Indian Stock Market: Indian markets maintained their winning streak for the third consecutive trading session on Thursday, January 16, tracking global peers as key US CPI numbers came in below market expectations for December, which lifted hopes that US Fed will cut rates sooner than previously thought.
These rate cut expectations, coupled with strong earnings from major US financial institutions, including JP Morgan, Wells Fargo, Citibank, and Goldman Sachs, as well as the announcement of a ceasefire agreement between Israel and Hamas, have also supported the bulls in gaining control of the markets.
The broader market continues to outperform the front-line indices, while PSU banking stocks dominated the street in today’s session. Additionally, better-than-expected numbers from HDFC Life Insurance Company in Q3FY25 have boosted sentiment in the sector, leading to a sharp rally in major life insurance stocks.
Amid these positive developments, the Nifty 50 ended the session with a gain of 0.42% at 23,311, while the Sensex closed at 76,042, marking a 0.42% increase from the previous close.
The Nifty Smallcap 100 index rose by 1.67% to 17,643, while the Nifty Midcap 100 index concluded the day with a gain of 1.08%, closing at 54,483.