The Indian stock market ended Wednesday on a cheerful note, with both major indices climbing higher. Sensex, the benchmark index, gained nearly 1%, closing at a solid 71,060. Nifty 50 wasn’t far behind, jumping over 1% to settle at 21,454.
It was a broad-based rally, with sectors like Media, Metals, Public Sector Bank, and Energy leading the charge. There were no real losers to speak of apart from Private sector banks, making it a happy day for investors across the board.
Among individual stocks, Hindalco, Dr Reddy’s, and Tata Steel stole the show with impressive gains. However, ICICI Bank, Axis Bank, and Asian Paints found themselves on the wrong side of the market, ending the day slightly lower.
The good vibes extended to smaller companies as well. Both Nifty Midcap and Nifty Smallcap indices enjoyed gains of around 1.5% and 2%, adding to the overall positive sentiment.
Intellect Design Arena Ltd is set to release its Q3FY2024 results on January 25. Thus, it is advisable to add this stock to the watchlist. It works globally in the fields of Financial Technology for Banking, Insurance and other Financial Services. The company has a comprehensive portfolio of products across Global Consumer Banking, Central Banking, Risk & Treasury Management, Global Transaction Banking and Insurance and is also engaged in the business of software development.
IFB Industries Ltdstarted its operations in India in 1974 in collaboration with Heinrich Schmid AG of Switzerland. It is engaged in the business of manufacturing diverse parts and accessories for motor vehicles etc. and home appliances products. The stock experienced a significant surge in trading volume today, surpassing its weekly average by over 15 times. Considering this positive signal, it’s advisable to consider adding this stock to your watchlist.
Today, HFCL Ltd shares achieved a new 52-week high price of Rs 602 signalling bullish momentum. It is a diverse telecom infrastructure enabler with active interest spanning telecom infrastructure development, system integration, and manufacture and supply of high-end telecom equipment, Optical Fiber and Optic Fiber Cable (OFC).
IFCI Ltd previously known as Industrial Finance Corporation of India, is an Indian Government owned non-banking finance company established to cater to the long-term finance needs of the industrial sector. Today, the shares of the company were locked in an upper circuit of 20%. The stock has delivered 68% year to date showcasing strong bullish momentum. Thus, keep this stock on your watchlist.
KFin Technologies Ltd is a leading technology-driven financial services platform. The company provides services and solutions to asset managers and corporate issuers across asset classes in India and provides several investor solutions including transaction origination and processing for mutual funds and private retirement schemes in Malaysia, the Philippines and Hong Kong The company is set to release its Q3FY2024 results on January 25. Thus, add this stock to the watchlist.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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