FIRST TRADE: Sensex soars over 400 pts; Nifty above 21,650; Bajaj Auto up over 2%

Stock market today: The Indian share market on Tuesday, January 9, edged higher in the morning deals in sync with a rebound in Asian peers, following a drop in the previous session. Last seen, both indices were up over half a per cent. The S&P BSE Sensex was up 390.88 points at 71,7476.1, and the NSE Nifty was up 128.8 points at 21,641.8.

"The 197-point decline in Nifty yesterday despite marginal buying by both FIIs and DIIs indicates a strong build-up of short positions in the market. Long positions are steadily declining, and short positions are building up. This short buildup is based on bearish expectations that the present high valuations are difficult to sustain and that some triggers may lead to sharp corrections," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. Vijayakumar added that this expectation need not be realised since global cues have again turned positive on a rally in the US market. Domestic cues are looking good. Strong JLR numbers from Tata Motors and the attractive buyback offer from Bajaj Auto will give support to the Nifty Auto Index. The real estate segment is doing well, and the margin expansion happening in the industry bodes well for the sector. But the good news is in the price.

Meanwhile, the Nifty Mid Cap 100 and Small Cap 100 also mirrored the positive movement of the headline index and rose over half a per cent higher. Similarly, high-beta Nifty Bank was up 0.63 per cent at 47,751.

BUZZING STOCKS

Tata Motors shares were over 1 per cent after its subsidiary Jaguar Land Rover (JLR) reported increased sales volumes for the third quarter of FY24.

Bajaj Auto shares were up over 2 per cent after the board approved a share buyback at a price of Rs 10,000 per share.

Honasa Consumer shares were up over 3 per cent despite Stellaris Venture Partners I sold 1 per cent equity, or 32.17 lakh shares, in the company at Rs 437.04 per share.

IRB Infra shares were up over 7 per cent after the company stated that toll collection during December soared 26 per cent YoY to Rs 488 crore.

GMDC shares were up over 9 per cent after the company received an environmental clearance for the 2 MTPA lignite capacity expansion.

Fino Payments Bank shares were up over 4 per cent after the company applied for a small finance bank licence with the Reserve Bank of India (RBI). 

GLOBAL MARKETS 

Asian stock indices were mostly higher Tuesday after a tech-led surge on Wall Street as investors await the next set of U.S inflation numbers due this week, which could hint at when the Federal Reserve might start cutting interest rates.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent, after U.S. stocks ended the previous session with gains.

(With inputs from agencies.) 

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