From a technical analysis perspective, the index has shown a positive reversal pattern. (AI image)

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, rallied strongly in trade on Thursday. While BSE Sensex briefly crossed the 80,000 mark, Nifty50 moved above 24,200. BSE Sensex ended the day at 79,943.71, up 1,436 points or 1.83%. Nifty50 closed at 24,188.65, up 446 points or 1.88%.
Indian equity markets moved higher on Thursday, contrasting with losses in Asian markets, as financial, automotive and IT sectors showed strength ahead of next week’s quarterly earnings season.
The BSE Sensex gained more than 1,500 points to cross 80,000, while the Nifty50 rose above 450 points, crossing the 24,200 level intraday. The BSE witnessed a substantial surge as the combined market value of all listed entities rose by Rs 5.89 lakh crore, reaching Rs 450.32 lakh crore, according to an ET report.
The trading session concluded positively across key sector-specific indices, with notable advances in Nifty Auto, Financial Services, IT, and Consumer Durables segments, which registered increases ranging from 1.5% to 3.8%.

Why BSE Sensex & Nifty50 have rallied today

The key factors behind today’s stock market rally are:
1) December Auto Sales
Automotive shares performed exceptionally well, backed by strong December sales figures despite seasonal slowdown expectations.
Eicher Motors advanced 7% following a 25% year-on-year rise in Royal Enfield sales, reaching 79,466 units in December versus 63,887 units last year.
Maruti Suzuki gained 4.5% after reporting 1,78,248 units sold in December, up 30% from 1,37,551 units previously. M&M and Ashok Leyland shares rose over 4% following positive December sales data.
2) IT Sector Gains
The IT sector index rose nearly 2% after positive forecasts from CLSA and Citi for December quarter revenue and 2025 outlook.
Leading IT companies, including Infosys, TCS, HCL Tech, and Tech Mahindra, contributed over 300 points to the Sensex increase.
3) Economic Outlook
Bernstein’s analysis indicates economic recovery within 1-2 quarters, suggesting current levels represent the lowest point.
“With the 5% growth in September and a low industrial growth, we believe this phase represents a bottoming. With policy actions uncertainties dissolving ahead, and a base reset, the growth may start picking up in 1-2 quarters,” Bernstein stated.
4) Financial Sector Performance
Banking and financial shares showed significant improvement, with Bajaj Finserv and Bajaj Finance rising by approximately 6% and 8% respectively.
HDFC Bank, Kotak Mahindra Bank, and IndusInd Bank also contributed positively.
5) Expiry Trading Pattern
The Nifty maintained a range between 23900 and 23500 over two weeks, showing consolidation before breaking upward during Thursday’s weekly expiry.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/stock-market-today-bse-sensex-nifty50-january-02-2024-dalal-street-indian-equities-global-markets/articleshow/116869999.cms