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.
▪ 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.
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