POST-MARKET SUMMARY 30th January 2024

On January 30, the Indian equity benchmark erased some of the gains from the previous session, concluding lower in a volatile market. This decline was driven by selling in heavyweights and sectors such as capital goods, power, and FMCG. Investors adopted a cautious approach due to the impending FOMC meeting, interim budget, and escalating tensions in the Middle East. In terms of sector performance, all indices, except realty and PSU bank, ended in negative territory, with capital goods, FMCG, pharma, and power witnessing a decline of 0.5-1%. 

NIFTY:  The index opened 38 points higher at 21,775 and made a high of 21,813 before closing at 21,522. Nifty has formed a long bearish candlestick, which resembles a dark cloud cover pattern, on the daily chart. Its immediate resistance level is now placed at 21,600 while immediate support is at 21,480. 

BANK NIFTY: The index opened flat at 45,481 and closed at 45,367. Bank Nifty has formed a bearish candlestick with upper and lower shadows on the daily chart. Its immediate resistance level is now placed at 45,660 while support is at 45,150.

Stocks in Spotlight

▪  Marico:  Stock gained 1.4% after the FMCG company’s net profit grew 16% to Rs 386 crore in the December quarter.

▪  LIC: Stock gained 1.9% and crossed its issue price for the first time after RBI allowed the insurer to increase its stake in HDFC Bank.

▪  BPCL: Stock gained over 2% after the company’s consolidated net profit jumped 82% year-on-year in the October-December quarter.

Global News

▪  Gold prices rose on Tuesday supported by a slightly weaker dollar and lower Treasury yields as investors primed for the U.S. Federal Reserve’s policy meeting for updates on the timing of its interest rate cuts.

▪  The pan-European Stoxx 600 rose 0.1% by 1:30 p.m. London time, with sectors trading in positive territory. Media stocks were up 0.9% while food and beverage stocks were down 0.9%.

▪  The euro steadied on Tuesday after data showed the euro zone narrowly avoided a technical recession in the fourth quarter.

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