange Traded Fund (64 crore shares), and Tata Gold Exchange Traded Fund (27.4 crore shares) were the most active counters in terms of volume on the NSE.
6. Advance-decline ratio
The advance-decline ratio remained in favour of advancers as over 2,900 stocks advanced while over 1,300 declined on the BSE.
7. 17 stocks jump over 15%
Sterlite Technologies, Redtape, Mahindra Logistics, Shilchar Technologies, Paras Petrofils, Omax Autos, Meera Industries, and Infobeans Technologies were among the 17 stocks that jumped more than 15% on the BSE.
8. Nearly 90 stocks hit 52-week highs
Axis Bank, BEL, SBI, Tata Steel, and Tech Mahindra were among the 86 stocks that hit their 52-week highs in intraday trade on the BSE.
9. Over 260 stocks hit 52-week lows
As many as 261 stocks, including Gujarat Fluorochemicals, Patanjali Foods, Syngene International, Brigade Enterprises, Jyothy Labs, and Akzo Nobel India, hit their 52-week lows on the BSE.
10. Nifty’s technical outlook
According to Shrikant Chouhan, the head of equity research at Kotak Securities, 25,200 would act as a key support level for the Nifty 50. Above this level, the pullback rally could continue till 25,500.
Chouhan said further upside may also continue, potentially lifting the index to 25,575. However, below 25,200, sentiment could change, and traders may prefer to exit their long positions.
Mishra of Religare Broking pointed out that the Nifty settled at a crucial juncture around the 25,350 level, and a decisive breakout could help extend the rebound towards the 25,600 zone.
On the downside, the long-term moving average, the 200 DEMA around 25,150, remains critical to hold; a breakdown below this level could see the corrective phase resume, Mishra said.
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