| Company | Value | Change | %Change |
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Banking and financial services stocks have a 34.6% weightage in the Nifty 50. A rise in these stocks pushed the benchmark indices higher. At closing, the Nifty 50 was up 0.4% at 23,742.90 points and the Sensex was 0.5% higher at 78,507.41 points.
“Foreign institutional investors are selling continuously and the long-short ratio has come down, with only 14% holding long positions, and around 86% holding short positions,” Jatin Gedia, a technical research analyst at Mirae Asset Sharekhan told Cogencis Information. “If the FIIs, who are still bearish on Indian equities, recover, a short-covering could happen from their end,” Gedia said.
Automobile stocks rose 1.3%, becoming one of the biggest gainers on the Nifty 50 index. So far, Bajaj Auto, Mahindra & Mahindra, Escorts Kubota, and Hyundai Motor India have released their sales volume data for the month. Shares of Maruti Suzuki India Ltd., India’s largest manufacturer of passenger cars, rose 3% after the company’s December sales rose by 30%.
The Nifty Healthcare and the Nifty Pharma indices rose 0.3% and 0.2% respectively. The Nifty Healthcare extended gains for the fifth day, while the Nifty Healthcare rose for the sixth consecutive session.
Pharmaceuticals is the only sector into which money could flow from volatile stocks. The fundamental trigger for the pharmaceuticals and healthcare sectors is some policy announcements in the US, according to Gedia.
Among other individual movers, state-run SJVN gained as much as 7.5% to begin 2025 on a strong note. The stock surged after the company signed a Memorandum of Understanding (MoU) with the government of Bihar to develop the 1,000 MW Hathidah Durgawati Pumped Storage Project (PSP).
MOIL gained as much as 5% after the public sector manganese ore mining company revised the prices of manganese ore, effective January 1, 2025.
First Published: Jan 1, 2025 3:47 PM IST
