Stock Market News Today: GIFT Nifty Indicates a Negative Opening for Indian Indices

The Indian stock market ended in the red but closed off the day’s low. At close, Sensex was down 379 points at the 71892 mark. Nifty shed 76 points and closed the session at the 21665 mark.

Among sectors, the pharma index was up 2.5 percent, while auto, realty, capital goods, bank, and Information Technology were down by 1 percent each.

Technical Analysis:

On the technical front, Nifty formed a bearish candlestick pattern with a long lower shadow on the daily charts. It indicates some buying interest at lower levels. Such formation usually ends up with a short-term reversal pattern.

The index has been residing in the overbought zone for the past couple of weeks, and there are indications of negative divergence in the daily RSI which also calls for a cautious approach in the market Hence it seems that the Index in all likelihood can enter into a consolidation phase amidst the broader range of 21550-21850.

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 marginally negative start for the broader index with a loss of 18 points.

US Markets

The S&P 500 and Nasdaq Composite closed the first trading session of 2024 lower. They were weighed by a fall in Apple shares after a broker downgrade and declines among other big-tech names triggered by a move higher by Treasury yields.

The S&P 500 lost 27 points, or 0.57%, to end at 4,742.83 points. The Nasdaq Composite lost 245.41 points, or 1.63%, to 14,765.94. Dow Jones Industrial Average rose 25.5 points, or 0.07%, to 37,715.04.

Also read: NPCI launches UPI-Based System for Secure & Streamlined Secondary Market Trading

Asian Markets

Asia-Pacific markets fell on January 3. In Australia, the S&P/ASX 200 retreated 1 percent after nearing its all-time high on Tuesday. South Korea’s Kospi dropped 1.36 percent.

FIIs and DIIs

Foreign institutional investors (FIIs) bought shares worth Rs 1,602.16 crore. Domestic institutional investors (DIIs) sold Rs 1,959.04 crore worth of stocks on January 2.

Stocks in the news

• Coal India: The company supplied an all-time high volume of 98 million metric tonnes (mts) to non-regulated sector (NRS) consumers until December FY24. This translates to a whopping 23 million metric tonnes increase, with 31 percent growth over the 75 million metric tonnes of the same period last fiscal. With increased production and maximized supplies through all modes of dispatch, Coal India’s offtake to power plants in the country rose to 454 MT during April–December FY24. This is 8 metric tons higher than the committed quantity of 446 metric tonnes for the period. Compared to 433 mt of April–December last year, the increase is 21 mt, with around 5 percent growth.
• Rail Vikas Nigam Limited: The joint venture KRDCL-RVNL has received a letter of acceptance for major upgradation and redevelopment of Varkala Sivagiri railway station. The project cost is Rs 123.36 crore. Further, Rail Vikas Nigam has signed a MoU with REC for mutual benefits by way of RVNL presenting bankable projects with an assured or projected source of revenue or returns and REC exploring the scope and spread of providing finances to such projects directly with pre-stipulated conditions and returns for itself.
• Yes Bank: The bank has registered 11.9 percent on-year growth in loans and advances at Rs 2.17 lakh crore and 13.2 percent growth in deposits at Rs 2.41 lakh crore for the quarter ended December FY24, while CASA jumped 12.2 percent to Rs 71,749 crore.
• MOIL: The firm achieved the best-ever monthly production of manganese ore and registered production of 1.85 lakh MT in December 2023, which is 31 percent higher YoY. In FY24 so far, it has registered a 41 percent YoY growth in production at 12.73 lakh MT of manganese ore.

Bulk Deals

• VST Industries: Radhakishan Shivkishan Damani bought 2,22,935 shares at Rs 3390. Also, SBI Mutual Fund bought 2,25,000 shares at Rs 3390. However, DSP Mutual Fund sold 2,50,000 shares at Rs 3390 and HDFC Mutual Fund sold 2,00,000 shares at Rs 3390.13.
• PDS Limited: Malabar India Fund Limited bought 10,00,000 shares at Rs 505.17
• Sarveshwar Foods Limited: AG Dynamic Funds Limited sold 48,04,343 shares at Rs 6.01

Stock under F&O ban on NSE

The NSE has added Delta Corp, Indian Energy Exchange, SAIL and Zee Entertainment Enterprises to its F&O ban list for January 3.

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.