POST-MARKET SUMMARY 24 January 2024

On January 24, Indian benchmark indices snapped a two-day losing streak and recovered some of the losses from previous sessions, closing higher in a volatile trading session. The market witnessed buying across various sectors. After a flat opening, the market fluctuated between gains and losses throughout the day but concluded near the day's high, supported by last-hour buying. Sectors such as auto, IT, capital goods, FMCG, metal, oil & gas, and power saw gains of 1-2%. The BSE Midcap and Small cap indices both registered an increase of nearly 2%. 

NIFTY:  The index opened 53 points lower at 21,185 and made a high of 21,482 before closing at 21,453. Nifty has formed a long bullish candlestick pattern on the daily chart with healthy volumes. Its immediate resistance level is now placed at 21,485 while immediate support is at 21,400.

BANK NIFTY: The index opened 526 points lower at 44,489 and closed at 45,082. Bank Nifty has formed a bullish candlestick pattern with upper shadow on the daily chart. Its immediate resistance level is now placed at 45,500 while support is at 44,550.

Stocks in Spotlight

▪  REC:  Stock surged 7.7% after the state-owned firm reported a 13.6% increase in net profit to Rs 3,269.3 crore for Q3FY24.

▪  Mahanagar Gas: Stock gained 2.5% after the company’s Q3 earnings beat market estimates. Its net profit grew 84% YoY to Rs 172.07 crore due to lower gas costs.

▪  CAMS: Stock slipped 0.25%, a day after HDFC Bank reported it had sold 2% of its share capital.

Global News 

▪  U.S. Treasury yields were lower on Wednesday while Gold eked out gains due to a lower dollar, as investors awaited a slew of economic news in the US this week for more clues on the pace and scale of the Federal Reserve’s interest rate cuts.

▪  Oil prices edged lower, weighed down by concerns over tepid demand although escalating geopolitical tensions limited the losses.

▪  The yen rose today as Japanese bond yields climbed sharply on hopes that ultra-loose monetary policy will soon end, while the dollar fell as the euro and pound advanced.

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