FIRST TRADE: Sensex rises over 550 pts; Nifty above 21,700; Cipla up 6%, ICICI Bank up 3% post Q3 results

Stock market today: The Indian share market on Tuesday, January 23, edged higher, tracking momentum in Wall Street. Last seen, both indices were up over 0.75 per cent. The S&P BSE Sensex was up 589.3 points at 72,012.95, and the NSE Nifty rose 169.25 points at 21,741.05.

"In the short term, sentiments influence the market more than other factors. Now, sentiments are positive globally as well as in India. The sentimental support from the mother market is strong since the S&P 500 is at a record high of 4,850," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Domestically, the Pran Prathishta at Ayodhya has turned out to be a historic mega event, boosting national sentiments substantially. These positives augur well for the market in the short run. Q3 results will impact specific stocks both positively and negatively. ICICI Bank’s numbers are excellent, beating the street. With ICICI Bank ticking all the right boxes in credit growth, net profit growth, and asset quality, the stock is set to lead the rally in large caps, the expert added.

Dr. Vijayakumar added that investors should also remember that sentimental impact cannot last long. Tensions in West Asia and the Red Sea are areas of serious concern. If something goes wrong, the market will be impacted since valuations are high. Therefore, even when optimistic, investors should be cautious.

Meanwhile, Nifty Mid Cap 100 and Small Cap 100 were up over half a per cent. Nifty Bank was was up 0.81 per cent at 46,433.35.

BUZZING STOCKS

Persistent Systems shares were up over 6 per cent after the company posted its Q3 results.

Cipla shares were up over 6 per cent post-Q3 results.

Sterling and Wilson Renewable Energy shares hit the upper circuit of 5 per cent after news that under the Pradhan Mantri Surodyaya Yojana, rooftop solar systems will be installed at one crore homes.

ICICI Bank shares were up over 3 per cent post-Q3 results.

Conversely, Oberoi Realty shares slipped over 6 per cent after the realty player posted weak Q3 results.

GLOBAL MARKETS

The S&P 500 posted a second straight record high close on Monday as tech stocks added to recent gains and investors awaited upcoming corporate reports for clues on this year's profit outlook.

Friday's finish confirmed that the S&P 500 has been in a bull market since it closed at its low on Oct. 12, 2022, according to one commonly used measure.

(With inputs from agencies.)

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.