Sensex falls 260 pts in fag-end, Nifty holds 21,550; FMCGs crack, PSBs soar

Stock market highlights on January 20, 2024: Among sectors, the Nifty IT, and FMCG indices fell 1 per cent each, while the Nifty PSU bank index added 1.9 per cent

3:54 PM

Tech View :: 'Nifty needs to break 21,500-21,700 for directional move'

The Nifty opened higher and remained volatile throughout the day. The overall consolidation phase may persist for the next few days or until the Nifty stays within the range of 21,500-21,700.

Only a decisive breakout on either side could initiate a directional move. A significant decline below 21,500 might trigger a correction towards 21,300 and below.

Conversely, a robust breakout above 21,700 is needed for a resumption of the uptrend.

Views by: Rupak De, Senior Technical  Analyst, LKP Securities

3:52 PM

Tech View :: 'Bank Nifty needs to breach 46,300 to extend gains'

The Bank Nifty index displayed resilience by forming a higher low on the daily chart while maintaining the immediate support zone of 45,700-45,600.

To resume the uptrend, the index needs to overcome the immediate resistance at 46,300, a breakthrough that could trigger short-covering, propelling it towards 46,500/46,800 levels.

However, a close below the crucial support of 45,600 might instigate a substantial downside correction towards 44,000.

Views by: Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities

3:49 PM

Comment :: What will drive the markets next week?

Amid rising optimism about AI, US markets surged over the weekend. However, domestic markets exhibited a subdued trend influenced by extended holidays, low volumes, and weekly option expiration. Profit booking was noted in IT and FMCG, while private banks witnessed selective buying post the recent sharp correction and stable Q3 earnings. Next week, the interest rate decisions of the BoJ and ECB, along with US GDP data, are anticipated to drive the market dynamics.

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

3:43 PM

Broader markets :: Mid, SmallCap indices outperform, rise 0.4% each

3:42 PM

Sectoral trends :: IT, FMCG indices slide; PSBs rally in last hour

3:40 PM

Sensex Heatmap :: Kotak Bank, ICICI Bank rally up to 2%

3:39 PM

CLOSING BELL :: Nifty holds 21,550 amid profit booking

3:38 PM

CLOSING BELL :: Sensex falls in fag-end trade

3:19 PM

Sector Watch :: PSU Bank stocks rally in weak market

3:07 PM

ALERT :: Adani group buzzing in trade

2:52 PM

Oil mkt braces for a weeks-long disruption to shipping in southern Red Sea

Charters of tankers to haul crude and fuels — which for some vessels are arranged up to a month in advance — reveal growing numbers of the vessels are being hired for routes that will avoid the danger zone, according to shipowners, brokers and traders. READ MORE

2:41 PM

ALERT:: Union Bank of India Q3 net jumps 60%; stock soars over 4%

Union Bank of India Q3 net profit jumped 59.9 per cent to Rs 3,589.91 crore for the quarter ended December 2023 as against Rs 2,244.80 crore in the corresponding quarter a year ago. Total income increased by 20.6 per cent YoY to Rs 29,137.26 crore.

2:30 PM

ALERT:: Bharti Airtel arm files IPO papers; stock marginally up

Bharti Airtel in an exchange file said, its subsidairy Bharti Hexacon has filed a Draft Red Herring Prospectus with Sebi for its IPO. The latter plans to offload up to 20 per cent equity stake by way of 'Offer for Sale'

2:18 PM

ALERT:: IREDA Q3 net surges 67%; stock hits 10% upper circuit

Indian Renewable Energy Development Agency (IREDA) today reported 67.2 per cent surge in Q3 net profit at Rs 335.54 crore for the quarter ended December 2023 as against Rs 200.75 crore in the year ago period. Revvenue from operations rose 44.2 per cent YoY to Rs 1,253.20 crore.

2:04 PM

ALERT:: Can Fin Homes Q3 net up 32%; stock slips 2%

Can Fin Homes today reported a 32.1 per cent rise in Q3 net profit at Rs 200.14 crore for the quarter ended December 2023 as against Rs 151.49 crore in the year ago period. Total income grew 27.1 per cent YoY to Rs 901.93 crore.