Stock markets extend gains for 3rd day; Airtel, Reliance major movers

Extending the winning run to the third day, benchmark indices Sensex and Nifty closed higher on Thursday (January 30, 2025) on buying in heavyweight stocks Reliance Industries, Bharti Airtel and HDFC Bank.

The 30-share Sensex advanced 226.85 points or 0.30% to settle at 76,759.81 in a volatile trade amid the monthly expiration day. During the day, it surged 429.92 points or 0.56% to 76,962.88.

The NSE Nifty went up by 86.40 points or 0.37% to 23,249.50.

From the 30-share blue-chip pack, Bharti Airtel, Power Grid, Bajaj Finance, Nestle, Mahindra & Mahindra, Reliance Industries, Asian Paints, IndusInd Bank, Hindustan Unilever and HDFC Bank were the biggest gainers.

Bajaj Finance climbed nearly 2% after the company reported an 18% increase in its consolidated net profit to ₹4,308 crore for the December quarter.

Tata Motors tanked over 7% after the firm reported a 22% fall in consolidated net profit to ₹5,578 crore for the third quarter ended December 2024, impacted by a decline in revenue from its passenger and commercial vehicles divisions.

ITC Hotels, Bajaj Finserv, Adani Ports, Tech Mahindra, Zomato and Kotak Mahindra Bank were the other laggards.

"The Indian markets concluded on a positive note despite fluctuating between gains and losses. The fall in oil prices due to a rise in US inventories and an ease in U.S. 10-year yield after the US Fed's hawkish view may decelerate FII outflows.

"The upcoming budget may be seen as an inflection point, which is likely to reverse the current bearish trend if the policies restore growth and consumption," Vinod Nair, Head of Research, Geojit Financial Services, said.

"The market exhibited high volatility on the monthly expiry day but managed to extend its winning streak for the third consecutive session. After an initial surge, Nifty saw profit-taking in the mid-session before a late rebound helped it close with decent gains. With the budget countdown underway, we anticipate continued market fluctuations," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.

The BSE smallcap gauge closed marginally up by 0.02%, while midcap index dipped 0.04%.

Among BSE sectoral indices, oil & gas jumped 1.59%, energy (1.52%), realty (1.49%), healthcare (1.14%) and telecommunication (1.08%).

BSE consumer discretionary, IT, consumer durables, teck, services and BSE Focused IT were the laggards.

As many as 2,138 stocks advanced while 1,812 declined and 124 remained unchanged on the BSE.

In Asian markets, Tokyo settled in positive territory. Markets in Seoul, Shanghai and Hong Kong were closed due to holidays. European markets were trading in the green. The US markets ended lower on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,586.43 crore on Wednesday, according to exchange data.

Global oil benchmark Brent crude dipped 0.43% to $76.25 a barrel.

"Indian markets are currently experiencing heightened volatility due to sluggish economic growth and uncertainty surrounding Trump’s policies and tariffs. With the monthly expiry of major indices today and the Union Budget scheduled for February 1st, investor sentiment is closely tied to upcoming economic measures.

"The interplay between global factors and domestic policies is adding to the complexity, making this a crucial period for market participants," Vikas Gupta, CEO and Chief Investment Strategist, OmniScience Capital, said.

The 30-share BSE benchmark jumped 631.55 points or 0.83% to settle at 76,532.96 on Wednesday. The Nifty soared 205.85 points or 0.90% to 23,163.10.