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. Top Gainer: HINDALCO | Top Loser: ICICIBANK

Liquide Post-Market Summary 24th 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.

Indices closing for 24th January 2024
Major Market Indices data
Nifty Gainers & Losers

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.

This document has been issued by Liquide Solutions Private Limited for information purposes only and should not be construed as

i) an offer or recommendation to buy or sell securities, commodities, currencies or other investments referred to herein; or

ii) an offer to sell or a solicitation or an offer for the purchase of any of the baskets of Liquide Solutions; or

iii) investment research or investment advice. It does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek personal and independent advice regarding the appropriateness of investing in any of the funds, securities, other investment, or investment strategies that may have been discussed or referred to herein and should understand that the views regarding future prospects may or may not be realized. In no event shall Liquide Life Private Limited and/or its affiliates or any of their directors, trustees, officers and employees be liable for any direct, indirect, special, incidental or consequential damages arising out of the use of information/opinion herein.

With Liquide, you can explore stocks, trade securely in your own broker account, and receive expert-recommended trade setups. Stay updated with real-time tracking, market commentary, and AI-powered insights from LiMo, our intelligent bot. Whether you're a seasoned investor or a newbie, Liquide provides the tools you need to discover your next big investment opportunity. Download the app now from Google Play Store and Apple App Store to revolutionize your investment journey. Don't miss out on the chance to level up your investing game with Liquide.