Stock Market Updates: GIFT Nifty Indicates a Positive Start; Maruti Suzuki, BOI in Focus

The Indian stock market ended on a positive note for the third consecutive session on January 10, 2024. At close, Sensex jumped 271 points at the 71657 mark. Nifty gained 73 points and ended the session at the 21618 level.

Among sectors, pharma, information & technology, and metal indices added 0.4 percent each, while oil & gas index shed 0.5 percent.

Around 1350 stocks advanced and 1206 stocks declined while 81 stocks remained unchanged.

Technical Analysis:

On the technical front, Nifty formed a bullish candlestick pattern with a long lower shadow on the daily timeframe, indicating buying interest at lower levels. Though the Index had been able to take support from the 10-day EMA at 21550 for the last couple of sessions 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

GIFT Nifty indicates a marginally positive start for the broader index with a gain of 15.5 points

US Markets

US stocks closed higher on Wednesday as megacaps rallied. However, gains were limited ahead of inflation reports and major bank earnings later in the week.

The Dow Jones Industrial Average rose 170.57 points, or 0.45%, to 37,695.73. The S&P 500 gained 26.95 points, or 0.57 %, at 4,783.45. The Nasdaq Composite advanced 111.94 points, or 0.75 %, to 14,969.65.

Asian Markets

Asian stocks rose on Thursday ahead of US inflation data that could influence the Federal Reserve’s thinking on rate cuts, while the crypto world got a boost after exchange-traded funds (ETFs) to track bitcoin were approved in the United States.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.67% higher, on course to snap its seven-day losing streak. Japan’s Nikkei breached 35,000 for the first time since February 1990. The Nikkei was last up 1.9% at 35,085 on Thursday, according to a Reuters report.

Also read: Lupin, Oracle Financial Services Top 2 Stocks Which Can Fetch up to 13% Return

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 1,721.35 crore. Domestic institutional investors (DIIs) purchased Rs 2,080.01 crore worth of stocks on January 10.

Stocks in the news

• Maruti Suzuki: RC Bhargava, the Chairman, said that the company is discussing with the Gujarat government to secure the appropriate land parcel for setting up its second plant at an investment of Rs 35,000 crore.
• Polycab India: The Income Tax department has detected “unaccounted cash sales” of about Rs 1,000 crore from its recent raids on the Polycab group, PTI reported.
• Bank of India: Total business rose 9.9 percent YoY globally to Rs 12.76 trillion. Total deposits grew 8.66 percent to Rs 7.10 trillion. In the domestic market, total deposits rose 7.62 percent to Rs 6 trillion.
• Phoenix Mills: The firm has reported 30 percent YoY growth in gross retail collections at Rs 700 crore for the December quarter. Its total consumption jumped 24 percent YoY to Rs 3,287 crore.

Bulk Deals

• NCC Limited: Smallcap World Fund Inc bought 36,15,365 shares at Rs 185.23
• Goyal Salt Limited: Tryrock Capital Trust I sold 1,92,000 shares at Rs 177.09

Stock under F&O ban on NSE

The NSE has added Indus Towers, PVR INOX, and Zee Entertainment Enterprises to its F&O ban list for January 11

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.