POST-MARKET SUMMARY 11 January 2024

On January 11, the equity benchmarks secured marginal gains in yet another day of volatile trade, as investors adopted a cautious stance ahead of December quarter earnings and US inflation data. Commencing the session on a positive note fuelled by global optimism, the market sustained its upward trajectory in the first half despite profit-booking at higher levels. However, selling pressure in the latter part of the session initially pushed indices into the red, yet they managed to recover and closed with minor gains. The sectoral performance exhibited a mixed trend, with the BSE capital goods index experiencing a 1% decline and the IT index decreasing by 0.5%. On the other hand, the auto and oil & gas indices each registered a 1% gain.

NIFTY:  The index opened 70 points higher at 21,688 and made a high of 21,726 before closing at 21,647. Nifty has formed a spinning top like candlestick pattern on the daily chart. Its immediate resistance level is now placed at 21,725 while immediate support is at 21,600. 

BANK NIFTY: The index opened 178 points higher at 47,538 and closed at 47,438. Bank Nifty has formed a bearish candlestick pattern with upper and lower shadows on the daily chart, which somewhat resembles High Wave kind of candlestick pattern. Its immediate resistance level is now placed at 47,600 while support is at 47,200.

Stocks in Spotlight

▪  Polycab India:  Stock fell 21% on January 11 following the income tax department's announcement of discovering "unaccounted cash sales" of about Rs 1,000 crore during searches of the company’s premises.

▪  Easy Trip Planners: Stock surged over 17%, continuing the uptrend that followed the Maldives row.

▪  Hero Motocorp:  Stock jumped 5% after the company announced that it is set to enter the 440 cc segment by launching a range of products on January 23.

Global News 

▪  Gold prices climbed on Thursday, buoyed by a softer dollar, while markets awaited a key U.S. inflation report later in the day that could help gauge the Federal Reserve’s policy trajectory this year.

▪  The dollar drifted lower during the day while weak Japanese wages data sent the yen to a six-week low against the euro.

▪  Oil prices climbed on Thursday after an oil tanker was boarded by an armed group in Oman, raising the possibility of escalating conflict in the Middle East.

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