POST-MARKET SUMMARY 14th January 2025
On January 14, the Indian equity indices ended higher, snapping a four-day losing streak as buying interest emerged across most sectors. After four consecutive sessions of selling pressure that pushed the indices to a seven-month low, the markets staged a notable rebound. While most sectoral indices closed in the green, IT and FMCG remained under pressure, declining by 2% and 1.4%, respectively.
NIFTY: The index opened 80 points higher at 23,165 and made a high of 23,264 before closing at 23,176. Nifty has formed a Doji-like candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,265 while its immediate support is at 23,100.
BANK NIFTY: The index opened 225 points higher at 48,266 and closed at 48,729. Bank Nifty has formed a bullish candlestick pattern with a small upper shadow on the daily chart. Its immediate resistance level is now placed around 49,000 while immediate support is around 48,400.
Stocks in Spotlight
▪ Adani Energy Solutions: Stock surged almost 12% after the company announced operational updates for Q3 FY25, highlighting improved performance and securing two new projects during the quarter, boosting investor confidence.
▪ Piramal Enterprises: Stock soared 8% after the company announced it would receive $140 million from the sale of its Molecular Imaging business by Life Healthcare, a transaction expected to conclude by FY26. Additional payments, potentially up to $200 million, may follow based on future profits and earn-outs.
▪ JSW Energy: stock jumped 7% after the company received a Letter of Intent for the acquisition of KSK Mahanadi Power Company, which is currently undergoing insolvency proceedings. The acquisition includes a 3,600 MW thermal power plant in Chhattisgarh.
Global News
▪ European markets traded higher on Tuesday, following a report that U.S. President-elect Donald Trump might opt to impose gradual tariff hikes, though the FTSE 100 underperformed as some downbeat earnings weighed.
▪ Asian markets showed mixed performance on Tuesday as bargain hunting following recent declines clashed with persistent concerns about the global economic outlook.
▪ Oil prices eased on Tuesday but remained near four-month highs as the impact of fresh U.S. sanctions on Russian oil remained the market’s main focus, ahead of U.S. inflation data this week.
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