POST-MARKET SUMMARY 19 January 2024
On January 19, the benchmark indices snapped their three-day losing streak, concluding the day on a positive note fueled by favorable global cues and widespread buying across sectors. The Nifty witnessed a gap-up start and maintained a rangebound movement throughout the session. Barring Media, Private Bank, all other sectoral indices closed in positive territory, with auto, capital goods, information technology, FMCG, metal, oil & gas, and power registering gains of 1-2% each.
NIFTY: The index opened 153 points higher at 21,615 and made a high of 21,670 before closing at 21,622. Nifty has formed a Doji candlestick on the daily chart. Its immediate resistance level is now placed at 21,670 while immediate support is at 21,575.
BANK NIFTY: The index opened 390 points higher at 46,103 and closed at 45,701. Bank Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 46,200 while support is at 45,500.
Stocks in Spotlight
▪ Poonawalla Fincorp: Stock gained 2.8% after the company posted a 76% growth in profit in Q3 on the back of better asset quality and interest income.
▪ Indiamart : Stock surged 5.9% after the company’s topline grew 21% YoY to Rs 305 crore while profit came in at Rs 77 crore on lower employee costs.
▪ Home First Finance: Stock gained 2.2% after the NBFC’s net profit grew 34.2% growth to Rs 79 crore.
Global News
▪ Gold drifted higher on Friday buoyed by a weaker US dollar, but was set to log its biggest weekly decline in six after the Federal Reserve countered wider market expectations of an early interest rate cut.
▪ Oil was flat, but headed for a weekly gain, as traders assess Middle East tensions and oil output disruptions caused by cold weather in the US, the world’s biggest producer, along with concerns about the health of the Chinese and global economy.
▪ The dollar was on track to rise for the week on Friday, adding to solid gains so far this year, as the US economy and pushback from central bankers has caused traders to dial down expectations of swift falls in interest rates.
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