POST-MARKET SUMMARY 25 January 2024

On January 25, the benchmark indices eroded gains from the previous day as banks and IT stocks faced renewed pressure. Fading hopes of US rate cuts, coupled with persistent FII selling, negatively impacted market sentiment. While realty and energy indices witnessed gains up to 0.8%, the financial services, pharma, bank, IT, FMCG, and healthcare indices all recorded declines of over 1%. 

NIFTY:  The index opened flat at 21,454 and made a high of 21,459 before closing at 21,352. Nifty has formed a small bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 21,400 while immediate support is at 21,250. 

BANK NIFTY: The index opened flat at 45,057 and closed at 44,866. Bank Nifty has formed a long bearish candlestick after breaking its 10 and 21-week exponential moving averages (EMAs) on the weekly chart. Its immediate resistance level is now placed at 45,200 while support is at 44,400.

Stocks in Spotlight

▪  UCO Bank:  Stock fell 3.4% after the lender’s net profit plunged 23% YoY to Rs 503.83 crore in Q3FY34. 

▪  Laurus Labs: Stock fell 5.6% after the pharma company reported a fourth consecutive quarterly decline in profit and revenue. 

▪  Tech Mahindra: Stock fell 5.9% after the company reported a 60.6% fall in net profit to Rs 510 crore year-on-year for the December quarter.

Global News 

▪  Gold prices edged higher on Thursday, helped by a slight pullback in the dollar, while investors awaited more U.S. economic data and the European Central Bank’s (ECB) policy decision.

▪  The dollar was broadly steady near a six-week high on Thursday, while the euro was soft before a European Central Bank policy meeting later in the day.

▪  The pan-European Stoxx 600 was down 0.4% in early afternoon deals, with most sectors trading in negative territory. Autos stocks were down 1.3% while media stocks were up 0.4%.

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