Markets rally in early trade amid heavy buying in banking stocks
The Hindu
Sensex and Nifty rise on banking stock buying after RBI liquidity boost, prospects of rate cut, and global market trends.
Equity benchmark indices, Sensex and Nifty began the trade on an optimistic note on Tuesday (January 28, 2025), mainly due to heavy buying in banking stocks after the Reserve Bank of India announced measures to inject liquidity into the banking system.
The 30-share BSE Sensex climbed 382.53 points or 0.51% to 75,748.70 in the morning trade. The NSE Nifty advanced 55.90 points or 0.24% to 22,885.05.
Among the Sensex shares, Infosys, Axis Bank, ICICI Bank, HDFC Bank, Bajaj Finance, Bajaj Finserv, Zomato, HCL Technologies, IndusInd Bank and Tata Consultancy Services were among the gainers.
Sun Pharmaceuticals, NTPC, PowerGrid, Adani Ports, Mahindra & Mahindra, UltraTech Cement, Reliance Industries and ITC, were among the laggards.
"The Indian market appears to be oversold and is set for a rebound. The RBI's announcement of measures to boost liquidity in the banking system by around ₹1.5 trillion is positive for the market.
"This raises the prospects of a rate cut by the Monetary Policy Committee (MPC) in the February policy meeting. Banks are likely to benefit," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.
On Monday, the Reserve Bank of India (RBI) said it will purchase government securities worth ₹60,000 crore in three tranches and announced several other steps to inject liquidity into the banking system.
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