On January 23, the Indian equity market extended the losses from the previous session, witnessing a 1.5% decline in both Sensex and Nifty50. This decline was attributed to selling across various sectors, except for Pharma. Despite a robust start influenced by positive global markets, the benchmark indices faced selling pressure in most sectors. The market's losses were exacerbated as Zee Entertainment shares fell following the termination of the merger plan with the Sony Group, resulting in the market closing near the day's low. On the sectoral front, all indices, except pharma, concluded the day in the red.
NIFTY: The index opened 145 points higher at 21,716 and made a high of 21,750 before closing at 21,238. Nifty has formed a long bearish candlestick on the daily chart, which indicates a sharp downward reversal. Its immediate resistance level is now placed at 21,315 while immediate support is at 21,190.
BANK NIFTY: The index opened 437 points higher at 46,495 and closed at 45,015. Bank Nifty has formed a bearish candlestick on the daily chart. Its immediate resistance level is now placed at 45,360 while support is at 44,750.
Stocks in Spotlight
▪ Zee Entertainment: Stock fell over 32% as it hit a series of lower circuits after Japan’s Sony Pictures’ Indian arm scrapped its $10-billion merger with the Indian media giant. Several brokerages also downgraded the stock.
▪ Finolex Industries: Stock fell 3.9% after the company’s Q3 results disappointed the markets. Its net profit grew 24% YoY to Rs 89.21 crore (below estimates) and sales revenue fell 9.3% to Rs 1,019.69 crore in the quarter.
▪ Cipla: Stock jumped nearly 7% after the company reported strong performance in Q3. Net profit grew 32.7% to Rs 1049 crore. Revenue also went up by 14.2% to Rs 6,544 crore.
▪ European markets turned lower Tuesday, losing an air of positivity seen in the previous trading session.
▪ Hong Kong stocks rebounded to lead gains in Asia markets, while Japan’s Nikkei 225 index was marginally lower after the Bank of Japan kept its monetary policy unchanged in its first policy meeting of the year.
▪ The benchmark 10-year Treasury note was around 1.7 basis points higher at 4.11% Tuesday morning, ahead of Q4 GDP data in the US due for release on Thursday.
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