Stock Market News: GIFT Nifty indicates a negative start; Jio Financial, RVNL in Focus

The Indian stock market ended in the green for the fifth consecutive session on January 15, 2024. At close, Sensex surged 759 points at the 73,327 mark. Nifty rallied 202 points and ended the session at 22,097.

Among sectors, except metal, all other sectoral indices ended in the green with the Information Technology, PSU Bank, and Oil & Gas up 1 percent each.

Around, 1383 stocks advanced and 1217 stocks declined while 75 stocks remained unchanged.

Technical Analysis:

On the technical front, Nifty formed a bullish candlestick pattern with a long lower shadow on the daily timeframe. This indicates buying interest at lower levels. Nifty has given Flag pattern breakout on a daily scale. This breakout was accompanied by the formation of a substantial bullish candle, enhancing the significance of the upward movement.

As the index is trading at an all-time high level, all the moving averages and momentum indicators are collectively indicating a robust and sustained bullish momentum in the index. Daily RSI has found support in the zone of 61-62 and witnessed a smart recovery followed by a bullish crossover thus supporting the bullish structural extension. On
the way down, the level of 21100-21300 is very crucial as it happens to be the 23.6 percent Fibonacci retracement level, coinciding with the upward rising trendline adjoining the lows of November 2023 and December 2023.

Going ahead, as per the pattern, the upside target is placed at the 22300-22400 level. While, on the downside, the zone of 21650-21600 will act as crucial support for the index.

GIFT Nifty

GIFT Nifty indicates a negative start for the broader index with a loss of 43 points.

Asian Markets

Asian shares dropped to a one-month low. US stock futures fell and the dollar rose on Tuesday as hawkish remarks from central bankers tempered expectations for interest rate cuts and traders waited to hear from the Fed’s influential Christopher Waller.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1% to its lowest since mid-December. Japan’s Nikkei looked set to snap a sharp six-session winning streak with a 0.7% dip away from Monday’s 34-year high.

Also read: Union Bank, GSPL Top 2 Stocks Which Can Give Up To 14% Return

Stocks in the news

• Jio Financial Services: The company recorded a consolidated profit of Rs 293.82 crore for the quarter ended December FY24, against Rs 668.2 crore in the previous quarter. Total revenue from operations stood at Rs 413.6 crore against Rs 608 crore during the same period.
• PNC Infratech: The company and its subsidiary PNC Infra Holdings have executed definitive agreements with Highways Infrastructure Trust (HIT), an Infrastructure Investment Trust (InvIT), to divest 12 road assets in Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan. The enterprise value of the transaction is Rs 9,005.7 crore, together with the earn-outs.
• Rail Vikas Nigam Limited: RVNL has emerged as the lowest bidder (L1) for the supply, installation, testing, and commissioning of 11 KV line-associated works in Jabalpur city. The contract has been awarded by M. P. Madhya Kshetra Vidyut Vitaran Company for 24 months.
• BLS International Services: The firm has entered into a definitive Share Purchase Agreement through its wholly owned subsidiary BLS International FZE, UAE, to acquire a 100 percent stake in iData Danismanlik Ve Hizmet Dis Ticaret Anonim Sirketi and its wholly owned subsidiaries for enterprise value of euro 50 million (Rs 450 crore) and additional milestones based payments.

FII and DII data

Foreign institutional investors (FIIs) bought shares worth Rs 1,085.72 crore. Domestic institutional investors (DIIs) sold Rs 820.69 crore worth of stocks on January 15, provisional data from the NSE showed.

Result Today

HDFC Bank, ICICI Lombard General Insurance Company, L&T Technology Services, Federal Bank, Bank Of Maharashtra, ICICI Securities, Himadri Speciality Chemical, Jindal Saw, Newgen Software Technologies, CE Info Systems, Network 18 Media & Investments, National Standard (India), TV18 Broadcast, Gallantt Ispat, Hathway Cable & Datacom, Credo Brands Marketing, Goa Carbon, Kiran Vyapar, Lotus Chocolate Company and India Steel Works.

Bulk Deals

• Zomato Limited: Motilal Oswal Mutual Fund sold 4,50,00,000 shares at Rs 138.15
• Hi-Tech Pipes Limited: Bandhan Core Equity Fund bought 14,00,000 shares at Rs 148.5
• Vikas Lifecare Limited: AG Dynamic Funds Limited sold 2,40,03,590 shares at Rs 6.89

Stock under F&O ban on NSE

The NSE has added Biocon to the said list. It retained Bandhan Bank, BHEL, Chambal Fertilisers & Chemicals, Delta Corp, Escorts Kubota, Hindustan Copper, India Cements, Indus Towers, Metropolis Healthcare, Piramal Enterprises, Polycab India, PVR INOX, SAIL and Zee Entertainment Enterprises to the said list.

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.