The Indian stock market saw a positive trend on January 16th, with the BSE Sensex and NSE Nifty both showing gains. The Federal Bank, Wipro, LT Finance Holdings, Dr. Reddys Laboratories, Tata Motors, and Mahindra were among the top performers on the day.
The Federal Bank saw a significant increase in share prices, rising by over 8% in early trading. This boost in the stock is driven by the bank’s announcement of a strategic partnership with Reliance Jio. The partnership will see the Federal Bank provide various banking and financial services to Jio’s customers, which is expected to drive growth for the bank.
Wipro also saw a strong performance, with shares rising by over 5%. The IT services giant recently announced its financial results for the third quarter of the fiscal year, which showed a strong performance driven by growth in its digital and cloud services businesses.
Companies showcasing positive move in the Indian market
LT Finance Holdings also saw a positive trend, with shares rising by over 4%. The company recently announced that it has received an in-principle approval from the Reserve Bank of India to set up a Small Finance Bank. This move is expected to drive growth for the company in the coming years.
Dr. Reddys Laboratories, Tata Motors, and Mahindra also saw gains on the day. Dr. Reddys Laboratories rose by over 3%, Tata Motors by over 2% and Mahindra by over 1%.
In addition to the companies mentioned above, several other sectors also saw positive movements in the stock market on January 16th. The banking sector, in particular, saw a boost with shares of State Bank of India and ICICI Bank both rising by over 2%.
This can be attributed to the recent announcement by the Reserve Bank of India (RBI) that it will infuse capital worth Rs. 15,000 crore into these public sector banks. This move by the central bank is expected to improve the financial health of these banks and boost investor confidence.
The pharma sector also saw a positive trend, with shares of Cipla, Sun Pharma and Lupin all rising by over 2%. This can be attributed to the recent announcement by the government that it will increase the prices of drugs under the National List of Essential Medicines (NLEM) by up to 10%. This move is expected to boost the revenue of companies in this sector.
It’s also worth mentioning that shares of Reliance Industries Ltd (RIL) also gained 1.5% after the company announced that it will invest $75 million in FRL, the holding company of Future Retail. This move is expected to help RIL to strengthen its position in the retail space in India.