Sensex zooms 1,241 pts, Nifty tops 21,700 as RIL soars 7%, Tata Motors 3.5%

Stock market highlights on Monday, January 29: Tata Motors (up 3.7 per cent), Power Grid, L&T, NTPC, Kotak Bank, Ultratech Cement, Titan, Sun Pharma, Axis Bank, and HDFC Bank were other top gainers

4:05 PM

Tech View :: 'Expect Nifty to move sideways'

Nifty50

On the daily charts, we can observe that the Nifty has breached the previous swing high of 21,750 and hence violates the downtrend as the lower top lower bottom formation has been violated.

During the fal,l the Nifty held on to the support of the 40-day average placed around 21,200 which shall now act as a lower boundary during the consolidation phase.

On the upside, the Index can continue its pullback towards 21,913 which coincides with the 78.6% fibonacci retracement level of the fall from 22,124 – 21,137 and also the gap formed on the 17th January, 2024 in the range 21,850 – 22,000 shall act as an immediate hurdle going ahead.

The daily momentum indicator has a negative crossover. However, it has reached the equilibrium line and also prices are not showing weakness which can lead to a range bound action over the next few trading sessions. Considering the above parameters, we shall change our outlook on the Nifty to sideways and the broad range of consolidation is likely to be 21,200 – 22,000.

 

Bank Nifty

Bank Nifty is in the process of retracing the fall it has witnessed from 48,300 – 44,500 and hence the pullback can continue till 46,000 – 46,200 from short term perspective. On the downside, 45,110 is the crucial support from short term perspective.

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

 

 

3:43 PM

Comment :: 'Despite premium valuations, confidence is upheld among investors'

The domestic market underwent an upturn as the recent selloff and positive Asian peers provided an opportunity to accumulate quality stocks. Despite premium valuations, confidence is upheld among investors due to the optimistic environment surrounding the interim budget and recent set of results aligning with forecasts. Globally, the upcoming FED policy stands out as a crucial factor. While a rate cut by the FOMC is unlikely, investors will eagerly monitor their commentary to get cues on future rate paths

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

3:41 PM

Currency check :: Rupee ends 83.14/$

3:40 PM

Broader markets :: MidCap index shines with 1.7% gain, SmallCap index underperforms

3:38 PM

NIFTY HEATMAP :: ONGC, RIL zoom up to 8% as oil prices spurt

3:37 PM

CLOSING BELL :: Nifty reclaims 21,750

3:36 PM

CLOSING BELL :: Sensex leaps over 1,200 pts amid rally in RIL

3:29 PM

Mutual fund industry collects Rs 63,854 crore capital through NFOs in 2023

"The trend towards the financialisation of assets in India is unmistakable. Aligned with changing consumption behaviours and a need for a higher standard of living, investors recognise the importance of long-term investing. The COVID-19 pandemic underscored the necessity for financial planning and the creation of liquid assets to address emergencies and pave the way for wealth-building," FYERS Research said in its report. READ MORE

3:21 PM

Q3 results :: Gail (India) reports PAT of Rs 2,843 crore vs Rs 246 crore Y-o-Y

3:07 PM

Global check:: US, UK stock futures trade on a mixed note

Source: Investing.com

2:57 PM

COMMENT:: Nifty likely to face strong resistance at 21,750

"Markets have bounced back strongly after the last two weeks of correction on the back on RELIANCE which has recorded more than 5% gains in the day so far. Technically 21,750 is a strong resistance for Nifty around which we expect the current rally to cool off. Supports are placed at 21,137 and 20,870 on the downside. ":
 

- Rahul Sharma , Director, Head - Technical & Derivatives Research at JM Financial Services

2:51 PM

Navigating the profit turn: Bajaj Auto leaves TVS Motor in the rearview

There is not much to fault in the October-December quarter results of the country’s two largest listed two-wheeler exporters - Bajaj Auto and TVS Motor Company. While the operational performance for both was strong, the latter missed estimates of some brokerages by a small margin. Although export recovery will be a key monitorable for both companies, Bajaj Auto’s margin performance despite the inferior product mix has been a talking point. READ MORE

2:43 PM

Earnings ALERT:: Adani Energy Solutions Q3 net grows 15%; stock up 3%

Adani Energy Solutions today posted a 15.4 per cent growth in Q3FY24 net profit at Rs 114.33 crore for the quarter ended December 2023 as against Rs 99.10 crore in the year ago period. Revenue from operations, meanwhile, soared 166.3 per cent YoY to Rs 1,085.85 crore.

2:33 PM

Sensex up 1100 pts, Nifty tops 21700: Factors behind market rally on Jan 29

Indian benchmark indices jumped over 1.5 per cent each on Monday, January 24, 2024, as solid buying in shares of Reliance Industries (RIL) and other heavyweights from the financial sector added muscle to the market rally. READ MORE

2:23 PM

Earnings ALERT:: BPCL Q3 net surges 73%; stock jumps 5%

BPCL Q3FY24 net profit surged 73.4 per cent to Rs 3,397.27 crore for the quarter ended December 2023 when compared with Rs 1,959.58 crore in the corresponding quarter a year ago. Total income, however, was down 2.4 per cent YoY at Rs 1,30,655.70 crore.

2:12 PM

Earnings ALERT:: Bharat Electronics Q3 net rises 49%; stock up 1%

Bharat Electronics posted a 49.2 per cent growth in Q3 net at Rs 893.30 crore for the quarter ended December 2023 when compared with Rs 598.77 crore in the corresponding quarter a year ago. Revenue from operations were up 4.1 per cent YoY at Rs 4,359.84 crore.

2:00 PM

CEAT eyes opportunity in replacement tyre market growth fuelled by PV sales

Tyre maker CEAT Ltd is looking to cash in on the growth of passenger vehicles sales in India, which will boost demand in the replacement market going forward, according to the company Managing Director & CEO Arnab Banerjee. READ MORE

1:49 PM

Fund Pick: Franklin India Flexi Cap Fund is a diversified outperformer

The fund aims to provide capital growth to investors through a diversified portfolio of equities, fixed-income securities, and money market instruments. READ MORE

mutual funds

1:37 PM

Earnings ALERT:: Adani Green Q3 net soars 148%; stock up 4%

Adani Green Energy today reported a 148.5 per cent surge in Q3 consolidated net at Rs 256 crore for the quarter ended December 2023 when compared with Rs 103 crore in the corresponding quarter a year ago. Total income grew 18.6 per cent YoY to Rs 2,675 crore.

1:25 PM

Optimistic about overall growth prospects, good demand ahead: Pidilite MD

Pidilite, which passed on the benefits of lower-cost prices to consumers, does not see any disruption in the supply chain from the geopolitical crisis, which is brewing in the Middle East. READ MORE

1:15 PM

Adani Ports, Power: Charts suggest up to 23% upside for these Adani stocks

A year after the damaging report by US-based Hindenburg Research had sent Adani Group shares scurrying for cover, the Gautam-Adani led firm shares have recouped significant losses, and the Group has gained over 100 per cent in market capitalisation from its February 2023 low. Read

1:00 PM

Reliance Industries hits new high as stock rallies 4%; m-cap tops Rs 19 trn

Reliance Industries' (RIL) market capitalisation (m-cap) crossed Rs 19-trillion mark on Monday, January 29, as the stock price of the country's most valued company rallied 4 per cent to hit a new high of Rs 2,813.10 on the BSE in the intraday trade. Read

12:46 PM

Budget 2024: A glance Budget 2023 announcements for agriculture sector

Budget 2024: Finance Minister Nirmala Sitharaman will present the Interim Budget for the financial year 2024-25 (FY25) on February 1, marking the second Interim Budget presentation by the Bharatiya Janata Party (BJP)-led government. Read

12:31 PM

Analysts downgrade SBI Card as poor asset quality, rising costs bite in Q3

Most analysts have downgraded the stock of SBI Cards and Payments (SBI Card) to either 'Reduce' or 'Neutral' as the credit card issuer posted weak results during the December quarter (Q3) of financial year 2023-24 (FY24). Read

12:16 PM

Check: Market at day's high, soars nearly 1000 pts

12:01 PM

Zerodha users face service disruption for third time in 3 months

Zerodha, a prominent trading platform, experienced a service disruption on Monday, leaving users frustrated as they encountered difficulties accessing their account information, including holdings and trades. Read

11:49 AM

Adani stocks fire up: Adani Enterprises, Adani Energy, ATGL surge up to 7%

The sharp rally comes after brokerage Cantor Fitzgerald initiated coverage on Adani Enterprises, the group flagship company, with an "overweight" rating and a price target of Rs 4,368. Read

11:29 AM

Mid, Smallcap indices stay afloat in a choppy January; analysts cautious

The S&P BSE Midcap and the S&P BSE Smallcap indices have managed to stay afloat in a volatile January that saw the frontline indices hit their respective 52-week high levels and then slip.
 

While the S&P BSE Sensex has lost over 2 per cent thus far in January, the S&P BSE Midcap and the S&P BSE Smallcap indices have gained nearly 2.5 per cent and 4 per cent, respectively during this period.

11:15 AM

Chart view: Stocks most bought and sold by mutual funds in last 5 months

Cash levels for large and mid-cap schemes have already dropped to February 2022 lows, while small-cap cash levels are dropping sharply and now marginally below the long-term average, according to data analysed by brokerage Elara Securities. Read

11:04 AM

ALERT :: NSE website down for the past one hour; traders complain