POST-MARKET SUMMARY 09 January 2024

On January 9, profit-booking in the final hour resulted in benchmark indices surrendering most of the morning gains. Investor anxiety ahead of the earnings season kickoff and weakness in the Asian market kept them vigilant. The Nifty concluded the day at 21,544.85, up by 31.85 points or 0.15%. The sectoral matrix exhibited a mixed performance, with Nifty Realty emerging as the top gainer, rising by 2.52%. Other notable gainers included Nifty Healthcare, up by 1%, and Nifty Auto, which also advanced around 1%. Conversely, Nifty Media suffered the most significant loss, declining by 3.32%, primarily due to substantial selling in Zee Entertainment. Nifty Bank and Nifty Financial Services also ended the day with losses. 

NIFTY:  The index opened 140 points higher at 21,653 and made a high of 21,724 before closing at 21,544. Nifty has formed a bearish candlestick pattern with a long upper shadow and small lower shadow on the daily chart. Its immediate resistance level is now placed at 21,600 while immediate support is at 21,500. 

BANK NIFTY: The index opened 255 points higher at 47,705 and closed at 47,242. Bank Nifty has formed a bearish candlestick pattern with a long upper shadow on the daily chart. Its immediate resistance level is now placed at 47,400 while support is at 46,900.

Stocks in Spotlight

▪  Capacite Infraprojects:  Stock surged 2.59% after the company launched a QIP for Rs 200 crore. 

▪  Tata Motors: Stock gained 1.5% after the company’s Jaguar Land Rover (JLR) division recorded the highest wholesale figures for 11 quarters in the October-December period.

▪  L&T:  Stock gained 1.68% after the company won an order to develop AIIMS in Haryana.

Global News 

▪  Asia-Pacific markets mostly rose Tuesday, rebounding from a sell-off in the previous session, with the  Nikkei 225 hitting a 33-year high on the back of gains in tech stocks.

▪  Oil prices rose on Tuesday after sliding in the previous session as markets weighed Middle East tensions against demand worries and rising OPEC supply.

▪  A decline in U.S. consumer inflation expectations kept the dollar rally in check on Tuesday as traders reaffirmed their bets for a slew of Federal Reserve rate cuts this year.

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