POST-MARKET SUMMARY 10 January 2024

On January 10, the equity benchmarks exhibited a notable recovery in the final hour of trade, ultimately closing higher and extending their winning streak for the second consecutive session, driven by gains in heavyweight stocks. After a flat start amid weak global cues, the market traded sideways as investors exercised caution ahead of the earnings season and the release of inflation data. However, a surge in buying activity in the final hour propelled the indices to close near the day's high. In terms of sectors, healthcare, information technology, and metal witnessed a rise of 0.4% each, while the oil & gas index experienced a 0.5% decline. 

NIFTY:  The index opened 16 points lower at 21,529 and made a high of 21,642 before closing at 21,618. Nifty has formed a small bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 21,680 while immediate support is at 21,575. 

BANK NIFTY: The index opened 287 points lower at 47,073 and closed at 47360. Bank Nifty has formed a small bullish candle on the daily scale. Its immediate resistance level is now placed at 47,500 while support is at 47,000.

Stocks in Spotlight

▪  Network 18:  Stock surged 20% and got locked in at upper circuit after a Rs 155.50-crore bulk deal.

▪  Pondy Oxides and Chemicals: Stock jumped 10% and hit a 52-week high after the company signed a MoU with the Tamil Nadu government to set up a recycling and manufacturing plant.

▪  Manappuram Finance:  Stock slumped 4.8% after the market regulator SEBI put on hold the public offer of subsidiary firm Asirvad Micro Finance.

Global News 

▪  Gold prices were steady on Wednesday as investors exercised caution ahead of a key U.S. inflation print that could shed some light on the Federal Reserve’s rate cut trajectory.

▪  Asia-Pacific markets mostly fell Wednesday, with China’s CSI 300 closing at near 5-year lows, though Japan defied the trend to extend its 33-year high.

▪  European markets traded lower as investors awaited comments from Bank of England’s Governor, Andrew Bailey, later in the day; Sainsbury’s shares were down 5%.

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