Markets rally for third day on buying in blue-chips

| | mumbai
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Markets rally for third day on buying in blue-chips

Friday, 31 January 2025 | PTI | mumbai

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

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

The NSE Nifty went up by 86.40 points or 0.37 per cent 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 two per cent after the company reported an 18 per cent increase in its consolidated net profit to `4,308 crore for the December quarter.

Tata Motors tanked over seven per cent after the firm reported a 22 per cent 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 US 10-year yield after the US Fed's hawkish view may decelerate FIIs outflow.

"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.

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 per cent to USD 76.25 a barrel.

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