POST-MARKET SUMMARY 28th January 2025
On January 28, the Indian equity market ended a two-day losing streak, posting a gain, supported by strong performance in the auto, realty, and financial sectors after the RBI announced measures to boost liquidity. Despite mixed global cues, Indian indices opened higher and saw rangebound trading in the first half. However, sustained buying in the second half helped the market extend its gains, although profit booking in the last hour slightly pared the day's progress.
Among sectors, auto, bank, and realty indices rose 1-2%, while sectors such as capital goods, power, metal, oil & gas, FMCG, healthcare, and IT saw declines of 0.5-1%.
NIFTY: The index opened 131 points higher at 22,960 and made a high of 23,137 before closing at 22,957. Nifty has formed an indecisive candlestick pattern on the daily chart. Its immediate resistance level is now placed at 23,100 while its immediate support is at 22,900.
BANK NIFTY: The index opened 578 points lower at 48,642 and closed at 48,866. Bank Nifty has formed a bullish candlestick pattern with a minor lower shadow and a long upper wick on the daily chart. Its immediate resistance level is now placed around 49,050 while immediate support is around 48,700.
Stocks in Spotlight
▪ Union Bank of India: Stock surged 7% intraday, driven by a significant 28% rise in net profit for the December quarter and improved asset quality.
▪ TVS Motor: Stock gained nearly 5% after the company reported a 4% YoY rise in net profit for Q3FY25, driven by higher sales and improved efficiency.
▪ Anant Raj: Stock was locked in a 20% lower circuit following concerns that China's disruptive low-cost AI startup Deep Seek could threaten the dominance of US artificial intelligence companies, sparking a sell-off across global tech stocks.
Global News
▪ Asian markets traded lower on Tuesday following overnight losses on Wall Street, driven by a sell-off in technology stocks.
▪ European markets steadied on Tuesday, led by gains in tech and media stocks, after losses the previous day due to concerns over rising AI competition from China.
▪ Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising temperatures elsewhere dampened demand prospects.
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