Sunday, January 19, 2025 | 03:02 PM ISTEN Hindi

IT, FMCG stocks lift Sensex 210 pts up, Nifty tops 16,600; metals drag

The Nifty Metal index skidded 2.5 per cent

SI Reporter New Delhi

MARKETS: Sensex, Nifty off day's low amid rally in IT heavyweights

Stock market updates: Benchmark indices turned sharply higher in the last hour of trade on Tuesday amid strong gains in IT heavyweights, FMCGs, and HDFC stock. The frontline BSE barometer zoomed 210 points, or 0.4 per cent, to end at 55,792 levels while the NSE's Nifty50 closed at 16,615-mark, up 52 points or 0.3 per cent.

In the intra-day deals, both the indices scaled new peaks of 55,855 and 16,628.5 levels, resepectively.

In the broader markets, the BSE MidCap index outperformed its small-cap and large-cap peers and advanced 0.7 per cent. The BSE SmallCap index, meanwhile, was up 0.3 per cent.

Sectorally, the Nifty IT index hit a new lifetime high of 33,487 in the intra-day. It ended 2.6 per cent higher at 33,415. On the downside, the Nifty Metal index skidded 2.5 per cent.

4:26 PM

TECH VIEW | Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some lackluster movement and an attempt to hold the support level around the Nifty 50 Index level of 16500. It is going to be crucial for the short-term market scenario to sustain above the 16500 Nifty50 Index level. If the market is unable to sustain the level of 16500, the market witness lower levels of 16350. The momentum indicators like RSI and MACD showing signs of reversal in the market.

4:12 PM

MARKET VIEW :: Vinod Nair, Head of Research at Geojit Financial Services

Domestic indices swung between gains and losses in a volatile session amidst weakened global markets. Due to concerns over the rising global infection rate and tighter government regulations for the Chinese internet sector, global markets continued to fan investor worries. However, backed by solid support from defensive sectors like IT, FMCG and Pharma, frontline indices gained ground to end the day on a flat trend.

4:12 PM

CLOSING COMMENTS :: S Ranganathan, Head of Research at LKP securities.

The rally in IT stocks kept Bulls firmly in control despite a truncated week with several high-quality Midcap names rallying in the expansionary phase over the last several months. Metal Names though met with profit-taking in today's trade. While worries over the deterioration in asset quality in private sector banks persist, the recent lull in the progress of the monsoon needs to be watched closely.

4:11 PM

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4:04 PM

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4:00 PM

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