Sensex, Nifty extend winning streak as IT stocks rally

The Indian market closed higher on Thursday, driven by gains in IT stocks amid optimism over rising U.S. AI spending, while pharma and UltraTech Cement added strength with better-than-expected earnings.At close, the Sensex was up 115.39 points or 0.15 percent at 76,520.38, and the Nifty was up 50.00 points or 0.22 percent at 23,205.35. Market breadth remained strong, with gainers outnumbering laggards. About 2,014 shares rose, 1,779 fell, and 108 remained unchanged,according to information.
Ultratech Cement emerged as the top Nifty gainer with its over 6 percent surge, buoyed by the company's positive Q3 earnings. Grasim Industries, Wipro, Shriram Finance, Eicher Motors and M&M were the other top Nifty gainers, up 2-4 percent.While among lovers, BPCL was the worst hit, down over 2 percent on the back of its Q3 numbers. Other losers included Kotak Mahindra Bank, HCL Tech and index heavyweight Reliance Industries which ended 1-2 percent lower, according to information.
In the broader market, the Nifty Midcap 100 surged nearly 2 percent while the Nifty Smallcap 100 ended with 1.1 percent gains.
Rupee Close: 
On 23 Jan'25,the Indian rupee declined 12 paise to settle at 86.47 against the U.S. dollar on Thursday  amid the strengthening American currency and continuous outflow of foreign funds.However, positive domestic equity markets and lower crude oil prices supported the Indian currency at lower level, forex traders reportedly stated.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying, uncertainty lingers whether the trade tariff measures will affect global trade, instigate higher inflation, and currencies volatility. The trend holds a declining momentum YTD with a pause today contemplating the upcoming 2025 budget, which has a muted expectation. Meanwhile in-line Q3 results showcasing QoQ growth to the indices suggesting that Q4 will be much better.
Market experts have recommended five shares to buy-AstraZeneca Pharma, Patanjali Foods, Bajaj Holdings, Natco Pharma, and Devyani International.

(Business Correspondent)