POST-MARKET SUMMARY 17th January 2025

On January 17, Indian markets faced significant selling pressure, breaking a three-day winning streak. The sharp sell-off in banking and IT counters weighed heavily on the market, despite sector leaders like Infosys and Axis Bank posting strong quarterly results.

Among sectors, IT and Banking indices declined by 2% each, while Oil & Gas, Power, FMCG, PSE, Capital Goods, Realty, and Metal indices gained 1% each.

NIFTY: The index opened 164 points higher at 23,277 and made a high of 23,292 before closing at 23,203. Nifty has formed a bearish candlestick pattern with a lower shadow on the daily chart. Its immediate resistance level is now placed at 23,290 while its immediate support is at 23,100.

BANK NIFTY: The index opened 319 points lower at 48,959 and closed at 48,540. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 48,700 while immediate support is around 48,360.

Stocks in Spotlight

▪  Fertilisers And Chemicals Travancore: Stock jumped up to 9% intraday as soda ash prices surged. The rise in this key raw material for industries like glass, detergents, and chemicals is anticipated to boost revenue and profit margins for producers.

▪  LTI Mindtree: Stock slipped almost 1.5% as the IT player reported an underwhelming Q3, with a 7.1% decline in consolidated net profit for the December quarter of FY25.

▪  RVNL: Stock jumped as much as 6.5% intraday and closed nearly 4% higher, driven by expectations of a favourable Union Budget allocation for the sector.

Global News 

▪  Asia-Pacific markets traded mixed on Friday as investors parse a slew of economic data out of China. Foreign direct investment (FDI) into China plunged by 27.1% in 2024, following an 8% drop in 2023, marking the sharpest decline on record, with data available since 2008.

▪  In Europe, the STOXX 50 and STOXX 600 both rose by 0.4%, with the former reaching its highest level since 2000 and the latter hitting its peak since October. Optimism was fuelled by cooling inflation in the US and UK, raising hopes of further rate cuts by major central banks.

▪  Oil prices rose on Friday, set for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade raised expectations of supply disruptions.

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