POST-MARKET SUMMARY 12 January 2024

On January 12, Indian equity indices extended their upward momentum reaching new record highs. This bullish trend was largely driven by robust quarterly earnings from IT sector giants Infosys and TCS. The Nifty recorded a significant increase of 1.14%, closing at 21,894.50. Except for the auto, power, and healthcare sectors, all other sectoral indices concluded in positive territory. The IT index surged by 5%, while the realty and oil & gas indices saw gains of 2% each. 

NIFTY:  The index opened 126 points higher at 21,773 and made a high of 21,928 before closing at 21,894. Nifty has formed a bullish candlestick pattern on weekly chart with a long lower shadow indicating strong buying interest at lower levels. Its immediate resistance level is now placed at 21,930 while immediate support is at 21,830. 

BANK NIFTY: The index opened 134 points higher at 47,572 and closed at 47,709. Bank Nifty has formed a bullish candlestick pattern with higher highs and higher lows formation on the daily charts. Its immediate resistance level is now placed at 47,900 while support is at 47,590.

Stocks in Spotlight

▪  Mahindra and Mahindra:  Stock declined after the company reported a 41% decline in exports in December from the year-ago period. 

▪  TCS: Stock gained 4% on in-line earnings for the December quarter on revenue and margin beat and a healthy deal pipeline.

▪  FSN-E Commerce:  Stock declined 3.3% after a 0.9% stake changed hands in a block deal.

Global News 

▪  The Stoxx 600 was 0.6% higher by 1:30 p.m. London time, with almost all sectors trading in positive territory. Oil and gas stocks were up 1.6%, while construction, media and retail stocks all rose more than 1.1%.

▪  The dollar rose as traders weighed an ambiguous U.S. inflation report and tensions in the Middle East, where the United States and Britain launched air and sea strikes against Houthi targets in Yemen.

▪  Oil prices rose more than 2% as the United States and Britain carried out strikes against Houthi military targets in Yemen in retaliation for attacks by the Iran-backed group on shipping in the Red Sea starting from late last year.

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