POST-MARKET SUMMARY 23rd January 2025
On January 23, Indian benchmark indices closed higher, building on the previous session's gains, though they ended below their intraday peaks. Small and midcap stocks in the broader markets staged a strong recovery from the prior day's selloff, outperforming large-cap counterparts.
Sectorally, most indices ended in the green, with Nifty IT gaining nearly 2%. Consumer Durables, Automobiles, Pharma, and Media sectors also rose 1-2%. On the downside, Nifty Bank and PSU Bank indices edged lower, while Oil & Gas declined by 0.5%.
Meanwhile, in the primary market, the grey market premium (GMP) for the Denta Water & Infra Solutions IPO surged to 44%. Could this be your next big investment opportunity? Explore exclusive insights into the IPO here: Denta Water & Infra Solutions IPO Analysis 2025: Should You Subscribe?
NIFTY: The index opened 27 points lower at 23,128 and made a high of 23,270 before closing at 23,205. Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,300 while its immediate support is at 23,100.
BANK NIFTY: The index opened 119 points higher at 48,770 and closed at 48,589. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 48,800 while immediate support is around 48,400.
Stocks in Spotlight
▪ UltraTech Cement: Stock surged nearly 7% after the company reported Q3 results that exceeded estimates. Despite a 17% year-on-year decline in net profit, revenue grew 3% YoY, outperforming the expected 1.2% growth.
▪ Bharat Petroleum Corporation: Stock fell 2% after the company's December quarter earnings disappointed the market, coming in below estimates. Although profit rose nearly 20% year-on-year, it significantly missed expectations, with most brokerages anticipating a 50% jump in net profit.
▪ Amber Enterprises: Stock rallied 12% intraday ahead of the company’s Q3 earnings. The firm is expected to return to profitability this quarter after reporting a loss last year.
Global News
▪ European stocks traded slightly higher on Thursday. The pan-European Stoxx 600 rose 0.1%, while the FTSE 100 remained unchanged. Germany's DAX, France's CAC 40, and Italy's MIB each gained around 0.3%.
▪ Asian stocks showed a mixed performance on Thursday as investors are still digesting the impact of US President Donald Trump’s first few days in office, which have sent mixed signals to investors.
▪ WTI crude oil futures steadied near $75.5 after an industry report indicated the first rise in US crude stockpiles since mid-November.
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