Share Market: Strong start of Indian stock market, surpassing Hong Kong to become the fourth largest stock market in the world
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Share Market Opening: Amid strong signals from the global market on the first trading day of the week, the Indian stock market got off to a stormy start on Tuesday. Sensex was trading at 71,918.06, up 0.69 percent or 494.41. Whereas, Nifty was trading at 21,715.20, up 0.66 percent or 143.40 points. Most of the indices are trading in the green. Cipla, ICICI Bank, Power Grid Corporation, Apollo Hospitals and NTPC have been included among the top gainer stocks on Nifty. Whereas, Asian Paints, Bajaj Auto, HDFC Bank, Grasim Industreis and LTIMindtree are today’s top loser stocks. Meanwhile, news is coming that indian stock market Has taken a long leap. The stock market has overtaken the Hong Kong market to become the fourth largest in the world. Today, amidst the market boom, India’s market capitalization has become 4.33 trillion dollars as compared to 4.29 trillion dollars of Hong Kong. According to experts, the expected rate cut by global central banks in 2024 may increase the confidence of investors, due to which the Indian market is seeing a rise. Investors are now expecting the budget announcement on February 1.
There was a rise in 26 Sensex stocks
Amid the market boom, a rise is being seen in 26 out of 30 Sensex stocks. Whereas, four shares are still trading with red mark. Influenced by the quarterly results, ICICI Bank shares have gained 3.21 percent. Today it is among the top gainers on Sensex. Whereas, shares of Bharti Airtel have seen a rise of 2.44 percent, Power Grid has seen a rise of 2.32 percent and Bajaj Finserv has seen a rise of 1.80 percent. Among the falling Sensex stocks today, Asian Paints is down 1.79 percent. The position of HDFC remains weak even today. The share price of the bank has fallen by 0.97 percent.
Results of these companies will be released today
Axis Bank, CG Power, Cyient DLM, Granules India, Havells India, ICRA, Indus Towers, JSW Energy, Karnataka Bank, L&T Housing Finance, Lloyds Engineering, Purvankara, Rallis India, RECL, Tanla Platform, Tata Elxsi and United Spirits are some of the prominent There are companies which are going to announce December quarter results on Tuesday.
China’s recession impacts Hong Kong market
According to Bloomberg report, market experts say that Hong Kong’s recession is also due to China’s declining appeal. Some of China’s most influential and innovative companies are listed in Hong Kong. Beijing’s stringent Covid-19 restrictions, regulatory crackdown on corporations, property-sector crisis and geopolitical tensions with the West have badly hit Chinese stocks. The total market value of Chinese and Hong Kong stocks has fallen by more than $6 trillion since their peak in 2021. New listings have dried up in Hong Kong, with the Asian financial hub losing its position as one of the world’s busiest places for initial public offerings.
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