On January 29, the domestic stock market saw significant buying, driving the Sensex and Nifty 50 to each climb nearly 2% amid positive global signals.
There is heightened volatility in anticipation of the Interim Budget 2024, with the India VIX surging 13% on Monday. Investors are closely monitoring the US Fed policy decision on January 31 and listening for insights from Fed Chair Jerome Powell.
The February 1 Budget is expected to be a Vote on Account, suggesting no major announcements ahead of the 2024 General Elections.
Among sectors, oil & gas index is up 5 percent, Power index is up 3 percent, and Capital Goods index is up 2 percent.
Global Markets
On Monday, January 29, 2024, the Hong Kong share market closed higher as financial, realty, and technology stocks surged. This was in response to China’s market regulator suspending securities lending of restricted shares on mainland exchanges to stabilize stock prices. The Hang Seng Index rose 0.78%, at the closing bell, while the Hang Seng China Enterprises Index increased by 0.91%.
Mainland China’s market closed lower as investors exercised caution before factory activity data. The Shanghai Composite fell 0.92%, the Shenzhen Composite dropped 2.42%, and the CSI300 index declined 0.9% to 3,303.96. New measures from regulators aimed to support the equity market and property sector.
Japan’s market closed moderately higher on the same day, driven by increased energy-related stocks due to rising crude oil prices. The Nikkei Stock Average rose 0.77%, and the broader Topix index increased by 1.27%. Export-related stocks were supported by a weaker yen.
Stocks in Spotlight
Reliance Industries shares surged by 6.8%, reaching a record high following a Bloomberg report stating that Walt Disney’s India unit witnessed a nearly 50% decline in valuation ahead of its merger with Reliance’s media business.
On January 29, Bajaj Finance announced a consolidated net profit of Rs 3,638.95 crore for the October-December quarter of the current financial year. This reflects a 22.4% increase compared to the corresponding quarter of the previous year, aligning with market expectations.
A day after IRB Infrastructure Developers announced that the Arbitration Tribunal ruled in favor of Yedeshi Aurangabad Tollway (YATL), a special purpose vehicle (SPV) established for the project, shares of the company surged by 19.92%. The decision came from arbitration proceedings against the National Highways Authority of India.
News from the IPO world🌐
Epack Durable debuts January 30, may list at 2-10% premium to issue price
BLS E-Services IPO to open on January 30.
Swiggy to let go of 400 employees in Round 2 of layoffs ahead of IPO this year
