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

Closing Bell on January 29, 2024: A rally in shares of Reliance Industries, L&T, HDFC Bank, Kotak Bank, and Tata Motors lifted benchmark indices on Monday, aided by firm global mood.

The S&P BSE Sensex zoomed nearly 1,300 points intraday before ending 1,241 points, or 1.76 per cent, higher at 71,942. The Nifty50, too, shut shop 385 points, or 1.8 per cent, higher at 21,738. 

The volatility index, India VIX, also sprinted nearly 13 per cent today.

Shares of RIL were the front-runner in today's rally with 6.6 per cent gain. They were followed by Tata Motors (up 3.7 per cent), Power Grid, L&T, NTPC, Kotak Bank, Ultratech Cement, Titan, Sun Pharma, Axis Bank, HCL Tech, SBI, Bajaj Finance, HDFC Bank, and Maruti Suzuki (1 per cent).

In the broader markets, the BSE MidCap index added 1.68 per cent, while the BSE SmallCap advanced 1.02 per cent. 

The broad-based rally was led by the Nifty PSU Bank index among the sectoral indices, which rallied 2.4 per cent. The Nifty Auto, and Financial Services indices were the other top gainers, up 1.6 per cent each. 

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.