NIFTY50 and SENSEX reverse morning losses, jump nearly 1% higher; Kotak Mahindra Bank, Wipro and Tech Mahindra among top gainers

Domestic equity indices traded higher, with gains of nearly 1% in late morning deals, on account of buying by fund and retail investors. Strong buying in Kotak Mahindra, Bajaj Finance, NTPC, SBI, and Power Grid helped the markets trade higher. Sentiments got boosted after Kotak Mahindra Bank's strong Q3 performance.

The bank's notable growth in loans and deposits helped boost market sentiment, even in a challenging environment.

On the global front, Asian markets were trading mostly in green following positive cues from the US markets on Friday. Back home, on the BSE sectoral front, traders were seen pilling up positions in Telecom, Bankex, PSU, Utilities and Power, while selling was witnessed in Auto, FMCG, IT and Consumer Disc.

The SENSEX traded at 76923.71, up by 304.38 points or 0.40% after trading between 76584.84 and 77017.54. The index had 15 stocks advancing and 15 stocks declining.

Meanwhile, the Reserve Bank of India (RBI) in its article on the ‘State of the Economy’ published in the January Bulletin, has said that India’s economic growth is poised to rebound as domestic demand regains strength, though the stickiness in food inflation warrants careful monitoring.

It also noted that the economic outlook for 2025 is divergent across countries, with some loss of speed in the US, weak-to-modest recoveries in Europe and Japan, more moderate growth profiles in emerging and developing countries, and a more gradual disinflation relative to advanced economies.

The NIFTY50 traded at 23271.95, up by 68.75 points or 0.30% after trading between 23170.65 and 23308.35. The index had 25 advancing stocks and 25 declining stocks.

Asian markets were trading mostly in green; Hang Seng advanced 457.03 points or 2.28% to 20,041.09, Jakarta Composite gained 25.28 points or 0.35% to 7,179.94, Shanghai Composite strengthened 15.42 points or 0.47% to 3,257.24, Nikkei 225 surged 444.12 points or 1.14% to 38,895.58 and Taiwan Weighted added 148.05 points or 0.64% to 23,296.13. However, Straits Times fell 2.66 points or 0.07% to 3,808.12 and KOSPI dropped 3.69 points or 0.15% to 2,519.86.