The Indian stock market witnessed another volatile session on Thursday, January 29, but key indices managed to extend their winning streak for a third straight session, largely aided by a stellar rally in metal and banking stocks, even as losses in pharma, FMCG and technology stocks continued.
Consequently, the Nifty 50 settled 0.25% higher at 25,407, while the S&P BSE Sensex closed 0.26% higher at 82,560 points. Broader markets also mirrored the positive trend, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising 0.18% and 0.20%, respectively.
Sector-wise, Nifty Metal emerged as the top performer, rallying 3.07%, followed by Nifty PSU Bank, Nifty Oil and Gas, and Nifty Realty, which gained between 1% and 0.67%.
On the flip side, Nifty Healthcare was the worst performer, falling 1%. Nifty FMCG, Nifty Chemicals and Nifty Pharma also declined 1%, 0.88% and 0.81%, respectively.
Although geopolitical tensions remain elevated, persistent weakness in the US dollar has supported gains in both precious and base metal prices, triggering a rally in metal stocks for a fourth consecutive session.
Even as the US Federal Reserve left interest rates unchanged on Wednesday, the greenback slipped another 0.26% to 96.02, hovering near a four-year low reached during Tuesday’s session. In addition, reports suggesting that global funds are moving out of US markets amid uncertainty over former President Donald Trump’s economic policies have added pressure on the dollar.
Meanwhile, tensions in the Middle East resurfaced after US President Donald Trump warned Iran to strike a nuclear deal or face possible military action.
