Sensex sheds 199 pts, Nifty below 22,050 as IT, RIL weigh; Jyoti CNC up 31%

Stock market highlights on January 16, 2024: Among sectors, the Nifty Realty index declined 1.95 per cent, the Nifty IT index 1.3 per cent, and the Nifty Pharma 1.14 per cent

Closing Bell on January 16, 2024: A tepid global mood capped gains in the markets on Tuesday with the benchmark indices slipping up to 0.29 per cent.

Weighed by Reliance Industries, Infosys, TCS, HCL Tech, Airtel, and Wipro, the S&P BSE Sensex fell 199 points to end at 73,129 levels. The Nifty50, on the other hand, shut shop at 22,032 levels, down 65 points.

The broader markets, too, fell in tandem with the frontline indices with the BSE MidCap index dropping 0.31 per cent, and the BSE SmallCap index shedding 0.43 per cent.

Among sectors, the Nifty Realty index declined 1.95 per cent, the Nifty IT index 1.3 per cent, and the Nifty Pharma 1.14 per cent. On the upside, the Nfty Metal index gained 1 per cent. 

3:59 PM

Tech View :: 'Expect Nifty to consolidate within 21,900 – 22,200'

Nifty50
On the daily charts, we can observe that the Nifty has faced resistance around the psychological level of 22,000. The hourly momentum indicator has triggered a negative crossover indicating loss of momentum on the upside.

Considering the current price and momentum setup, we expect Nifty to consolidate within the range 21,900 – 22,200 from a short term perspective. Stock specific action and sector rotation is likely during this period of consolidation.

Aggressive longs should be avoided and adherence to strict stoploss levels for the long positions is advised.

 

Bank Nifty

Bank Nifty has witnessed a consolidation today which is a brief pause in the overall uptrend. We expect the momentum to continue on the upside over the next few trading sessions. On the upside target 48,650 – 49,000 from short term perspective.

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

3:46 PM

Comment :: 'Investors worried if current market euphoria has gone farfetched'

The broad market exhibited profit booking following a good performance by the IT sector amid weak global cues. Investors are contemplating whether the current euphoria in markets has gone farfetched, especially with elevated domestic valuations in mid & small caps.

FII flows are mixed due to a lack of fresh triggers. Oil prices stayed firm amid undeterred geopolitical tensions. The latest IIP growth signals near-term softness.

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

3:44 PM

Currency check :: Rupee sinks 19 paise against US dollar

3:43 PM

Buzzing stock :: Jyoti CNC ends 31% higher over issue price of Rs 331

3:41 PM

SmallCap Heatmap :: Index underperforms with 0.4% dip; Angel One, Suven Life worst hit

3:39 PM

MidCap Heatmap :: Index drops 0.31%; IRFC, SAIL buck trend, zoom up to 9%

3:38 PM

Nifty Heatmap :: Only 17 of 50 index stocks settle higher

3:37 PM

CLOSING BELL :: Nifty ends below 22,050

3:35 PM

CLOSING BELL :: Sensex slips 199 pts amid global weakness, profit booking in IT stocks

3:21 PM

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3:18 PM

Market Check :: Stocks weighing on the benchmarks at this hour

3:04 PM

Global check:: US, UK stock futures trade up to 1% lower

Source: Investing.com

2:52 PM

ALERT:: Jindal Saw Q3 net soars 70%; stock trades flat

Jindal Saw today reported 70.3 per cent surge in Q3FY24 net profit at Rs 452.30 crore when compared with Rs 265.60 crore in Q3FY23. Total income was up 3.1 per cent YoY at Rs 4,785.70 crore from Rs 4,640.90 crore.

2:36 PM

ALERT:: MapmyIndia Q3 net rises 5%; stock dips 2%

MapmyIndia today reported a 5 per cent rise in Q3FY24 net profit at Rs 31.10 crore when compared with Rs 29.70 crore in Q3FY23. Total income grew 36 per cent YoY to Rs 92 crore from Rs 67.70 crore.

2:23 PM

Ahead of Q3FY24 results, UBS gives 'buy' call on Paytm, sees 26% upside

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