After opening the day on a strong note, Indian share markets continued their momentum throughout the day and ended on a firm footing.

Benchmark indices bounced back today after falling for the past three sessions, tracking Friday's Wall Street gains and positive global cues.

At the closing bell, the BSE Sensex stood higher by 847 points (up 1.4%).

Meanwhile, the NSE Nifty closed up by 241 points (up 1.4%).

M&M, TCS, and HCL Tech were among the top gainers today.

Titan, Bajaj Finserv, and Bajaj Auto, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,173 up by 214 points, at the time of writing.

Broader markets ended on a positive note with the BSE Midcap index rallying 0.9% and the BSE SmallCap index ending 0.5% higher.

Barring consumer durables stocks, all sectoral indices ended the day on a positive note with stocks in the auto sector, IT sector, and energy sector witnessing the most buying.

Among the best IT stocks, TCS and HCL Tech gained over 3%. TCS shares were in focus today ahead of its earnings release.

Shares of Abbott India, Jindal steel and Power, and IDBI Bank hit their 52-week highs today.

Asian stock markets ended on a strong note. The Nikkei ended higher by 0.6%, while the Hang Seng was up 1.9%. The Shanghai Composite ended 0.6% higher.

The rupee is trading at 82.38 against the US$.

Gold prices for the latest contract on MCX are trading UP by 0.6% at Rs 56,076 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading higher by 0.5% at Rs 69,521 per kg.
 

6 Reasons why Indian Market Rallied Today

#1 Upbeat global cues

After Friday's overnight rally on Wall Street, Asian markets too were buoyant. South Korean shares gained 2.2%, Chinese blue chips added 0.7%, while Hong Kong shares climbed 1.4%.

Upbeat global cues added to sentiment and sent Indian shares higher.

#2 End to China's zero Covid policy

China opened its border for international travelers over the weekend, signaling the end of the zero-Covid policy which had kept borders effectively closed since the first outbreak of Covid-19 in 2020.

The move has cheered market sentiment as investors hope that life in the East-Asian country is now swiftly set to move forward.

#3 Dollar takes back seat

The US dollar index fell 0.2% to 103.63, with investors dialing back bets on Fed rate hikes after data on Friday showed a jump in the US workforce and easing wage growth, combined with a sharp fall in service-sector activity, driving the rupee higher.

The rupee has been falling for quite some time now and this falling trend reversed today as it appreciated. The rupee appreciated by 33 paise to 82.3 against the dollar, tracking the positive trend in equity markets.

Rupee's appreciation often attracts FIIs as it adds to the return for foreign investors.

#4 Falling crude oil prices

Crude oil prices plunged sharply last week as investors were worried about fuel demand amid a global economic slowdown and rising Covid-19 cases in China.

Today, however, prices rose. Brent crude futures rose 1.2% today but were below the US$80 a barrel mark.

#5 IT stocks uplift sentiment

Indian markets were optimistic ahead of the December quarter earnings season, which would kick off with TCS results today. Shares of Tata Consultancy Services climbed 3%.

All IT stocks were in the mood with heavyweights leading the charge and gaining 3-5%.

#6 DII buying

So far in January 2023, domestic institutional investors (DIIs) have made net purchases to the tune of Rs 27.5 million (m), becoming net buyers.
 

L&T's order win

In news from the engineering sector, shares of Larsen and Toubro jumped 1.2% today.

The heavy engineering arm of Larsen and Toubro won multiple significant orders in India and overseas in the October-December quarter.

In the overseas market, L&T Heavy Engineering secured orders for one of the heaviest reactors and screw plug heat exchangers for a refinery in Mexico.

Further, it also secured orders for the supply of critical reactors and vessels for blue ammonia projects in the US and Uzbekistan during the said quarter.

The heavy engineering vertical of L&T also bagged 'strategic orders' for a process plant equipment from a European client.

On the domestic front, it had secured orders to manufacture critical residue upgrading reactors and design and manufacture high-pressure screw plug heat exchangers with complex Cr-Mo-V steel material for IOCL's Panipat Refinery P25 Expansion Project.

Additionally, it secured a repeat order from a reputed fertilizer manufacturer for the fabrication of steam superheater coils.

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services. It operates in over 50 countries worldwide.

The company has rewarded investors with 10 bonuses over the last 7 decades and the CAGR over the last 20 years stands at an impressive 25.6%.

L&T has been an investor's favorite stock for a long time and also a stock that makes it to the top 5 infrastructure stocks.
 

Titan misses street expectations

Moving on to news from the retail sector, the share price of Titan fell 2% today.

The company for the October-December 2022 quarter, failed to meet expectations. The Street had forecast a growth of 17% YoY on the back of a strong wedding season, while Titan reported 12% growth.

The maximum growth was recorded by Titan in its emerging businesses category, where the sales shot up by 75% on-year. This included fragrance and fashion accessories, and Indian dress wear sold under the Taneira brand.

The watches and wearables segment registered a 14% growth. The jewelry business grew 11% on-year, with 22 new stores being added during the quarter.

A total of 111 new retail outlets were added in the quarter across businesses, taking the total count to 2,362.

Speaking of Titan, note that even a tiny investment of Rs 1,000 per month in the stock of Titan, since 2002, would have led to mouthwatering returns.

Believe it or not, Titan was a Tata group penny stock two decades ago.

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