Midday Market: Sensex gains 1000 points; Nifty nears 24,050 as financial, IT stocks lead rally

Indian equity benchmarks started the day on a strong note, defying losses in Asian markets. The Sensex climbed over 700 points to trade at 79,189, while the Nifty50 advanced 209 points to touch 23,957. Gains were fueled by robust buying in financial, IT, and auto stocks ahead of the quarterly earnings season.

Top gainers: Financials and auto stocks
Among Sensex constituents, Bajaj Finance, Kotak Mahindra Bank, and Bajaj Finserv posted early gains. Auto majors Tata Motors and Maruti Suzuki also surged, supported by strong December sales data. Notably, Tata Motors reported a one per cent year-on-year increase in sales to 76,599 units.

The Nifty Auto index rose 0.3 per cent, bolstered by Maruti Suzuki and Mahindra & Mahindra's strong performances.

Banking highlights: CSB Bank leads gains
Shares of CSB Bank surged 6.5 per cent following its Q3 FY25 update, which revealed a robust twenty-two per cent YoY growth in deposits. South Indian Bank also advanced 2.3 per cent after reporting a twelve per cent increase in gross advances.

Sectoral outlook: IT and financials shine
Analysts predict IT and financial sectors to remain resilient amid broader economic concerns. "With a decline in GST collections by three per cent month-on-month in December, economic slowdown persists. Investors should focus on sectors like IT, pharma, and financials to navigate this environment," said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Global markets and currency update
Asian markets remained subdued as MSCI's Asia-Pacific index fell 0.5 per cent, influenced by thin trading volumes due to holidays in Japan. The rupee weakened nine paise to 85.73 against the US dollar, with the dollar index steady at 108.3.

Oil edges higher as crude demand optimism grows
Brent crude rose 0.6 per cent to $75.10 per barrel, while WTI crude gained 0.7 per cent to $72.21, driven by expectations of recovery in China's fuel demand.

With financials, autos, and IT stocks propelling indices upward, all eyes remain on upcoming corporate earnings.