POST-MARKET SUMMARY 21st January 2025
On January 21, the Indian stock market faced significant pressure due to disappointing corporate earnings and heightened uncertainty surrounding President Trump's proposed trade policies. Adding to the challenges, President Trump's announcement of potential tariffs on Canada and Mexico next month has further unsettled investors, although China appears to be exempt for now. Also read: What Triggered the Sell-Off in Indian Markets Today?
Sectorally, Realty and Consumer Durables dropped over 4%, while Public Sector Banks, Auto, Private Banks, Pharma, and Metal sectors saw losses ranging from 1.1% to 1.7%.
NIFTY: The index opened 131 points higher at 23,421 and made a high of 23,426 before closing at 23,024. Nifty has formed a bearish Marubozu candlestick with a lower shadow on the daily chart. Its immediate resistance level is now placed at 23,100 while its immediate support is at 22,900.
BANK NIFTY: The index opened 180 points higher at 49,532 and closed at 48,570. Bank Nifty has formed a bearish Marubozu candlestick on the daily chart. Its immediate resistance level is now placed around 48,900 while immediate support is around 48,200.
Stocks in Spotlight
▪ Sunteck Realty: Stock surged nearly 11% intraday after the company reported a 281% year-on-year growth in revenue to Rs 162 crore, while EBITDA experienced a sharp 426% jump to Rs 48 crore.
▪ J&K Bank: Stock fell almost 4% after the private sector lender reported a rise in gross non-performing assets (GNPA) to 4.08% in Q3 from 3.95% in Q2. Net non-performing assets (NNPA) also increased to 0.94% compared to 0.85% in the previous quarter.
▪ Vodafone Idea: Stock fell nearly 6% after the telecom giant issued a clarification regarding the rumoured government waiver of Adjusted Gross Revenue (AGR) dues amounting to Rs 1 lakh crore for telecom companies.
Global News
▪ Gold prices surged to a more than two-month high on Tuesday as the U.S. dollar weakened. The precious metal was also supported by buying amid uncertainty surrounding Donald Trump’s trade policies.
▪ European stocks opened mixed on Tuesday as traders assessed the initial executive orders signed by newly inaugurated U.S. President Donald Trump on Monday. The pan-European Stoxx 600 started the session flat, while Germany’s DAX edged lower following its recent record high.
▪ U.S. natural gas futures rose 2% to $3.9 per MMBtu on Tuesday, recovering from recent losses, supported by tightening supply and rising heating demand. President Trump lifted the moratorium on new LNG export licenses, fulfilling a key campaign promise.
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