POST-MARKET SUMMARY 29th January 2024

On January 29, Indian equity indices rebounded from previous session losses, commencing the Budget week impressively as both the Nifty and Sensex climbed nearly 2% each. This surge was fuelled by widespread buying across sectors and heavyweight stocks like Reliance Industries. Riding the wave of positive Asian markets, Indian equities opened strong and continued to strengthen throughout the day, with the Sensex surpassing 72,000 and the Nifty crossing 21,750 before settling near their respective day's peak levels. Noteworthy sectoral gains included a 5% rise in the oil & gas index, a 3% increase in the power index, and a 2% uptick in the capital goods index. 

NIFTY:  The index opened 81 points higher at 21,433 and made a high of 21,763 before closing at 21,737. Nifty has formed a strong bullish candlestick pattern on the daily chart, indicating sharp upside reversal in the market. Its immediate resistance level is now placed at 21,835 while immediate support is at 21,680. 

BANK NIFTY: The index opened 305 points higher at 45,171 and closed at 45,442. Bank Nifty has formed a bullish candlestick pattern on the daily chart with long upper shadow. Its immediate resistance level is now placed at 45,660 while support is at 45,150.

Stocks in Spotlight

▪  Shriram Finance:  Stock jumped 4% and hit its all-time high after the company posted strong Q3 results. The NBFC’s Asset Under Management increased 20.7% YoY to Rs 2.14 lakh crore.

▪  SBI Cards: Stock fell nearly 6% after the company’s asset quality deteriorated in the December quarter. Gross non-performing assets (NPAs) and Net NPAs came in at 2.64% and 0.96%, up from the previous quarter as well as the year-ago period.

▪  Maharashtra Seamless: Stock surged 5.6% after the company won two contracts with an aggregate basic value of Rs 116 crore from Indian Oil Corporation for supply of seamless pipes.

Global News

▪  Gold prices rose on Monday as escalating tensions in the Middle East lifted bullion’s safe-haven appeal, while moves were limited as traders awaited the U.S. Federal Reserve chair Jerome Powell’s remarks this week for cues on interest rate trajectory.

▪  The dollar was steady on Monday as investors took stock of U.S. economic data ahead of the Federal Reserve policy meeting this week, while escalating geopolitical tensions in the Middle East kept a lid on risk sentiment.

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.