At 13:25 IST, the barometer index, the S&P BSE Sensex rose 256.23 points or 0.34% to 76,661.22. The Nifty 50 index added 91.40 points or 0.39% to 23,246.75.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index jumped 1.87% and the S&P BSE Small-Cap index rallied 0.90%.
The market breadth was positive. On the BSE, 2,259 shares rose and 1,537 shares fell. A total of 171 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 Ranjan’s remark came shorty after Ksh Biren Singh claimed that the party had withdrawn support to the BJP-led Biren Singh government and informed its decision to governor Ajay Kumar Bhalla.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.
Gainers & Losers:
Wipro (up 3.01%), Ultratech Cement (up 2.73%), Shriram Finance (up 2.66%), Tech Mahindra (up 2.22%) and Mahindra & Mahindra (up 2.05%) were the major Nifty gainers.
Bharat Petroleum Corporation (BPCL) (down 2.04%), Reliance Industries (down 0.95%), Axis Bank (down 0.66%), Dr Reddy’s Laboratories (down 0.66%) and Bajaj Auto (down 0.59%) were the major Nifty losers.
Bharat Petroleum Corporation (BPCL) declined 2.04%. The company 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.
Stocks in Spotlight:
Persistent Systems surged 11.64% after the company’s consolidated net profit jumped 14.77% to Rs 372.99 crore in Q3 FY25 as compared with Rs 325 crore in Q2 FY25. Revenue from operations increased 5.7% QoQ to Rs 3,062.28 crore in Q3 FY25.
Pidilite Industries rallied 6.57% after the company's consolidated net profit jumped 8.22% to Rs 552.42 crore on 7.63% rise in revenue from operations to Rs 3,368.91 crore in Q3 FY25 over Q3 FY24.
Coforge zoomed 12.64% after the company reported 9.5% rise in net profit, excluding minority interest, to Rs 255.9 crore in Q3 FY25 from Rs 233.6 crore in Q2 FY25. The company’s gross revenues increased by 8.4% quarter-on-quarter (QoQ) to Rs 3,318.2 crore in the December 2024 quarter.
Hindustan Unilever (HUL) shed 0.24%. The company 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.
Meanwhile, HUL has acquired the homegrown skincare brand Minimalist at a pre-money valuation of Rs 2,955 crore (nearly $350 million). The board at HUL has entered into a share purchase agreement for the acquisition of 90.5% of Minimalist shares at a cash consideration of Rs 2,670 crore (secondary buyout) along with Rs 45 crore as a primary infusion in the company.
The transaction is expected to be completed in Q1 FY2026 and the remaining 9.5% shareholding of uprising in about two years from the completion date.
Biocon advanced 2.29% 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.
Zensar Technologies surged 12.20% after the company’s consolidated net profit climbed 2.63% to Rs 159.8 crore in Q3 FY25 as compared with Rs 155.7 crore in Q2 FY25. Revenue from operations increased 1.35% QoQ to Rs 1,325.6 crore in Q3 FY25.
Cigniti Technologies surged 13.58% after the company’s consolidated net profit jumped 32.33% to Rs 63.57 crore on 10.34% rise in revenue from operations to Rs 516.40 crore in Q3 FY25 over Q3 FY24.
Global Markets:
Most of the European market advanced as investors looked ahead to President Donald Trump’s keynote speech at the World Economic Forum in Davos, Switzerland, on Thursday. Participants and observers around the world will be listening to his speech carefully for any more details on his widely discussed proposal to introduce universal tariffs on goods imported to the United States, and for his position on major geopolitical and economic issues such as the Ukraine-Russia war, the future of Israeli-Palestine relations and economic rivalry with China.
Most of the 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%.