After opening the day higher, Indian benchmark indices remained positive as the session progressed and ended the day on a firm footing.

Indian equities ended higher on Friday, supported by broad-based buying across most sectors. Nifty hit a new high in the intra-day trade at 26,332.15.

At the closing bell, the BSE Sensex stood higher by 573 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 182 points (up 0.7%).

NTPC, SBI and Trent are among the top gainers today.

Bajaj Auto, ITC and Nestle, on the other hand, were among the top losers today.

The GIFT Nifty was trading at 26,46,8 up by 177 points at the time of writing.

The BSE MidCap index ended 0.9% higher, and the  BSE SmallCap index ended 0.8% higher.

Barring the FMCG sector, all other sectoral indices were trading positively, with stocks in the power sector, banking sector and energy sector witnessing the most buying spree.

L&T, Maruti Suzuki and TVS Motors hit their respective 52-week highs today.

The rupee is trading at 90.21 against the US$.

Gold prices for the latest contract on MCX are trading 0.7% higher at Rs 136,848 per 10 grams.

Meanwhile, silver prices were trading 3.5% higher at Rs 244,204 per 1 kg.

Here are the four key factors that drive the market's momentum.

#1 Sectoral Gains

Friday's rally found strength in banking, power, metals, and energy stocks. The BSE Power index jumped over 2%, with BSE PSU bank, BSE Metal, and BSE Energy indices also rising nearly 1.5% each. The Nifty Bank index touched an all-time high of 60,152.35.

#2 Positive Global Cues

In Asian markets, South Korea's Kospi, Shanghai's SSE Composite and Hong Kong's Hang Seng were trading in the positive territory. US futures were also higher by up to 0.7%, indicating a firm start for Wall Street later in the day.

#3 The Rupee Factor

In the currency market, the rupee traded in a narrow range in the morning session and appreciated by 6 paise to 89.92 against the US dollar.

#4 Buying in Heavyweights

Shares of Nifty 50 heavyweight Reliance Industries Ltd gained up to 1% on Friday, January 2, trading near record highs. HDFC Bank also advanced around 1% during the session, lending support to the benchmark indices

Why Olectra Greentech's Share Price is Rising?

In news from the auto sector, Shares of Olectra Greentech surged around 6% on January 2, hitting a one-month high, after the company announced the commencement of operations at its electric vehicle (EV) manufacturing facility in Hyderabad. In the same space, JBM Auto shares also gained about 8%.

In an exchange filing released after market hours on January 1, Olectra Greentech stated that December 31 has been declared as the commercial operation date (COD) for its greenfield EV manufacturing plant located at Seetharampur, Hyderabad, Telangana.

The facility is expected to have an annual per-shift production capacity of 2,500 electric buses. The company noted that this Phase-I capacity represents 50% of the planned per-shift annual capacity of 5,000 buses.

Olectra Greentech also informed that the declaration of COD has been communicated to its lender, State Bank of India (SBI)
 

Why the Coal India Share Price is Rising

Moving on to the news from the mining sector, Coal India has updated its e-auction process to allow coal buyers from nearby countries such as Bangladesh, Bhutan, and Nepal to participate directly. Earlier, these buyers had to route their purchases through Indian traders, which limited direct access to Coal India's auctions.

With this update, buyers from neighbouring countries will be able to take part in Coal India's e-auctions directly, bidding alongside domestic customers on the Single Window Mode Agnostic platform (SWMA).

Coal India has laid out a clear and structured process for foreign buyers who wish to participate in its e-auctions. These buyers will need to complete a one-time registration and can then take part in the auctions through a fully digital bidding system.

Payments will be made in advance through electronic channels and routed in line with FEMA regulations, with Nepal-based buyers allowed to pay in either rupees or US dollars, while buyers from Bangladesh and Bhutan will transact in US dollars.
 

FMCG Index Hits Nine-Month Low

Moving on, ITC shares fell for the second straight session on Friday after the government notified amendments to the Central Excise Act, pushing the FMCG index to a nine-month low.

The stock dropped 5.1% to an intraday low of Rs 345.25, marking its 52-week low. Over the past two sessions, ITC shares have declined by over 14%.

The company's market capitalisation has shrunk by more than Rs 720 bn to Rs 4,380.8 bn as of 2 January, compared with its closing level on 31 January, ahead of the government's excise duty hike effective 1 February.

Heavy selling in ITC dragged the Nifty FMCG index lower, which slipped over 1% during the session and emerged as the only sectoral index in the red among Nifty indices on Friday.

Over the last two sessions, the FMCG index has fallen more than 4%, hitting an intraday low of 52,741.85, its weakest level in nine months since 21 March 2025, when it touched 52,670.6.

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