POST-MARKET SUMMARY 16th January 2025
On January 16, the Indian market extended its winning streak to a third consecutive session, closing on a positive note. Investor sentiment was bolstered by positive global cues, including a Gaza ceasefire deal, lower-than-expected US CPI inflation—which fuelled hopes of additional rate cuts by the Federal Reserve—and a declining dollar alongside falling US bond yields.
The indices opened higher and maintained a positive trajectory throughout the session, despite some profit booking. Among sectors, metal, media, oil & gas, PSU bank, realty, and auto indices gained 0.5-2.5%, while consumer durables, IT, FMCG, and pharma ended in the red.
NIFTY: The index opened 164 points higher at 23,377 and made a high of 23,391 before closing at 23,311. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,400 while its immediate support is at 23,250.
BANK NIFTY: The index opened 331 points higher at 49,082 and closed at 49,278. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 49,550 while immediate support is around 48,100.
Stocks in Spotlight
▪ Bharat Dynamics: Stock surged over 8% intraday after securing a Rs 2,960 crore order from the Ministry of Defence for Medium-Range Surface-to-Air Missiles (MRSAM) for the Indian Navy.
▪ Delhivery: Stock gained over 2% after the launch of Rapid Commerce, a sub-2-hour delivery service aimed at helping brands meet the growing consumer demand for faster order deliveries.
▪ Oracle Financial Services: Stock fell 5% intraday after the company reported a nearly 27% decline in consolidated net profit for Q3 FY2025, disappointing investors.
Global News
▪ Asia-Pacific markets mostly climbed on Thursday, after U.S. markets soared on the back of an unexpected decline in core inflation numbers in December and strong bank earnings.
▪ European shares advanced on Thursday as heavyweight luxury stocks received a boost following Richemont's upbeat earnings update. The pan-European STOXX 600 had risen 0.5% intraday to its highest since mid-December.
▪ Brent crude oil futures stabilized just below $82 per barrel on Thursday, following a 2.6% surge in the previous session. However, prices remain close to six-month highs, driven by escalating concerns over global supply disruptions and a continued decline in US crude inventories.
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