Sensex soars 847 pts, ends above 72,550 for first time; Nifty nears 21,900

Closing Bell on Friday, January 12: Infosys jumped 8 per cent on the benchmark indices as new deal wins accounted for 71 per cent of total deals in Q3FY24. TCS, too, surged 4 per cent

Stock market highlights on January 12, 2024: A blistering rally in information technology (IT) stocks, along with select banking and consumption related names, took equity indices to record highs on Friday.

The S&P BSE Sensex hit a new lifetime peak of 72,721 on the BSE before closing the day with gains of 847 points, or 1.18 per cent, at 72,568 levels. 

The Nifty50, on the other hand, scaled a new summit of 21,928 before ending at 21,895, up 247 points or 1.14 per cent.

Infosys jumped 8 per cent on the benchmark indices as new deal wins accounted for 71 per cent of total deals in Q3FY24. ONGC, LTIMindtree, Tech M, TCS, Wipro, Tata Consumer Products, HCL Tech, SBI, L&T, Bharti Airtel, ICICI Bank, Grasim Industries, and ITC were the other top gainers, rising between 1 per cent and 5.7 per cent. 

In the broader markets, the BSE MidCap index hit a new high of 37,941, while the BSE SmallCap touched 44,644. The indices shut shop around 0.4 per cent higher each.

Sectorally, the Nifty IT index zoomed 5.27 per cent, the Nifty PSU Bank index 2.7 per cent, and the Nifty Realty 1.6 per cent.

3:53 PM

Comment :: 'Use any pause or dip, due to global uncertainties, to accumulate quality names'

We are now eyeing 22,150 in Nifty; However, selective participation from banking could keep the momentum in check.

We suggest focusing on other key sectors and using any pause or dip to accumulate quality names. Needless to say, the volatility would remain high due to earnings and mixed global cues so plan the overnight trades accordingly. 

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

3:51 PM

Tech View :: 'Nifty can now hit 22,300 once it crosses 22,000'

Nifty 50
On the Daily charts, we can observe that the Nifty has decisively broken out of the 21,500 – 21,850 range on the upside. The breakout suggests a resumption of trending moves on the upside. We expect the Nifty to target levels of 22,000 immediately and above that 22,300. On the downside, the zone of 21,750 – 21,700 shall act as an immediate support as per the role reversal principle.

 

Bank Nifty

Bank Nifty started to form higher tops and higher bottoms on the daily charts indicating trend reversal from down to up. We expect the positive momentum to continue till 48,000 on an immediate basis and above that it can extend till 48,500.

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

3:48 PM

Comment :: Why did IT, PSBs rally today?

Indian markets soared to new heights in a powerful rally, driven by IT heavyweights. Green shoots of recovery in the IT sector on the back of an improved outlook for BFSI in FY25 positively influenced market sentiments.

The robust performance of PSU banking stocks is underscored by the inherent synergy between their loan portfolios and the prevailing business cycle.

Noteworthy is the fact that this upward surge remained resilient amid mixed global cues on account of higher-than-expected US inflation and positive job data, which tempered expectations for an imminent rate cut by the US Fed.

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

3:46 PM

Currency check :: Rupee ends 11 paise stronger at 82.92/$

3:44 PM

SmallCap Heatmap :: Index claims new lifetime high of 44,644, ends 0.4% higher

3:42 PM

MidCap Heatmap :: Index touches new record high of 37,941, ends 0.36% up

3:40 PM

Nifty Heatmap :: IT-driven rally lifts benchmarks to record peaks

3:38 PM

CLOSING BELL :: Nifty ends near 21,900

3:36 PM

CLOSING BELL :: Sensex leaps 847 pts to end at record closing high

3:30 PM

Nifty PSU Bank soars 3%; Bank of India, Union Bank, PNB, UCO rally up to 7%

Analysts at Kotak Institutional Equities (KIE) say credit costs are also declining as net NPA ratios for most PSU banks have converged to a level of about 1.0 per cent. The steady decline in credit cost has driven a steady improvement in RoE closer to mid-teen levels. READ MORE

3:15 PM

Covid-19 JN.1: UP joins list of 16 states, UTs; total cases cross 1,000

The data compiled by the Indian SARS-CoV-2 Genomics Consortium (INSACOG) showed Karnataka has reported the highest number of cases at 214, followed by Maharashtra (170), Kerala (154), Andhra Pradesh (189), Gujarat (76) and Goa (66). READ MORE

3:03 PM

Global Check:: UK stock futures play catch-up, gain 1%; US trade flat

Source: Investing.com

2:52 PM

ALERT:: Cyient inks MoU with Japan-based SkyDrive; stock up 6%

Cyient in an exchange filing today said it has entered into a memorandum of understanding with SkyDrive Inc., a leading Japanese eVTOL aircraft manufacturer to work in partnership across product development, engineering, manufacturing, and digital services. 

2:39 PM

Kamdhenu soars 41% in one week ahead of Board meet for fund raising

A meeting of the Board of Directors of Kamdhenu is scheduled to be held on Saturday, January 13, 2024, to consider and approve the proposal for fund raising. READ MORE

2:27 PM

Asian Market Check:: Japan, India shine in an otherwise subdued trade

Source: Yahoo Finance