Stock Market Recovers After 2-Day Fall: Nifty and Sensex Close in Green

Domestic stock markets rebounded on Tuesday, January 7, following a significant sell-off the previous day. Positive news contributed to the recovery, with Nifty and Sensex both closing higher. Midcap and smallcap stocks also attracted buying interest, particularly in the oil and gas, metal, and energy sectors. Realty and pharma indices also ended in the green, while IT and auto stocks faced pressure. With today's gains, Nifty reached 23,700, largely driven by heavyweight stocks like Reliance Industries and ICICI Bank.

At the close of trading, Sensex finished at 78,199, up 234 points, while Nifty closed at 23,708, gaining 92 points. Nifty Bank rose by 280 points to 50,202, and the Nifty Midcap index increased by 502 points to 56,869.

Notable volatile stocks included ONGC, which surged 4% after a rating upgrade from CLSA. Life insurance stocks, such as SBI Life and HDFC Life, rose 3%. Biocon gained 7% following approval from the Japanese health authority for a psoriasis treatment. In contrast, Zomato fell 4% due to a downgrade by Jefferies.

BSE saw a 7% increase with substantial trading volume. MobiKwik dropped 10% post-second-quarter results, while Paras Defence rose 10% after receiving a license to manufacture line machine guns. Akzo Nobel gained 6%, with media reports suggesting Berger Paints may acquire a stake in the company.

IndianMART climbed 3% following a brokerage upgrade. Ashok Buildcon rose 5% after securing a Rs 1,391 crore order from NHAI. Zydus Life increased by 4% after US FDA approval for its drug, and Arvind Fashion also gained 4%. Equinox India surged over 20% after NCLAT approved its merger with the Embassy Group.

Shakti Pumps reached a record high as it plans to raise Rs 400 crore through QIP. Despite strong third-quarter billings, Info Edge fell 4%.