Stock Market News Today: GIFT Nifty Indicates Flat Start; Grasim, RBL Bank, Lupin in Focus

The Indian stock market ended on a strong note on January 4, 2024, after 2 consecutive days of losses. Sensex jumped 490 points at the 71847 mark. Nifty rallied 141 points and ended the session at the 21658 mark.

On the sectoral front, the realty index surged 6 percent followed by power which added 2 percent. Banks, capital goods, pharma, and oil & gas gained 0.5 percent each.

Around 1691 stocks advanced and 874 declined while 100 stocks remained unchanged.

Technical Analysis:

On the technical front, Nifty formed a small bullish candlestick pattern on the daily timeframe resembling closer to a bullish Inside Day-type candle pattern. Overall a consolidation amidst the broader range of 21500-21850 can be seen in the immediate term. On the oscillator front, the Index is exhibiting of presence of negative divergence in the daily RSI which calls for a cautious approach in the market.

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 NO’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 negative start for the broader index with a gain of 12 points.

US Markets

The S&P 500 and Nasdaq Composite closed lower on Thursday, extending their losing streak that kicked off 2024, although the Dow Jones Industrial eked out a win on the back of financial stocks and strong jobs data.

For the S&P 500, this is the worst start to a year since it began 2015 with a three-session skid, as tech-focused investors continued to take profits after a blistering rally in the final weeks of last year.

The S&P 500 lost 16.13 points, or 0.34%, to end at 4,688.68 points, while the Nasdaq Composite lost 81.91 points, or 0.56%, at 14,510.3. The Dow Jones Industrial Average rose 10.15 points, or 0.03%, to 37,440.34.

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

Asian Markets

Asia-Pacific markets were mostly higher Friday, after falling for the first few trading days of the new year. Investors will be watching Southeast Asia’s economic data due later in the day.

Hang Seng opened about 0.2% lower. In Australia, the S&P/ASX 200 edged 0.12% higher, after suffering two straight days of losses. Japan’s Nikkei 225 rose 0.55%, while the broader Topix added 0.66%. South Korea’s Kospi dipped 0.06%.

FII and DII data

Foreign institutional investors (FIIs) bought shares worth Rs 1,513.41 crore. Domestic institutional investors (DIIs) sold Rs 1,387.36 crore worth of stocks on January 4

Stocks in the news

• Grasim Industries: The Aditya Birla Group company has received approval from the Board of Directors for the rights issue worth Rs 3,999.80 crore and set the issue price at Rs 1,812 per share.
• Dabur India: The company said the quarter ended December FY24 witnessed sequential improvement in demand trends. The consolidated revenue is expected to register mid to high-single-digit growth during Q3 FY24.
• Lupin: The pharma company received tentative approval from the United States Food and Drug Administration (US FDA) for its abbreviated new drug application for Dapagliflozin and Saxagliptin tablets, which are available in 5 mg/5 mg and 10 mg/5 mg strengths, to market a generic equivalent of Qtern tablets from AstraZeneca AB.
• L&T Finance Holdings: The firm said retail disbursements for Q3FY24 are estimated at Rs 14,500 crore, a growth of 25% on a YoY basis.
• RBL Bank: The bank has registered a 13 percent on-year growth in total deposits at Rs 92,743 crore for the quarter ended December FY24, with retail LCR deposits growing 16 percent YoY to Rs 41,209 crore.
• Torrent Pharma: The company has established a wholly-owned subsidiary named Farmacéutica Torrent Colombia SAS in Colombia, effective January 3, 2024, to expand its international operations.

Bulk Deals

Sobha Limited: Dendana Investments Mauritius Limited bought 5,09,500 shares at Rs 1269.57

Rox Hi-Tech Limited: Nav Capital VCC – Nav Capital Emerging Star Fund sold 1,18,400 shares at Rs 177.51.

Stock under F&O ban on NSE

The NSE has added Chambal Fertilisers & Chemicals, Escorts Kubota, GNFC (Gujarat Narmada Valley Fertilisers & Chemicals) and India Cements to its F&O ban list for January 5

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.