The key equity indices traded with decent gains in mid-morning trade. The Nifty traded above the 23,200 level after hitting the day's low of 23,090.65 in early trade. Consumer durables shares advanced after declining in past two consecutive trading sessions. Trading could be volatile due to weekly F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex rose 177.93 points or 0.23% to 76,582.01. The Nifty 50 index added 64.65 points or 0.28% to 23,220.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 1.83% and the S&P BSE Small-Cap index rallied 1.16%.

The market breadth was strong. On the BSE, 2,408 shares rose and 1,260 shares fell. A total of 175 shares were unchanged.

Politics:

The JD(U) on Wednesday sacked its Manipur unit president, Ksh. Biren Singh, in an effort to quell growing speculation about its ties with the BJP. Party’s national spokesperson Rajiv Ranjan told the media Singh’s removal was due to indiscipline and asserted that the party would continue to support the BJP-led government in the northeastern state. Ranjan affirmed that the JD(U) remains committed to supporting the BJP-led NDA, not just in Manipur but across the country. Ranjan’s remark came shorty after Ksh Biren Singh claimed that the party had withdrawn support to the BJP-led Biren Singh government and informed its decision to governor Ajay Kumar Bhalla. The state unit chief had also claimed that the lone JDU MLA in the state, Md Abdul Nasir, will sit in the opposition benches.

IPO Update:

The initial public offer (IPO) of Denta Water and Infra Solutions received bids for 13,37,67,000 shares as against 52,50,000 shares on offer, according to stock exchange data at 11:15 IST on 23 January 2024. The issue was subscribed to 25.48 times.

The issue opened for bidding on 22 January 2024 and it will close on 24 January 2024. The price band of the IPO is fixed between Rs 279 and Rs 294 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index jumped 1.93% to 38,482. The index dropped 4.86% in past two trading sessions.

Amber Enterprises India (up 9.80%), Dixon Technologies (India) (up 3.03%), Voltas (up 2.08%), Havells India (up 2.08%), Whirlpool of India (up 1.94%), Bata India (up 1.74%), Kalyan Jewellers India (up 1.58%), Titan Company (up 1.24%), Crompton Greaves Consumer Electricals (up 1.22%) and Kajaria Ceramics (up 1.02%) advanced.

On the other hand, V-Guard Industries (down 0.66%), Cera Sanitaryware (down 0.29%) and Rajesh Exports (down 0.1%) edged lower.

Stocks in Spotlight:

Biocon advanced 1.83% after its board is scheduled to meet on Monday, 27 January 2025, to consider and approve the raising of funds on a private placement basis.

Bharat Petroleum Corporation (BPCL) slipped 1.33%. The company has reported a 36.85% jump in standalone net profit to Rs 4,649.20 crore in Q3 FY25 as against Rs 3,397.27 crore posted in Q3 FY24. Net sales (excluding excise duty) declined 2.02% year on year (YoY) to Rs 1,13,135.8 crore in the December 2024 quarter.

Hindustan Unilever (HUL) declined 1.29%. The company has reported a 19.13% jump in standalone net profit to Rs 3,001 crore in Q3 FY25 as compared with Rs 2,519 crore in corresponding quarter last year. Revenue from operations rose 1.79% to Rs 15,195 crore in Q3 FY25 as compared with Rs 14,928 crore in Q3 FY24.

Global Markets:

Most Asian stocks climbed on Thursday, buoyed by a rally on Wall Street driven by optimism over increased spending on artificial intelligence (AI). However, Asian investors remain cautious as they assess the implications of US President Donald Trump’s early days in office, which have sent mixed signals. While Trump reiterated tariff threats against China, fears of an escalation in the trade war have largely been avoided, leaving the world’s second-largest economy somewhat unscathed for now.

In China, investors are considering additional measures from Beijing to stabilize its stock market. On Wednesday, the government introduced a series of policies, including plans to increase the portion of pension funds that can be invested in listed companies, aiming to shore up market confidence.

South Korea's economy grew by 0.1% quarter-on-quarter in the final three months of 2024, according to preliminary data from the central bank. On a year-on-year basis, GDP growth slowed to 1.2% from 1.5%, reflecting challenges in the broader economic environment.

Meanwhile, Japan posted a surprising trade surplus of 130.9 billion yen ($840 million) in December, beating expectations for a deficit of 55 billion yen. This marked a significant turnaround from November's 110.3 billion yen deficit, supported by strong exports, according to government data released Thursday.

In the US, the S&P 500 came close to a record high on Wednesday, boosted by a surge in tech stocks and AI-related companies. The rally followed President Trump’s announcement of a $500 billion initiative to enhance domestic AI development.

Netflix shares soared nearly 10% after the company reported a record-breaking addition of 19 million new subscribers in Q4 2024, surpassing market expectations by a wide margin.

The S&P 500 briefly touched an all-time high of 6,100.81 points before trimming gains to close 0.6% higher at 6,086.28 points. The NASDAQ Composite gained 1.3% to reach 20,009.34 points, while the Dow Jones Industrial Average edged up 0.3%.