Sensex zooms 690 pts, Nifty tops 21,450; broader indices gain nearly 2%

Stock market highlights on January 24, 2024: The pockets that helped the markets end higher were metals, PSU banks, pharma, and FMCG stocks

3:55 PM

Tech View :: Key levels to watch on Nifty, Bank Nifty

Nifty50
On the daily charts, we can observe that the Nifty has held on the 40-day average which was placed at 21,234. Going ahead, we expect Nifty to face resistance in zone 21,500 – 21,520 where the key hourly moving averages are placed.

Traders should look for signs of weakness around the resistance zone before initiating shorts as there is a possibility of a deeper retracement till 21,780 – 21,800 where the hourly upper Bollinger band is placed.

The hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, price and momentum indicator are providing divergent signals which can lead to high intraday volatility.

On the downside, 21,250 – 21,220 shall act as a crucial support zone from short term perspective while 21,500 – 21,520 is the immediate hurdle zone from short term perspective.

 

Bank Nifty

Bank Nifty also opened gap down and thereafter consolidated for the day closing marginally in the green.

We expect the consolidation to continue going ahead in the range 44,500 – 45,750. Minor degree pullback towards 45,460 – 45,810 should be used as a selling opportunity. On the downside, we expect the Bank Nifty to drift towards 44,500 – 44,400 from short term perspective. 

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:52 PM

Comment :: 'Positive sentiment was reinforced after PBOC's 0.5% cut in reserve ratio'

The market rebounded from yesterday's sell-off taking cues from global peers.

The sentiment was reinforced by the PBOC's 0.5% cut in reserve ratio to boost growth and financial liquidity.

However, overall sentiment is muted as concerns persist on FIIs selling due to premium valuations in India and below expectation Q3 earnings so far.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:49 PM

Comment :: 'Traders should continue with a stock-specific approach'

The banking index tested its long term moving average (200-EMA) on Wednesday so we can’t rule out some consolidation. However, it would be tough for other key sectors to trigger any meaningful recovery in Nifty. We thus feel traders should continue with a stock-specific trading approach and maintain positions on both sides.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

3:47 PM

Currency check :: Rupee ends at 83.13/$

3:45 PM

Sectoral trends :: Media, Metal indices soar 3% each, PSB index 2%

3:44 PM

Broader markets :: Mid, SmallCap indices surge 1.7% each

3:41 PM

NIFTY HEATMAP :: 42 of 50 index stocks rally led by Hindalco, Dr Reddy's, Tata Steel

3:38 PM

CLOSING BELL :: Nifty ends atop 21,450

3:36 PM

CLOSING BELL :: Sensex snaps 2-day losing run, rallies 690 pts

3:19 PM

TRIL freezes at 20% upper limit; hits new high on healthy business outlook

The transformer market is poised for significant growth, particularly as federal investments in the development and implementation of renewable sources of energy increase, underpinning the ongoing support to create better and more efficient electricity infrastructure. READ MORE

3:03 PM

Global check:: US, UK stock futures trade up to 0.8% higher

Source: Investing.com

2:50 PM

ALERT:: Indian Overseas Bank Q3 net jumps 30%; stock soars 5%

Indian Overseas Bank Q3FY24 net profit increased by 30.2 per cent to Rs 722.58 crore for the quarter ended December 2023 as against Rs 555.19 crore in the year ago quarter. Total income was up 23.8 per cent YoY at Rs 7,437.18 crore.

2:38 PM

Worst not over for bank stocks; sit on the sidelines for now, say analysts

The recent quarterly results of HDFC Bank and Axis Bank had disappointed the street, which in turn triggered market-wide selling by FPIs, especially in banking counters. READ MORE

2:25 PM

SoftBank offloads another 2% in Paytm as fintech sees spate of selldowns

The Japanese conglomerate, which sold shares between Dec. 19 and Jan. 20, now holds a 5.06 per cent stake in the company, according to an exchange filing on Wednesday. READ MORE

2:16 PM

Global funds sell most of Indian stocks since 2022 post-record rally

Indian stocks notched their biggest outflow of foreign investor funds in 19 months last week, as some profits were booked after a record-breaking rally.. READ MORE

2:02 PM

South Indian, IDBI Bank gain up to 14%; hit multi-yr highs post Q3 results

IDBI Bank surged 14% to hit over five-year high of Rs 86.97; while South Indian Bank hit a fresh six-year high of Rs 33.70 on soaring 9% backed by heavy volumes. READ MORE

1:48 PM

ALERT:: Exide Industries Q3 net up 8%; stock trades flat

Exide Industries today reported a 7.7 per cent growth in Q3 net profit at Rs 240.27 crore for the quarter ended December 2023 as against Rs 223.19 crore in the year ago quarter. Total income rose 12.5 per cent YoY to Rs 3,863.26 crore.

1:34 PM

ALERT :: China to cut Reserve Requirement Ratio by 50 bps starting February 5

1:32 PM

Disinvestments slow, but govt keeps earning dividends from state-run firms

There has hardly been any disinvestment of state-run companies in Financial Year 2023-34 (FY24), but dividends from such firms more than made up for government receipts. READ MORE

1:19 PM

ALERT:: Ujjivan SFB net rises marginally to Rs 300 cr; stock dips 3%

Ujjivan Small Finance Bank today reported a 2.3 per cent growth in Q3 net profit at Rs 300.06 crore for the quarter ended December 2023 when compared with Rs 293.19 crore in the corresponding quarter a year ago. Total income was up 35.6 per cent YoY at Rs 1,655.39 crore.

1:07 PM

Market check:: Roller-coaster ride continues, Sensex up 250 pts again

12:48 PM

India business growth at four-month high in January, shows survey

India's business activity expanded at the fastest pace in four months in January on stronger demand, according to a private survey that also showed input costs rising at the quickest rate since August.
 

The findings indicate Asia's third-largest economy would continue to hold onto its title as the fastest growing major economy in the near-term at least. India will grow 6.9% in the current fiscal year, a Reuters poll showed on Wednesday. Read

12:28 PM

Sebi's new disclosure norms likely to impact few FPIs due to exemptions

Only a fifth of the foreign portfolio investors (FPIs) breaching the thresholds specified by the market regulator may be required to give the enhanced disclosure on ultimate beneficiaries owing to the exemption being provided, said sources. Read

12:15 PM

RIL, Asian Paints, Axis Bank: Key levels to watch out for post Q3 results

Equity markets have been buzzing with action, with benchmark indices and stocks on a roller-coaster ride amid the current Q3 earnings seasons so far in January.
 

Many frontline companies with the likes Reliance Industries (RIL), Hindustan Unilever (HUL), Asian Paints, UltraTech Cement, ICICI Bank, Axis Bank and CoForge reporting earnings over the last few days. Read

11:59 AM

IREDA up 31% in four days on robust Q3 results; zooms 405% over issue price

Shares of Indian Renewable Energy Development Agency (IREDA) were locked at the 5 per cent upper circuit at Rs 161.75 on the BSE on Wednesday, as of 11:07 am. This was also the stock's fresh lifetime high on a healthy business outlook. Read

11:47 AM

Religare shares gain 5% after CCI approves Burman stake buy in company

Shares of Religare Enterprises jumped 5 per cent on Wednesday after the Competition Commission of India (CCI) cleared a proposal by the Burman family to hike their stake in the financial services company.
 

Puran Associates, MB Finmart, VIC Enterprises and Milky Investment & Trading Company plan to acquire 5.27 per cent stake in Religare through open market purchases and follow it up with an open offer to buy up to 26 per cent. Read

11:31 AM

Inflation slows in New Zealand to its lowest rate since 2021, shows data

Inflation in New Zealand has slowed to its lowest rate in two and a half years, the country's official statistics agency announced on Wednesday.
 

Stats NZ revealed the latest consumers price index (CPI) data had slowed to 4.7 per cent across 2023, a significant drop from the 5.6 per cent result in the year to September 2023. Read

11:18 AM

ALERT: Sensex on the mend; up 450 pts

11:02 AM

Rupee opens on flat note against US dollar in early trade on Wednesday

The rupee opened on a flat note and appreciated 1 paisa to 83.14 against the US dollar in the morning session on Wednesday, amid a muted trend in domestic equities.
 

Forex traders said the rupee is trading with a slight negative bias amid selling pressure from foreign investors. Read

10:50 AM

Stock of this company engaged in Solar EPC biz has zoomed 117% in 7 weeks

Shares of Waaree Renewable Technologies on Wednesday were locked in the 5 per cent upper circuit for the third straight session on BSE at Rs 3,159.20. 
 

In the past three days, the stock has rallied 15 per cent after PM Narendra Modi on Monday announced the launch of Pradhanmantri Suryodaya Yojana (PSY) that aims to install rooftop solar power systems at 10 million households across the country. Read