Stock Market Live: GIFT Nifty Indicates a Positive Start; TCS, Infosys, LIC in Focus

The Indian stock market ended with marginal gains on January 11, 2024. At close, Sensex added 63 points at the 71721 mark. Nifty gained 28 points and ended the session at the 21647 level.

A mixed trend was observed on the sectoral front, where the BSE Capital Goods index showed a decline of 1 percent, and the BSE IT index experienced a 0.5 percent decrease. In contrast, the BSE auto and oil & gas indices exhibited an increase of 1 percent each.

Around 1562 stocks advanced and 984 declined while 109 stocks remained unchanged.

Technical Analysis:

On the technical front, Nifty formed a bearish candlestick pattern on the daily charts. On the upside too the Index had been facing stiff resistance near 21800 levels. Thus, only a decisive move above 21800 would open the doors for the next leg of the upward move, else consolidation in the broader range of 21800-21500 wherein stock-specific action would prevail as we enter the Q3 earning season.

Going forward, the zone of 21550-21500 will act as immediate support for the index. Any sustainable move below the level of 21500 will lead to profit booking in the index. While, on the flip side, 21830-21860 will act as crucial resistance for the index. Any sustainable move above the level of 21860 will lead to the extension of the upside rally up to the level of 22050, followed by 22200 in the short-term.

GIFT Nifty

The GIFT Nifty indicates a positive start for the broader index with a gain of 21 points.

US Markets

US stocks closed little changed on Thursday as news of hotter-than-expected inflation and signs of labor market strength dampened hopes for early interest rate cuts by the Federal Reserve this year. However, a fall in Treasury yields kept declines in check.

The Dow Jones Industrial Average rose 15.29 points, or 0.04%, to 37,711.02. The S&P 500 lost 3.21 points, or 0.07%, at 4,780.24 and the Nasdaq Composite gained just 0.54 points, at 14,970.19.

Asian Markets

Asian shares were cautious on Friday as the escalating conflict in the Red Sea region sent oil prices surging, while slightly higher-than-expected U.S. inflation data did not dent investors’ views on early and aggressive rate cuts in the US and Europe.

The intensifying conflict in the Red Sea has kept shares on edge. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1%. Japan’s Nikkei gained 1.2% to another 34-year high, boosted by a weak yen.

Also read: Top 2 Buy Ideas for New Year 2024 Which Can Fetch Up To 15% Return

Stocks in the news

• Tata Consultancy Services: The IT services major has registered an 8.2 percent on-year growth in net profit at Rs 11,735 crore and a 4 percent rise in revenue at Rs 60,583 crore for the quarter ended December FY24. Infosys: The country’s second-largest IT services provider recorded a 1.7 percent QoQ decline in net profit at Rs 6,106 crore for the quarter ended December FY24 and a 0.4 percent fall in revenue at Rs 38,821 crore. Also, the firm said it will acquire leading semiconductor design services provider Insemi for Rs 280 crore.
• Tata Power Company: Subsidiary Tata Power Renewable Energy has signed a memorandum of understanding (MoU) with the Government of Gujarat to develop 10,000 MW of renewable energy power projects across multiple sites in Gujarat.
• Mahindra and Mahindra: The auto firm recorded production of 44,348 units in December 2023, down 2.1 percent compared to a year-ago period. Total sales grew by 8.9 percent YoY to 58,369 units, but exports dropped sharply by 41.3 percent to 1,819 units during the same period.
• Life Insurance Corporation of India: The company has received demand orders worth Rs 3,528.75 crore from the Income Tax authorities in Mumbai. LIC will file an appeal before the Commissioner (Appeals), Mumbai, against the said orders.

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 865 crore. Domestic institutional investors (DIIs) purchased Rs 1,607.08 crore worth of stocks on January 11, provisional data from the NSE showed.

Bulk Deals

• Polycab India Limited: Smallcap World Fund Inc sold 8,51,003 shares at Rs 3955.87
• Bharat Wire Ropes: Destinations Institutional Equities Fund A Series Of Brinker Capital Destinations Trust bought 4,15,474 shares at Rs 382.95. Also, Nhit: Global Emerging Markets Equity Trust bought 3,70,579 shares at Rs 382.95.

Stock under F&O ban on NSE

The NSE has added BHEL, Delta Corp, and Polycab India to its F&O ban list for January 12.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.