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The headline equity benchmarks traded with substantial gains in morning trade. The Nifty traded above the 23,300 level after hitting the day's low of 23,170.65 in morning trade. PSU bank shares rallied after declining in the past trading session. At 11:30 IST, the barometer index, the S&P BSE Sensex, rallied 488.71 points or 0.64% to 77,108.04. The Nifty 50 index added 121.25 points or 0.52% to 23,324.45. In the broader market, the S&P BSE Mid-Cap index rose 0.11% and the S&P BSE Small-Cap index gained 0.44%. The market breadth was positive. On the BSE, 2,274 shares rose and 1,531 shares fell. A total of 194 shares were unchanged. Economy: India's foreign exchange (forex) reserves declined $8.714 billion to $625.871 billion in the week ended January 10, according to the latest RBI data. For the week ended January 10, foreign currency assets, a major component of the reserves, decreased by $9.469 billion to $536.011 billion, the data released on Friday showed. Gold reserves increased by $792 million to $67.883 billion during the week. The special drawing rights (SDRs) were down by $33 million to $17.781 billion, the RBI said. India's reserve position with the IMF was down by $4 million at $4.195 billion in the reporting week, the apex bank data showed. IPO Update: The initial public offer of Stallion India Fluorochemicals received bids for 98,89,24,200 shares as against 1,55,12,978 shares on offer, according to stock exchange data at 11:15 IST on 20 January 2025. The issue was subscribed 63.75 times. The issue opened for bidding on 16 January 2025 and it will close on 20 January 2025. The price band of the IPO is fixed between Rs 85 and Rs 95 per share. An investor can bid for a minimum of 165 equity shares and in multiples thereof. Buzzing Index: The Nifty PSU Bank index gained 1.50% to 6,388.60. The index shed 0.22% in the past trading session. State Bank of India (up 1.58%), Union Bank of India (up 1.56%), Indian Overseas Bank (up 1.52%), Canara Bank (up 1.51%), UCO Bank (up 1.35%), Bank of Baroda (up 1.18%), Central Bank of India (up 1.18%), Punjab National Bank (up 1.06%), Bank of India (up 1.05%) and Bank of Maharashtra (up 0.99%) advanced. Stocks in Spotlight: Tech Mahindra shed 0.40%. The IT major's consolidated net profit slipped 21.35% to Rs 983.2 crore in Q3 FY25 as against Rs 1,250.1 crore reported in Q3 FY24. However, revenue from operations declined marginally 0.2% to Rs 13,285.6 crore in the December quarter, from Rs 13,313.2 crore recorded in the preceding quarter of FY24. DCM Shriram added 1.22% after the company's consolidated net profit rallied 9% to Rs 262.14 crore on 12.15% rise in total revenue from operations to Rs 3,518.89 crore in Q3 FY25 over Q3 FY24. Global Markets: Most Asian stocks rose on Monday, buoyed by hopes that U.S. President-elect Donald Trump may adopt a less aggressive stance toward China than previously feared when he assumes office later in the day. Regional markets took cues from Wall Street's strong performance on Friday. U.S. stocks rallied as robust bank earnings and expectations of interest rate cuts fueled investor optimism. The Dow Jones Industrial Average climbed 0.78%, hitting a new one-month high, while the S&P 500 rose 1.00%, and the NASDAQ Composite added 1.51%. Key performers included NVIDIA Corporation (+3.10%), Amazon.com Inc (+2.39%), and Goldman Sachs Group Inc (+2.11%). Investor sentiment improved further after Trump avoided mentioning trade tariffs during a victory lap rally in Washington on Sunday. However, he reiterated plans to crack down on immigration and reduce government oversight of domestic companies. Despite the optimism, uncertainty lingers. Fox News Digital reported that Trump is expected to sign a record number of executive orders upon taking office on Monday. While details remain unclear, some orders could potentially include increased trade tariffs against China. Previously, Trump had vowed to impose tariffs of up to 60% on Chinese imports and suggested similar measures targeting Mexico and Canada. Such policies could disrupt global trade and pose challenges for export-driven economies. Meanwhile, the People's Bank of China (PBOC) left its benchmark loan prime rate unchanged on Monday, as widely anticipated. Beijing appears to be holding off on new stimulus measures while awaiting greater clarity on Trump's trade policies. Lastly, U.S. markets will remain closed on Monday in observance of Martin Luther King, Jr. Day. Powered by Capital Market - Live News
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