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Taking Stock | Market ends flat amid volatility; autos shine, financials a drag

The BSE midcap and smallcap indices shed 0.3-0.4 percent.

January 24, 2023 / 04:22 PM IST
On the sectoral front, the Nifty auto index was up 1 percent and the information technology index rose 0.7 percent.

On the sectoral front, the Nifty auto index was up 1 percent and the information technology index rose 0.7 percent.

The Indian equity market ended flat in the volatile session on January 24 with the Sensex rising 37.08 points or 0.06 percent to end at 60,978.75, while the Nifty was down 0.20 points or 0.00 percent to close at 18,118.30.

The Indian market extended the previous session's gains as it opened higher amid positive global cues and remained in the green area for the most part of the session. However, profit booking erased all the intraday gains to close with little change.

"Mirroring robust global peers, the domestic market extended previous gains driven by auto stocks. However, due to selling pressure in banking shares, the indices anchored close to the flatline," said Vinod Nair, Head of Research at Geojit Financial Services.

"Auto stocks were in focus prior to the earnings results of the sector major. Hopes of a soft landing of the US economy along with the anticipation of a lesser rate hike boosted global bourses," he added.

Stocks and sectors

Tata Motors, Maruti Suzuki, Bajaj Auto, HCL Technologies and HDFC Bank were among the biggest gainers on the Nifty. The losers were Axis Bank, Dr Reddy's Laboratories, Hindalco Industries, Grasim Industries and Power Grid.

On the sectoral front, the Nifty auto index was up 1 percent and the information technology index rose 0.7 percent, while infra, pharma, PSU Bank, metal and energy were down 0.6-1.4 percent.

Also Read: Maruti Suzuki Q3: Profit zooms 130% to Rs 2,391 crore, revenue up 25%

IndexPricesChangeChange%
Sensex73,651.35655.04 +0.90%
Nifty 5022,326.90203.25 +0.92%
Nifty Bank47,124.60338.65 +0.72%
Nifty 50 22,326.90 203.25 (0.92%)
Thu, Mar 28, 2024
Biggest GainerPricesChangeChange%
Bajaj Finserv1,643.8561.20 +3.87%
Biggest LoserPricesChangeChange%
Shriram Finance2,359.80-26.55 -1.11%
Best SectorPricesChangeChange%
Nifty PSU Bank7007.25178.70 +2.62%
Worst SectorPricesChangeChange%
Nifty IT34898.15153.85 +0.44%

The BSE midcap and smallcap indices shed 0.3-0.4 percent.

On the BSE, healthcare, metal, and realty indices were down 1 percent each, while bank, capital goods and power were down 0.5 percent each. On the other hand, the auto index rallied 1 percent and the information technology index was up 0.6 percent.

On the BSE, Sunflag Iron & Steel, Lloyds Steels Industries and Gravita India touched their 52-week high. On the other hand, Aarti Industries, Educomp Solutions, Gayatri Projects, Gland Pharma, Indus Towers, Laurus Labs, Mercator and Sintex Industries touched their 52-week low.

Among individual stocks, a volume spike of more than 1000 percent was seen in Indiabulls Housing Finance, GNFC and Honeywell Automation.

A short build-up was seen in ICICI Lombard General Insurance Company, Indiabulls Housing Finance and Delta Corp. A long build-up was seen in Hero MotoCorp, Coforge and L&T.

Outlook for January 25

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

The Nifty had a gap-up opening on January 24 and crossed the swing high of 18,184. However, it couldn’t sustain itself in the higher territory. The hourly upper Bollinger Band has become flat and is keeping pressure on the higher side. As a result, the Nifty stayed back in brief consolidation mode.

It is forming a base near the key hourly and the daily moving averages. On the daily chart, the index is forming higher top higher bottom and is expected to see an upward trajectory.

In the short term, the Nifty is expected to surpass the key hurdle zone of 18,260-18,300 and head towards 18,500. On the other hand, the level of 18,000 will provide a cushion on the downside.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Investors are in a wait-and-watch mode ahead of the next week's Budget and hence taking a cautious stance. While valuations are still on the higher side, selective profit-taking could continue. Also, the upcoming US Federal policy will be keenly followed as any rate hike above expectations could trigger a major downfall.

Technically, the Nifty has found resistance near 18,200 and has also formed a double top formation on intraday charts which is broadly negative. In addition, the index has also formed a small bearish candle indicating further weakness from the current levels.

For the bulls, 18,200 would be the fresh breakout level and above the same, it could move up to 18,400-18,500. On the flip side, 18,050 or 20-day SMA would be the sacrosanct support zone and below the same, the index could slip to 17,900.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Rakesh Patil
first published: Jan 24, 2023 04:02 pm

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