POST-MARKET SUMMARY 18 January 2024

On January 18, the equity benchmarks concluded lower for the third consecutive day, despite a mid-session recovery. Banks and IT stocks faced selling pressure amidst weak global cues. The market commenced the day in negative territory, reflecting the trend seen in global markets. The initial hours witnessed an extension of the sell-off, but there was a notable rebound around noon. Unfortunately, this recovery was not sustained, and the market experienced renewed pressure. Despite this, it managed to close above the day's lowest point. In terms of sectors, bank, FMCG, IT, metal, and power ended lower by 0.3-1%. On the positive side, auto, capital goods, healthcare, oil & gas, and realty showed gains of 0.3-0.7%. 

NIFTY:  The index opened 157 points lower at 21,414 and made a high of 21,539 before closing at 21,462. Nifty has formed a high wave candlestick pattern on the daily chart, indicating high volatility in the market. Its immediate resistance level is now placed at 21,550 while immediate support is at 21,400.

BANK NIFTY: The index opened 572 points lower at 45,492 and closed at 45,713. Bank Nifty has formed a bullish candlestick pattern with a long upper shadow is observed on the daily chart, where the closing price is higher than the opening levels.  Its immediate resistance level is now placed at 46,180 while support is at 45,500.

Stocks in Spotlight 

▪  Aarti Industries:  Stock surged 5.1% after the company signed a long-term contract worth Rs 6,000 crore with a multinational conglomerate for the supply of a niche specialty chemical.

▪  Oracle Financial Services: Stock rallied 27.4% after the company's net profit jumped nearly 70% on-year to Rs 740.8 crore, and revenue from operations jumped 26% to Rs 1,823.6 crore.

▪  LTIMindtree: Stock fell 10.7% after the company’s net profit rose 0.6% sequentially to Rs 1,169 crore while revenue climbed 1.2% to Rs 9,016 crore, missing street estimates. 

Global News

▪  Hong Kong stocks rebounded Thursday, while mainland China shares also rose after languishing near five-year lows.

▪  The dollar held close to a one-month peak versus major peers after robust U.S. retail sales data overnight added to building expectations the Federal Reserve will not rush to lower interest rates.

▪  Gold prices hovered near five-week lows on Thursday, as hawkish remarks from Federal Reserve officials and robust data dampened investors’ expectation for deeper and early interest rate cuts in U.S. this year.

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