Indian Markets Soar to New Heights: HDFC Bank, Reliance, and Infosys Fuel Rally

India's benchmark indices, the NSE Nifty 50 and S&P BSE Sensex, continued their ascent for the second consecutive day on Monday, reaching fresh record highs driven by gains in heavyweight stocks like HDFC Bank, Reliance Industries, and Infosys.

Key Highlights:

·   Nifty 50: Closed 0.93% higher at 22,110.45, touching a record high of 22,115.55.

·   Sensex: Up 1.05% to settle at 73,327.94, with an intraday peak of 73,402.16.

·   Market Leaders: HDFC Bank, Reliance Industries, and Infosys were among the top gainers, contributing significantly to the indices' rise.

· Sectoral Performance: Nifty IT emerged as the star performer, surging 1.86%, while broader markets like BSE MidCap and SmallCap witnessed moderate gains.

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·  Market Breadth: Positive sentiment dominated the market, with 2,102 stocks advancing and 1,843 declining on BSE.

Analysts' Perspectives:

·  Upward momentum may continue, but temporary overbought conditions could result in range-bound activity. Key support levels lie at 22000-21950/73000-72800, while resistance zones are at 22150-22225/73500-73800. Intraday corrections offer buying opportunities, while rallies present selling options for traders.

·   IT sector's sharp rally raises caution flags. The recent surge might not be sustainable, suggesting a cautious near-term approach and profit booking in sectors showing exuberance, especially small-caps.

Looking Ahead:

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While the Indian market continues its bullish run, analysts advise keeping a close eye on potential overbought conditions and sector-specific exuberance. Profit booking during rallies and buying on dips could be a prudent strategy for traders in the near future. The IT sector's sustained performance and broader market sentiment will remain crucial factors for the indices' upward trajectory.This article provides a detailed overview of Monday's market performance, highlighting key indices, leading stocks, sectoral trends, and expert insights. By incorporating keywords like stock market, NSE, Sensex, and Bank Nifty, the information is optimized for search engines and relevant to readers interested in Indian market news.

Indian Stock Market News 

Just Dial surged 1.82 percent after the company’s net profit rose 22.3 percent YoY to Rs 92 crore in Q3FY24. Operating revenue grew 19.7 percent to Rs 265 crore.

Ultracab stock was locked in 5 percent lower circuit for the third straight session after the promoters reduced their shareholding in the company from 59.69 percent in the August-September period to 27.89 percent in the October-December quarter.

Evoq Remedies, a BSE listed SME company, plunged 16 percent, falling for the second consecutive session. The fall came after the promoters sold 72 percent of their stake in the company.

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Lupin gained a percent after the company received approval from US FDA to market the generic of a hypertension drug, propranolol hydrochloride extended-release capsules USP. The drug will be manufactured at the company's Pithampur facility.

IRFC rallied 16 percent to hit a record high on the back of government’s focus on the sector, fresh capital infusion and expectation of strong December quarter, according to analysts. The stock has gained almost 300 percent in one year.

Avalon Technologies gained 2 percent after the company entered into a partnership with Centre for Development of Advanced Computing (C-DAC) as part of the government's ‘RUDRA’ programme aimed at designing and manufacturing supercomputers in India.

Jio Financials rallied 4.82 percent ahead of the company’s December quarterly earnings. KRChoksey Shares and Securities, which initiated coverage on the stock with a "buy" call and a target price of Rs 290, expects the lending business to report Rs 4,600 crore assets under management (AUM), with a ramp-up in the product pipeline.

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LIC gained 3 percent, snapping its two day losing streak. The stock gained after the company announced receiving an income tax refund of Rs 25,464 crore relating to interim bonuses to policyholders in the past seven assessment years.

IRB Infrastructure stock gained 1.3 percent after the highway infrastructure company announced it would executes concession agreements for TOT-13 project with NHAI.

WPI Inflation Data For December Dec WPI inflation rate at 0.73% vs 0.26% in Nov Dec WPI fuel and power inflation at -2.41% vs at -4.61% in Nov Dec WPI primary articles inflation at 5.78% vs 4.76% in Nov Dec WPI food inflation at 5.39% vs 4.69% in Nov Dec WPI manufactured products inflation at -0.71% vs -0.64% in Nov

Titagarh Rail Systems Ltd rose over 3% in afternoon session after the firm said it has launched the first indigenous 25T Bollard Pull Tug built at its facility in Titagarh, Barrackpore, for the Indian Navy.

NBCC is rising as its subsidiary, HSCC (India), bags an order worth Rs 76.6 crore from the Central Council for Research in Yoga & Naturopathy

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