Markets remained range-bound for yet another session and ended marginally higher. Initially, the profit-taking in the IT majors pushed the benchmark lower but buying in the select index majors especially from energy, capital goods and FMCG space gradually pared all the losses. Consequently, the Nifty index ended higher by 0.2% at 14,596 levels. On the sector front, all the other indices ended on a flat to positive note wherein Capital Goods, Oil & Gas and FMCG were the top gainers.
We may see further consolidation in the index ahead and it would be healthy for markets. The recent rise in volatility on the stock-specific front is on expected lines and we expect this trend to continue during the earnings season. Participants should maintain extra caution in the selection of stocks now and focus more on risk management.
January 14, 2021 / 03:53 PM IST
Rohit Singre, Senior Technical Analyst at LKP Securities:
Index again closed a day on a positive note at 14596 with minimum gains of 30 points and formed a small bullish candle on the daily chart. The index has formed a good base near 14500 zones, holding above said levels we may see the index to march northwards and any dip around 14500 zones will be again a buying opportunity, immediate resistance is formed at 14650 zones above that we may see bullish momentum to continue again.
January 14, 2021 / 03:48 PM IST
Vinod Nair, Head of Research at Geojit Financial Services:
Despite better than expected results of Infosys and Wipro, IT sector witnessed selling in its opening trade. However, the sector bounced back soon which led to a recovery in the market post its weak opening. The positive opening seen in European markets also helped in raising market optimism. The wholesale price inflation for the month of December declined to 1.22% due to a decrease in WPI food index from 4.27% in November to 0.92%. Positive economic data along with improving quarterly outlook is helping the Indian market to attract more foreign funds which will keep the market liquidity high even in these high valuations.
January 14, 2021 / 03:46 PM IST
Rupee Close: Indian rupee ended higher by 11 paise at 73.04 per dollar, amid volatile trade saw in the domestic equity market. It opened marginally lower at 73.19 per dollar against previous close of 73.15 and traded in the range of 72.93-73.18.
January 14, 2021 / 03:35 PM IST
Market Close: In the volatile session the benchmark indices ended higher on January 14 with above 14,600.
At close, the Sensex was up 91.84 points or 0.19% at 49,584.16, and the Nifty was up 30.70 points or 0.21% at 14,595.60. About 1467 shares have advanced, 1489 shares declined, and 166 shares are unchanged.
UPL, BPCL, TCS, IndusInd and IOC were among major gainers on the Nifty, while losers were HCL Tech, JSW Steel, Axis Bank, Tech Mahindra and Asian Paints.
Among sectors, metal index lost 1 percent, while buying witnessed in the energy, auto, FMCG and pharma names.
January 14, 2021 / 03:32 PM IST
Dixon Tech to consider stock split:
A meeting of board of directors of the company is scheduled to be held on February 2, 2021 to consider and approve unaudited financial results (Standalone and Consolidated) of the company for the quarter ended 31st December, 2020 and consider sub-division of equity shares of the Company in such manner as may be determined by the Board of Directors.
January 14, 2021 / 03:26 PM IST
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed some swift recovery after the initial fall at the start. Market continues to show resilience to stay above 14,600. A significant breakout above the levels of 14,680 could result in improvement of market breadth and the market can rally till the levels of 14870. We retain our cautious stance and advise the traders to refrain from building a fresh buying position, until we see further improvement and breakout above 14,680.
January 14, 2021 / 03:21 PM IST
Jubilant Life issues NCDs worth 95 cr: Jubilant Life Sciences issued non-convertible debentures (NCDs) worth Rs 95 crore on private placement basis with a 5 years tenure.
January 14, 2021 / 03:12 PM IST
Abhishek Bansal, Founder Chairman, Abans Group:
Strength in the Dollar Index has put pressure on gold prices, on reports that US President elect, Biden, could announce a $2 trillion coronavirus relief aid, which have pushed the benchmark 10-year Treasury yields near ten-month highs, and supported the US Dollar Index, which is negative for gold prices. On the economic data front, US consumer price data showed slack price pressures, which are negative for gold demand as a hedge against inflation. The U.S. December CPI (ex-food & energy) rose +0.1% m/m, and +1.6% y/y, right on expectations. Gold prices are likely to get further direction from the US monetary policy outlook, when Fed Chair, Jerome Powell, participates in a virtual event later today.
The worsening pandemic is curbing global economic growth, and is likely to keep gold prices firm. The overall number of global coronavirus cases has topped 93 million, while the deaths have surged to more than 1.96 million, according to the Johns Hopkins University.
Gold prices are likely to find support at the 200-days EMA at $1,831 per ounce, while key resistance is likely to be seen around the 50-days EMA at $1,876.
January 14, 2021 / 03:01 PM IST
Rupee gains: Indian rupee has recovered and trading higher by 11 paise at 73.04 per dollar, amid buying seen in the domestic equity market. It opened marginally lower at 73.19 per dollar against previous close of 73.15.