Indian stock market benchmarks Sensex and Nifty climbed in early trade on Friday, supported by positive global market trends. The 30-share BSE Sensex rose by 282.35 points, or 0.37%, to 76,802.73, while the NSE Nifty gained 86.7 points, or 0.37%, to 23,292.05.
Among the top gainers in the Sensex pack were Power Grid, UltraTech Cement, NTPC, Tata Steel, Asian Paints, and Axis Bank. In contrast, stocks like Tata Motors, Sun Pharma, Zomato, and Kotak Mahindra Bank were among the laggards. Asian markets traded higher, with Seoul, Tokyo, Shanghai, and Hong Kong all in positive territory.
On Thursday, January 23, 2025, U.S. markets closed higher, bolstered by President Donald Trump’s remarks at the World Economic Forum. Trump announced plans to offer tax cuts to U.S. manufacturers while warning companies of tariffs if they fail to relocate production to the U.S. He also urged Saudi Arabia and OPEC to reduce oil prices, claiming it would help resolve the ongoing Russia-Ukraine war. He further promised the largest tax cuts in U.S. history and actions to curb inflation.
The strength of the U.S. market, with the S&P 500 hitting another record high and U.S. 10-year bond yields holding steady around 4.65%, is likely to weigh on Indian equities, according to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Foreign Institutional Investors (FIIs) offloaded equities worth ₹5,462.52 crore on Thursday, reflecting cautious sentiment.
Meanwhile, global oil prices softened, with Brent crude dipping 0.19% to $78.14 a barrel. On Thursday, January 23, the Sensex settled 115.39 points, or 0.15%, higher at 76,520.38, while the Nifty rose 50 points, or 0.22%, to 23,205.35.
