Image Source : INDIA TV Stock market update for January 16.
Stock market update: The Indian stock market witnessed a significant surge in the opening bell on Thursday, driven by global cues such as the closure of Hindenburg Research and positive developments in the Israel-Hamas ceasefire. The Bombay Stock Exchange (BSE) benchmark Sensex opened 595 points higher at 77,319.50. Meanwhile, Nifty also surged 125 points to 23,338 in the early trade. Asian markets also opened on a strong note, following an overnight rally in US markets, which closed higher after a dip in inflation rates.
Top gainers and losers
Among Nifty stocks, the top gainers included HDFC Life (+8.87%), SBI Life (+4.10%), Adani Enterprises (+3.15%), Adani Ports (+3.01%), BEL (+2.17%). Meanwhile, the biggest losers were, Tata Consumer (-1.37%), Trent (-1.17%), HUL (-0.98%), Nestlé India (-0.94%) Cipla (-0.71%).
Rupee against dollar
Meanwhile, the rupee declined 4 paise to 86.44 against the US dollar in early trade on Thursday amid a firm American currency, rising crude oil prices and outflow of foreign funds. However, positive domestic equity markets resisted a sharp fall in Indian currency, forex traders said.
At the interbank foreign exchange, the rupee opened at 86.42 and slipped further to 86.44 against the greenback in initial deals, trading 4 paise lower from its previous close. The rupee settled with a gain of 13 paise at 86.40 against the dollar on Wednesday, a day after rebounding 17 paise from its lowest-ever level.
(With PTI inputs)
