Stock Markets Today, Thursday, January 23, 2025: India stock markets today may open lower as indicated by GIFT Nifty index. At 7:10 AM, GIFT Nifty index was trading 63 points lower at 23,136.
The markets today will react to Q3 results of HDFC Bank and Hindustan Unilever (HUL), released on Wednesday, and track December quarter earnings by other corporates on Thursday.
Meanwhile, benchmark stock markets indices – Sensex and Nifty – settled near the day’s high on Wednesday as private bank shares got a boost from HDFC Bank’s Q3 numbers.
The BSE Sensex settled with a gain of 567 points (0.75 per cent) at 76,405, and the Nifty50 ended 131 points (0.57 per cent) higher at 23,155.
The broader Nifty MidCap index and SmallCap index, however, declined 1.34 per cent and 1.63 per cent, respectively.
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Stock Market Prediction Today, Jan 23:
Q3 results, FII activity, weekly F&O Nifty expiry, and global cues will guide the markets today.
On Wednesday, HDFC Bank posted a 2.2 per cent increase in net profit to Rs 16,735.50 crore for Q3FY25 amid slower growth in core income and higher slippages from agricultural loans. Its net interest income (NII) was up 7.7 per cent year-on-year (Y-o-Y) to Rs 30,650 crore while other income was almost flat at Rs 11,450 crore.
The Bank said it is well-positioned to accelerate its growth pace once the macroeconomic environment becomes more favourable. Earlier, the bank had announced its aim to grow faster than the system by FY27. HDFC Bank ADRs advanced 3 per cent on the New York Stock Exchange in the overnight trade.
Hindustan Unilever, the other index heavyweight, reported a 19 per cent Y-o-Y rise in net profit for Q3FY25 at Rs 3,001 crore. The revenue, on the other hand, increased 1 per cent Y-o-Y to Rs 15,408 crore. It said the company has executed Share Purchase and Subscription Agreement (SPSA) for acquisition of 90.5 per cent of shareholding of Uprising Science (Uprising) comprising secondary buyout for a cash consideration of Rs 2,670 crore at a pre-money Enterprise Valuation of Rs 2,955 crore.
Other after market hour results include Laxmi Organics, Cigniti Technologies, Pidilite Industries, Go Digit Insurance, Gravita India, BPCL, and Persistent Systems.
Q3 Results Today, Jan 23:
Fifty-nine companies will report their Q3 results today, including Adani Energy Solutions, Adani Green, Amber Enterprises, Cyient, Dr Reddy’s Labs, Greaves Cotton, HPCL, Mankind Pharma, Mphasis, Spandana Sphoorty, Suryoday Small Finance Bank, Ujjivan SFB, Ultratech Cement, and United Spirits. According to analyst estimates, Dr Reddy’s Labs may see its average revenue rise by 14.7 per cent year-on-year (Y-o-Y) to Rs 8,281 crore as against Rs 7,236 crore in the third quarter of FY24. READ PREVIEW According to average estimates of four brokerage firms, UltraTech Cement's revenues may rise 1.09 per cent year-on-year (Y-o-Y) to Rs 16,922.93 crore in Q3FY25, from Rs 16,740 crore in the year-ago period, and rise 8.24 per cent sequentially from Rs 15,634.7 crore in the previous quarter. READ PREVIEW
Global Markets and Global Triggers
Asia-Pacific markets opened mixed Thursday as investors assessed a slew of economic data in the region.
Australia’s S&P/ASX 200 traded 0.42 per cent lower at the open, Japan’s Nikkei 225 rose 0.38 per cent at the open, while South Korea’s Kospi slipped 0.21 per cent at the open.
South Korea’s economy expanded 1.2 per cent year-on-year in the fourth quarter, marking its slowest expansion since the second quarter of 2023.
That apart, Singapore is scheduled to report its inflation numbers for December, while the Bank of Japan will start its two-day monetary policy meeting today. Japan’s Balance of Trade data for December, 2024, will also be released today.
Overnight, the S&P 500 hit an intraday record of 6,100.81, before closing at 6,086.37, up 0.61 per cent.
The Nasdaq Composite popped 1.28 per cent to 20,009.34, and the Dow Jones Industrial Average rose 0.3 per cent to 44,156.73. US’ initial jobless claims data for the week ending January 18 will be on radar today, along with Donald Trump’s policy announcements.
IPOs Today
In the primary market, Denta Water and Infra IPO (Denta Water IPO; mainline) will enter its second day of subscription. The initial public offering was subscribed 17 times on day 1 of the offer.
That apart, Stallion India Fluorochemicals will debut on the bourses today.
In the SME category, CLN Energy IPO will open for subscription, and Rexpro Enterprises IPO will enter its second day of subscription. The basis of allotment of CapitalNumbers IPO will be finalised today, while Landmark Immigration will debut on the BSE SME platform today.
Stock Market News
India is among the three least-favoured Asian stock markets, according to BofA Securities whose survey found that 10 per cent of fund managers are underweight on Indian equities from a 12-month perspective. READ MORE
That apart, the equity markets are approaching the Union Budget with tempered expectations, even as gains made during Prime Minister Narendra Modi's third tenure have been erased. Most market participants remain sceptical about the upcoming 2025-2026 Budget, citing limited fiscal headroom for economic stimulus. READ HERE
On the regulatory front, the Securities and Exchange Board of India (Sebi) has proposed bit-sized systematic investment plans (SIP) of Rs 250 in a step to increase the mutual fund footprint in the underserved section of the country. READ MORE
How to trade Nifty today? Key Nifty levels to watch on Jan 23:
Vatsal Bhuva, Technical Analyst, LKP Securities:
Sustained bullish momentum will only emerge if the Nifty index closes above 23,500, where the 21-day EMA is positioned. Until then, a cautious approach is advised. Short-term traders can focus on the 23,000–23,350 range, with 23,000 providing strong support and the 23,350–23,400 zone acting as a key resistance for the index.
Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities:
A small positive candle, with lower shadow, was formed on the daily chart on Wednesday. Technically, this market action indicates an upside bounce from the lows. Though, Nifty closed higher yesterday, the overall market breadth was deteriorated and the broad market indices have closed sharply lower. The negative chart pattern like ‘lower tops and bottoms’ is still intact.
The underlying trend of Nifty remains weak and the market seems to have shifted into a broader range of 23,000-23,400 levels. A decisive move above the hurdle of 23,400 could open renewed buying participation in the market. However, a slide below 22,975 could open more weakness down to 22,800 ahead.
Jatin Gedia, Technical Research Analyst, Mirae Asset Sharekhan:
On the daily charts, we can observe that the Nifty witnessed recovery from the psychological support level of 23,000. The recovery was led by HDFC Bank, which recovered sharply from intraday lows. Going ahead, we expect the recovery process to continue towards 23,400.
Daily and hourly momentum indicators have a positive crossover which is a buy signal. Thus, both price and momentum indicators point towards continuation of the positive momentum. A breach below the support zone 23,050 – 23,000 shall lead to a decline towards 22,670. Overall, our bias tilts towards a pullback over the next few trading sessions.