
Stock recommendations for 29 January from MarketSmith India
Subscribe to enjoy similar stories. The Indian equity markets extended their winning streak on Wednesday, buoyed by the landmark finalisation of the India-EU free trade agreement (FTA) and robust buying in state-run heavyweights. Nifty 50 ended at 25,343, gaining 167.35 points (0.66%), while S&P BSE Sensex climbed 487.20 points (0.60%) to settle at 82,344.68.
Investor wealth swelled by about ₹2.9 trillion, reflecting a high-risk appetite as the benchmark indices pushed deeper into record territory. Market breadth remained firmly positive, with the advance-decline ratio significantly favoring the bulls as 1,901 stocks advanced against 2,209 declines in the broader market, though frontline strength was dominant. On the sectoral front, Nifty CPSE (+5%) and Oil & Gas (+3.4%) led the charge, with Bharat Electronics (BEL) zooming 9% on strong sentiment.
Conversely, defensive sectors like FMCG and IT remained under pressure, with Tata Consumer and Asian Paints emerging as notable laggards. Indian equities ended the session on a firm note on 28 January, supported by broad-based buying and strength in cyclicals. Nifty 50 closed at 25,342.75, up 0.66%, after trading in a range of 25,187–25,372, while Sensex settled with comparable gains.
Market breadth was decisively positive, with 2,452 stocks advancing against 740 declines, underscoring strong risk appetite across the broader market. On the sectoral front, Oil & Gas, Metals, Media, and Financials outperformed, aided by renewed buying interest in PSU Banks and financial services ex-banks. Nifty Oil & Gas rose more than 3%, while Metal and Media indices gained more than 2% each.
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