As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 759.49 points or 1.05% to 73,327.94. The Nifty 50 index added 202.90 points or 0.93% to 22,097.45.

The benchmarks, Nifty50 and Sensex hit a fresh all-time high of 22,099.10 and 73,402.16 respectively.

In the broader market, the S&P BSE Mid-Cap index gained 0.67% and the S&P BSE Small-Cap index added 0.11%.

The market breadth was positive. On the BSE, 2,102 shares rose and 1,843 shares fell. A total of 116 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 5.22% to 13.79.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.73% (provisional) for the month of December, 2023 (over December, 2022). Positive rate of inflation in December, 2023 is primarily due to increase in prices of food articles, machinery & equipment, other manufacturing, other transport equipment computers, electronics & optical products etc.

Meanwhile, India's retail inflation edged marginally in December on higher food prices. Inflation, measured by the annual change in the consumer price index (CPI), rose to a four-month high of 5.69% in December from 5.55% in November and it was 5.72% in December 2022.

Separately, India's Index for Industrial Production (IIP) growth declined to 2.4% in November from 11.7% in October.

After rising for four consecutive weeks, India?s foreign exchange (forex) reserves declined sharply by $5.89 billion to $617.3 billion during the week ended January 5, according to the latest RBI data.

So far this fiscal, the reserves have increased $55.72 billion. In the previous reporting week ended December 29, the reserves rose $2.759 billion to $623.2 billion, the highest so far this fiscal. In the week before that, the reserves increased $4.471 billion to $620.441.

Gold reserves also declined $839 million to $47.48 billion during the reporting week, while the special drawing rights (SDRs) were down $67 million to $18.29 billion, the RBI said. The country?s reserve position with the IMF also declined $26 million to $48.66 billion in the reporting week.

Buzzing Index:

The Nifty IT index advanced 1.86% to 37,201.95. The index jumped 7.1% in two trading session.

Wipro (up 6.43%), HCL Technologies (up 3.03%), Tech Mahindra (up 2.4%), Infosys (up 2.37%), LTIMindtree (up 1.28%),Tata Consultancy Services (up 0.62%), Coforge (up 0.35%), Persistent Systems (up 0.32%).

On the other hand, Mphasis (down 1.6%), L&T Technology Services (down 0.31%), edge lower.

Wipro jumped 6.43% after the IT major's consolidated net profit rose 1.81% to Rs 2,694.2 crore despite of 1.38% decline in revenue from operations to Rs 22,205.1 crore in Q3 FY24 over Q2 FY24. On year on year basis, the IT firm?s net profit tumbled 11.75% and revenue fell 4.41% in Q3 FY24.

For the quarter ending 31 December 2023, Wipro expects revenue from its IT Services business segment to be in the range of $2,615 million to $2,669 million. This translates to sequential guidance of -1.5% to +0.5% in constant currency terms.

HCL Technologies advanced 3.03% after the company reported 13.52% jump in consolidated net profit to Rs 4,350 crore on 6.65% increase in revenue from operations to Rs 28,446 crore in Q3 FY24 over Q2 FY24. Compared with Q3 FY23, the company's net profit and revenue were higher by 6.20% and 6.54%, respectively.

In terms of FY24 guidance, the company?s CC Revenue growth (including ASAP acquisition) expected to be between 5% and 5.5% YoY. EBIT margin expected to be between 18% and 19%.

Stocks in Spotlight:

Avenue Supermarts rose 0.39%. In third quarter of the financial year 2023-24, Avenue Supermarts (DMart) saw a 14.9% increase in standalone net profit, amounting to Rs 737 crore, with total revenue rising by 17.2% to Rs 13,247 crore as against the same quarter last year.

Tata Consumer Products shed 0.44%. Tata Consumer Products said that it has signed definitive agreement with Capital Foods to acquire 100% stake in a phased manner. Capital Foods enterprise value on 'no cash/no debt basis' for 100% of the target company is Rs 5,100 crore.

Just Dial advanced 2.16% after the company recorded 22.3% increase in net profit to Rs 92 crore on a 19.7% rise in operating revenues to Rs 265 crore in Q3 FY24 over Q3 FY23.

Anand Rathi Wealth slipped 4.48%. The company has reported a consolidated net profit of Rs 58 crore for Q3 FY24, an increase of 34% compared to the PAT figure of Rs 43.2 crore recorded in Q3 FY23. Total revenue for the period under review rose by 34% YoY to Rs 187 crore.

Adani Enterprises shed 0.49%. The company said that its wholly owned subsidiary, Adani New Industries received letter of award (LoA) from Solar Energy Corporation of India (SECI) for setting up manufacturing capacity for Electrolysers in India.

Bharat Heavy Electricals rose 2.52% after the company said that it has received an order worth Rs 15,000 crore from NLC India, Neyveli for setting up 3x800 MW NLC Talabira Thermal Power Project (NTTPP), Jharsuguda, Odisha, India.

eMudhra advanced 4.47% after the company said that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 443.56 per share. The company's board authorized and declared the opening of the issue on Friday, 12 January 2024.

Titagarh Rail Systems added 2.22% after the company launched its first indigenous 25T Bollard Pull Tug that will carry out a wide range of naval operations for the Indian Navy.

Global Markets:

Markets in Europe declined across the board on Monday as government bond yield climbed in response to the European Central Bank's warnings of premature rate reduction.

The German economy contracted 0.3% in 2023, data published by the national statistics agency.

Most of the Asian stocks advanced, Chinese shares under pressure after the People?s Bank unexpectedly kept lending rates on hold, while outperformance in Japanese markets continued.

Investors will be closely watching China?s fourth-quarter gross domestic numbers due on Wednesday, while Japan will release inflation figures for December on Friday.

U.S. stock and bond markets will be closed on Monday for Martin Luther King Day. On Friday in the U.S., all three major indexes ended mixed as the fourth-quarter earnings season got under way, with four Big Banks posting downbeat results.

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