Sensex gains 496 pts, Nifty tops 21,600; Mkts to hold spl session Saturday

Stock market highlights on January 19, 2024: The S&P BSE Indices will be calculated on Saturday, January 20, 2024 , which is declared as a special trading day by the exchange

Closing Bell on January 18, 2024: Equity markets snapped their three-day losing run amid a pullback rally across global equities. The S&P BSE Sensex advanced 496 points, or 0.7 per cent, to settle at 71,683 levels. The Nifty50, on the other hand, jumped 160 points, or 0.75 per cent, to shut shop at 21,622.

26 of the 30 Sensex stocks, and 43 of the 50 Nifty stocks settled higher led by Bharti Airtel, ONGC, NTPC, Tata Steel, SBI Life, Tech M, BPCL, Britannia, Titan Company, M&M, Coal India, JSW Steel, Ultratech Cement, Axis Bank, HDFC Life, and Apollo Hospitals.

On the downside, IndusInd Bank, HDFC Bank, Kotak Bank, Adani Ports, Divis Labs, and Sun Pharma weighed with up to 3 per cent loss. 

In the broader markets, the retail fervour took the BSE MidCap and the BSE SmallCap indices 1.69 per cent and 1 per cent higher, respectively. 

Among sectors, the Nifty Metal and FMCg indices ralied 1.3 per cent each, and the Nifty PSU Bank index 1 per cent. The Nifty Media index fell 1.2 per cent.

3:59 PM

Tech View :: 'Pullback rally to fizzle at 21,800; Adopt sell-on-rise on Nifty'

Nifty50

On the daily charts, we can observe that the Nifty is witnessing a counter trend pullback of the fall from 22,124 to 21,285. The 50% and 61.82% fibonacci retracement levels are placed at 21,705 – 21,804 where we can expect the selling pressure to resume.

The hourly momentum indicator has reached the equilibrium line indicating that the pullback is nearing completion, Overall, we believe that trend is negative, and this pullback should be used as a selling opportunity.

In terms of levels, 21,705 – 21,804 is the immediate hurdle zone while 21,570 – 21,500 is the crucial support zone.

 

Bank Nifty

Bank Nifty was comparatively weak today. It gave up most of the gains and ended marginally in the green. Overall, we believe that the Bank Nifty can consolidate in the range 46,500 – 45,500 from short term perspective. A breach of 45,500 can lead to a further decline till 45,200 – 45,000.

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

 

 

3:48 PM

Comment :: 'Fund rotation within sectors likely going ahead'

A 'buy on dips' and encouraging global cues propelled the market's recovery.

Today’s rebound was broad based; however, investors are disappointed and expect moderation in the rally as FIIs persist with risk-off sparked by the likelihood that interest rates may not moderate and domestic earnings growth can slow down as per the initial Q3 results announced.

Sector rotation is likely to propel going ahead

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

3:45 PM

Currency check :: Rupee gains 6 paise, ends at 83.06/$

3:44 PM

SmallCap Heatmap :: Index up 1%; RVNL, Ganesh Housing surge up to 20%

3:42 PM

MidCap Heatmap :: Index gains 1.5% led by Aarti Ind, GIC RE, IRFC

3:40 PM

NIFTY HEATMAP :: Broad-based rally lifts market; ONGC, Airtel, NTPC top gainers

3:38 PM

CLOSING BELL :: Nifty reclaims 21,600

3:36 PM

CLOSING BELL : Sensex snaps 3-day losing run, rises nearly 500 pts

3:30 PM

ALERT :: Ramco Systems enters into non-exclusive arrangement with BDO India LLP

>> The Company has entered into a non-exclusive arrangement with BDO India LLP by way of a Memorandum of Understanding for exploring domestic and international opportunities.

 

3:19 PM

India to budget fiscal deficit at 5.3% of GDP in FY25: BofA Securities

The brokerage said digitization-led formalization has aided the fiscal math through tax buoyancy on one side and reducing wasteful expenditure (subsidy leakage) on the other.
 

The government had earlier committed to reduce the fiscal deficit to 4.5 per cent by FY26 as part of its glide path to gradually reduce the gap, which is seen as a major factor influencing macroeconomic position. READ MORE

3:04 PM

BSE, NSE to conduct two special trading sessions on Saturday, January 20

The S&P BSE Indices will be calculated on  Saturday, January 20, 2024 , which is declared as a special trading day by the exchange with intraday switch over from Primary Site (PR) to Disaster Recovery Site (DR). 

Timings for trading sessions:

First session: 9.15 am to 10.00 am
Second session: 11.30 am to 12.30 pm.

2:55 PM

Global check:: US, UK stock futures rise up to 0.7%

Source: Investing.com

2:45 PM

Bharti Airtel hits fresh peak, soars 5% on hopes of tariff hikes in 2024

Telecom operators raised tariffs in 2019 and 2021 and analysts at BNP Paribas expect tariff hike in mid-2024 after the general elections. READ MORE

2:36 PM

Sensex churn and change: How the index is like the Ship of Theseus

The ancient Greeks argued a paradox: If the Ship of Theseus had all its wooden planks replaced one by one, in the end is it still the same ship?

 

Similarly, the S&P Sensex has had its constituents change over the years. The churn has continued amid new all-time highs – a quarter of the stocks have been replaced since 2019. READ MORE

2:24 PM

ALERT:: Hindustan Zinc Q3 consolidated net slips 6%; stock up 2%

Hindustan Zinc Q3 consolidated net profit declined 5.9 per cent to Rs 2,028 crore for the quarter ended December 2023 when compared with Rs 2,156 crore in Q3FY23. Total income was down 7.4 per cent YoY at Rs 7,606 crore from Rs 8,214 crore. READ MORE

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