POST-MARKET SUMMARY 20 January 2024

On January 20, Indian equity benchmarks witnessed a reversal of some of the gains from the previous session, closing lower in a volatile Saturday trading session. The market is scheduled to remain shut on January 22, following the declaration of a public holiday by the Maharashtra government and a half-day by the Centre, in observance of the inauguration of the Ram temple in Ayodhya. Across sectors, bank, metal, and power indices posted gains of 0.5-1%, while FMCG, IT, pharma, and realty saw declines ranging from 0.4% to 1%. 

NIFTY:  The index opened 84 points higher at 21,706 and made a high of 21,720 before closing at 21,571. Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 21,680 while immediate support is at 21,550. 

BANK NIFTY: The index opened 288 points higher at 45,989 and closed at 46,058. Bank Nifty has formed a small-bodied bullish candlestick with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 46,250 while support is at 45,500.

Stocks in Spotlight

▪  IREDA:  Stock surged 10% to get locked in an upper circuit after the company’s net profit grew 67% to Rs 335.5 crore on robust loan book growth and reduction in bad debt.

▪  Tejas Networks: Stock fell 5.7% after the company posted a net loss of Rs 44.9 crore in the December quarter, widening the loss from Rs 15.20 crore in the year-ago period, impacted by higher input costs.

▪  NHPC: Stock rallied 9.5%, a day after the company successfully closed an offer for sale during which the government offloaded 3.5% stake in the company at a floor price of Rs 66.

Global News

▪  Gold firmed on Friday but still notched its second down week in three as comments from Federal Reserve policymakers throughout the week lowered expectations of an early 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 US dollar edged lower on Friday, pausing after five straight sessions of gains but still poised for a weekly climb, as recent economic data and comments from Federal Reserve officials dampened expectations of rapid cuts in interest rates.

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