POST-MARKET SUMMARY 31st January 2024

On January 31, equity benchmarks witnessed a 1% surge, supported by widespread buying activity a day ahead of the budget and in anticipation of the outcome of the US Federal Reserve meeting. All sectoral indices concluded in positive territory, with auto, bank, healthcare, power, metal, and realty sectors experiencing gains of 1-2%, except for capital goods. 

NIFTY:  The index opened 35 points lower at 21,487 and made a high of 21,741 before closing at 21,725. Nifty has formed a long bullish candlestick pattern on the daily chart with healthy volumes. Its immediate resistance level is now placed at 21,800 while immediate support is at 21,640.

BANK NIFTY: The index opened 72 points lower at 45,295 and closed at 45,996. Bank Nifty has formed a long bullish candlestick pattern on the daily chart with strong volumes. Its immediate resistance level is now placed at 46,200 while support is at 45,500.

Stocks in Spotlight 

▪  Voltas:  Stock jumped 7% a day after the company reduced its net losses in the December quarter.

▪  Cochin Shipyard: Stock jumped 3.6% a day after the company announced strong results in Q3FY24.

▪  VIP Industries: Stock fell 4% intraday after the company’s net profit declined 83.78% year on year to Rs 7.15 crore in Q3.

Global News

▪  Gold prices are set to end the first month of 2024 in negative territory, snapping a three-month gaining streak on Wednesday, as investors reduced their expectations of early interest rate cuts this year as they await the U.S.

▪  European stocks were cautiously higher Wednesday afternoon as investors look ahead to the latest monetary policy decision from the U.S. Federal Reserve and digest corporate earnings.

▪  The dollar was edging higher on Wednesday and headed for its biggest monthly gain since September while the yen was set for its sharpest monthly drop in almost a year.

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