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Sensex up 300 pts and Nifty tests 22,900, IT & Banking Stocks Lead Gains

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The domestic equity market opened in the green on Tuesday, January 28, driven by buying interest in IT and banking stocks. By 09:44 AM, the S&P BSE SENSEX was up by 306.49 points or 0.41%, standing at 75,672.66, while the NSE NIFTY50 index was down by 54.60 points, or 0.24%, at 22,883.75. Among the NIFTY50 stocks, 24 were in the green, and 26 were in the red, reflecting mixed market sentiment. The top gainers on the index included Shriram Finance, ICICI Bank, Infosys, Axis Bank, and Bajaj Finance, primarily driven by strong performance in the banking and IT sectors. On the other hand, the top losers included Sun Pharma, Dr Reddy’s, NTPC, Hindalco Industries, and Cipla.

In stock-specific news, Kaynes Technology India saw a significant drop of over 19%, falling to ₹4,256.65 per share after releasing its December quarter results. The stock’s decline was triggered by the company revising its FY25 revenue guidance downward to ₹2,800 crore from an earlier forecast of ₹3,000 crore. Despite reporting a 30% growth in revenue and a 47% increase in net profit, the results fell short of market expectations. The company’s margin of 14.2%was in line with analyst forecasts, but the revenue miss and guidance cut sparked investor concern.

Meanwhile, Prataap Snacks also faced a decline in its share price, dropping up to 6% to ₹952.25 following the release of its Q3 FY25 earnings. The company reported a net loss of ₹38 crore for the quarter, compared to a profit of ₹10.8 crore in the same period last year. The earnings miss, combined with a weak outlook, led to a significant drop in investor sentiment, weighing on the stock’s performance.

In the broader market, the BSE MidCap index was trading lower at 40,971.73, down by 599.87 points or 1.44%, while the BSE SmallCap index dropped 1,478.37 points or 3.06%, trading at 46,868. The broader market indices were underperforming compared to the large-cap stocks, reflecting a cautious sentiment among investors in smaller stocks.

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