POST-MARKET SUMMARY 22nd January 2025
On January 22, Indian markets closed higher after a volatile session, recovering from seven-month lows, supported by gains in technology stocks. Broader markets, however, underperformed with mid-cap and small-cap indices dropping over 1%.
Sectoral performance was mixed, with Nifty IT, Nifty Pharma, and Bank Nifty recording gains. Meanwhile, the Nifty Realty index was the biggest laggard, falling 4%, reflecting weakness across most stocks.
NIFTY: The index opened 75 points higher at 23,099 and made a high of 23,169 before closing at 23,155. Nifty has formed a Hammer candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,250 while its immediate support is at 23,050.
BANK NIFTY: The index opened 119 points higher at 48,689 and closed at 48,724. Bank Nifty has formed a Hanging Man candlestick pattern on the daily chart. Its immediate resistance level is now placed around 48,980 while immediate support is around 48,450.
Stocks in Spotlight
▪ HDFC Bank: Stock climbed 1.4% following the release of Q3FY25 results. The bank reported a 2.2% increase in net profit to Rs 16,736 crore while net interest income grew 8% YoY to Rs 30,690 crore. Also read: HDFC Bank Q3FY25 Results: Performance Highlights & Investment Insights
▪ Neuland Laboratories: Stock jumped over 5% after the company announced that its board of directors approved capital expenditures totalling Rs 342 crore for capacity expansion at its facilities in Telangana.
▪ ICICI Prudential Life Insurance: Stock fell almost 6% after the company reported a miss on margins for Q3FY25. Despite a 43% surge in net profit, the value of new business (VNB) margins fell short of expectations.
Global News
▪ European markets advanced, mirroring the positive sentiment seen in global markets since the start of the week.
▪ Asian stocks showed mixed performance on Wednesday, with Chinese markets declining after remarks from President Donald Trump about imposing a 10% tariff on China.
▪ Gold prices climbed to nearly a three-month high on Wednesday, driven by uncertainty over U.S. President Trump’s policies and a weaker dollar.
▪ Oil prices rose on Wednesday, supported by a weaker dollar and concerns over U.S. inventories and proposed tariffs by President Trump.
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