Stock Market News Today: GIFT Nifty Indicates a Positive Start; Titan, Narayana Hrudayalaya in Focus

The Indian stock market ended in the green amid volatility. At close, Sensex was up 178 points at the 72026 level. Nifty gained 52 points and ended the session at the 21710 mark.

Around 1377 stocks advanced and 1171 declined while 97 remained unchanged.

Among sectors, IT and Capital Goods indices rose 1 percent each, while pharma and PSU Bank indices were down 0.3-0.5 percent.

Technical Analysis:

On the technical front, Nifty formed a Doji candlestick pattern on the daily charts indicating indecisiveness among bulls and bears about the future market trend. Overall a consolidation amidst the broader range of 21500-21850 can be seen immediately in the stock market. The daily Relative Strength Index (RSI) is currently trading below its 9-day average and is in a declining mode. This negative divergence on the daily RSI signals diminishing upside momentum, adding a note of caution to the overall bullish trend.

On the way down, the Nifty has now reached the 38.2 percent Fibonacci retracement level (21,507), coinciding with the upward rising trendline adjoining the lows of
Nov’23 & Dec’23 which is likely to act as a make-or-break level for the Nifty.

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 positive start for the broader index with a gain of 12 points.

FIIs and DIIs

Foreign institutional investors (FIIs) bought shares worth Rs 1,696.86 crore. Domestic institutional investors (DIIs) sold Rs 3,497.62 crore worth of stocks on January 5.

US Markets

US stock futures were little changed Sunday night after the major averages kicked off 2024 with a down week, as traders look ahead to inflation data and big bank earnings in the week ahead.

Dow Jones Industrial Average futures fell by 35 points, or 0.1 percent. S&P 500 and Nasdaq 100 futures climbed 0.14 percent and 0.21 percent.

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

Asian Markets

Asia-Pacific markets kick-started the week with small gains as investors look ahead to key economic data and events in the following days.

In Australia, the S&P/ASX 200 started inched 0.17 percent higher. Japan’s markets are closed for a public holiday and will return to trade on Tuesday. South Korea’s Kospi opened 0.34 percent higher

Stocks in the news

• JSW Utkal Steel: The Odisha Government has given possession of total forest land (2,677.80 acres) to JSW Steel’s subsidiary, JSW Utkal Steel, for setting up a greenfield integrated steel plant for 13.2 million metric tons per annum (MTPA) of crude steel.
• Tata Steel; The company announced its provisional production and delivery volumes for the quarter that ended December FY24. India’s production volume grew by 6.4 percent YoY to 5.32 mt and delivery volumes increased by 3 percent to 4.88 mt.
• Titan Company: The firm registered revenue growth of 22 percent YoY for the quarter ended December FY24. The jewelry business grew 23 percent, the watches & wearables division showed a 21 percent growth, and the eyecare business declined 3 percent YoY. A total of 90 stores were added in this period, taking the group’s retail presence to 2,949 stores. Titan recorded 24 percent on-year growth in emerging businesses, while CaratLane registered 31 percent growth for the quarter.
• Godrej Industries: The company has signed a non-binding Memorandum of Understanding (MoU) with the Government of Gujarat.
• Jupiter Wagons: The company has received a contract worth Rs 100 crore from one of the leading automobile manufacturers for the manufacturing and supply of four double-decker automobile carrier wagons.
• Narayana Hrudayalaya: The Insurance Regulatory and Development Authority of India (IRDAI) has granted a license to Subsidiary Narayana Health Insurance to exclusively conduct the health insurance business..

Bulk Deals

1. Swan Energy Limited: Albula Investment Fund Ltd sold 30,24,000 shares at Rs 519.9
2. RBZ Jewellers Limited: BNP Paribas Arbitrage sold 4,00,000 shares at Rs 145.97

Stock under F&O ban on NSE

The NSE has added Piramal Enterprises to its F&O ban list for January 8.

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.