Nifty, Sensex extend losses, analysts expect volatility to persist in markets

With a strong revenue growth of 36 percent in H1FY24, NCC is also likely to surpass the 20 percent top-line growth guidance for FY24.

Indian benchmark indices extended losses after opening on a flat note on January 2 amid volatility and fresh concerns over the Red Sea disruptions. At 10:45 am, the Sensex was down 585.97 points or 0.81 percent at 71,685, and the Nifty was down 150 points at 21,583.

About 1141 shares advanced, 2030 shares declined, and 88 shares were unchanged.

In the broader markets, BSE Smallcap and BSE Midcap indices also traded 1 percent lower. Except Nifty Pharma, all other sectors were trading in the red.

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Coal India, Tata Motors, Tata Consumer, Bharti Airtel and Nestle India were among the major gainers on the Nifty, while losers were Eicher Motors, UltraTech Cement, Axis Bank, Infosys and Kotak Mahindra Bank.

The predominant theme in the market was volatility, evident in Nifty's trading action. "The market anticipates volatility, influenced by factors such as the surge in Covid-19 sub-variant JN.1 cases in India, FOMC minutes on January 4, and US NFP figures later in the week," said Prashanth Tapse, senior vice-president of research at Mehta Equities Ltd.

The recommended trade for Nifty is to buy at the current market price with a stop lost at 21,301 and targets at 21, 900 and 22,100, including aggressive targets at 22,500-22,750, Tapse said.

Similarly, for Bank Nifty, the suggestion is to buy at the current market price with a stop at 47,601 and targets at 48,636 and 49,000, with aggressive targets at 49,501-50,000, he added.

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The highlighted stocks for intraday trading with an inter-week perspective include Adani Ports, Bank of Baroda, Coal India, Zee Entertainment Enterprises and Tech Mahindra, said Tapse.

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