Closing Bell: Market gains for the second day; Sensex up 225 points, Nifty above 23,200

The Indian benchmark indices extended the gain on the second consecutive session on January 15 amid buying in IT, metal, power and realty names. At close, the Sensex was up 224.45 points or 0.29 percent at 76,724.08, and the Nifty was up 37.15 points or 0.16 percent at 23,213.20.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Another day of choppy trades was witnessed as the market lacked direction. However, sentiment is likely to favor a recovery in the short term, with the potential to reach 23,400 on the higher end. The sentiment is expected to remain positive as long as the market stays above 23,000. A buy-on-dips strategy appears to work well in the current scenario.

After showing a gradual upside bounce on Tuesday Nifty extended its breather rally with range bound action on Wednesday and closed the day with minor gains of 37 points. Nifty opened on a positive note and shifted into a narrow range movement with volatility that continued for entire session.

A small red candle was formed on the daily chart with minor upper and lower shadow. This market action signal choppy movement in the market with positive bias.

The negative chart pattern like lower tops and bottoms is intact and present pull back could be in line with the new lower top of the pattern. But the lower top reversal needs to be confirmed at the highs.

The near-term trend of Nifty is still weak. A sustainable move above the hurdle 23300-23350 levels could further strengthen the upside bounce in the market. At the lows 23050 is going to be a crucial support for the market.

Markets traded in a subdued manner and ended marginally higher, extending Tuesday's trend. Following a flat opening, the Nifty moved within a narrow range before settling at 23,213.20. Sector-wise, a mixed performance continued, with gains in realty, IT, and energy, while pharma and auto sectors closed in the red. Broader indices also remained lackluster, posting gains of nearly 0.5% each.

The market seems to be pausing as recovery attempts face resistance, though select heavyweight stocks are limiting the downside. Investors are now closely eyeing earnings from Reliance, Infosys, and Axis Bank for directional cues. While the broader trend remains negative, a decisive break above 23,300 could lead to a rebound toward 23,500. On the other hand, a dip below 23,100 may trigger the next leg of a decline, pushing the index toward 22,700. Traders should align their strategies with a strong focus on risk management.

The domestic market continues to be volatile on account of elevated US bond yields, strengthening dollar, and increasing FIIs outflows. Global markets are cautious ahead of the US December CPI inflation data, which is anticipated to be in the elevated range in the short-term, limiting FED’s ability to cut rates. Also, a rise in oil prices & dollar appreciation is likely to affect domestic inflation in the near future.

The lacklustre trade comes to an end on a positive note at 23,213.20 with gains of 37.15 points. Realty emerged as the top performer, followed by IT and Energy, while Media witnessed significant correction. Pharma and Auto stocks also underperformed. Mid and Small-cap stocks outpaced the Frontline Index, showing gains of over 0.40%.

The consecutive DOJI candlestick patterns indicate indecisiveness between Bulls and Bears, though the overall trend remains bearish. A move above 23,750 could signal a reversal, while a breach of 23,050 could push the Index lower to 22,800. Immediate support is at 23,140, and resistance is at 23,350.

Indian rupee ended 28 paise higher at 86.36 per dollar on Wednesday versus previous close of 86.64.

Indian equity indices ended with a gain with Nifty above 23,200 on January 15.

At close, the Sensex was up 224.45 points or 0.29 percent at 76,724.08, and the Nifty was up 37.15 points or 0.16 percent at 23,213.20. About 2057 shares advanced, 1733 shares declined, and 104 shares unchanged.

On the sectoral front, auto, media, pharma shed 0.5-1 percent, while IT, realty, power rose 0.5-1 percent.

Axis Bank, M&M, Bajaj Finserv, Shriram Finance, Bajaj Finance were among major losers on the Nifty, while gainers were Trent, Power Grid Corp, NTPC, Kotak Mahindra Bank, Maruti Suzuki.

BSE Midcap index ended flat, while Smallcap index was up 0.3 percent.

Indian Rupee gained for the second consecutive session on weak US Dollar and soft US 10 year treasury yields. A pullback in the domestic equities and overnight decline in crude oil prices also favoured the Rupee. However, FII outflows capped sharp gains. US Dollar fell on softer than expected PPI data.

We expect Rupee to remain weak as underlying strength in the US Dollar and overall weak tone in the domestic markets may again pressurise the Rupee. US inflation is expected to remain elevated, which may lead to a recovery in the US Dollar, which may put pressure on the Rupee. Traders may take cues from CPI data from US and speeches from various Fed speakers today. USDINR spot price is expected to trade in a range of Rs 86.25 to Rs 86.65.

QIB – 77.62 times

NII - 134.08 times

Retail – 65.33 times

Overall – 90.79 times

Gross NPA at 1.80% Vs 1.84%, QoQ

#1 Don’t find encouraging signs of recovery in MFI industry

#2 Data suggests 37 percent of MFI borrowers with retail overlap are delinquent either on MFI/retail or both

#3 Note that there is an increase in slippages across retail products by 120 bps since Mar’24 to 4.3 percent

The company registered its highest ever monthly FCL volume during the month of December 2024. FCL Volume stood at 59,566 TEUs. This represents a growth of 13% as compared to the last year and 14% as compared to previous month.

Volume for the calendar year ended December 2024 stood at 6,46,090 TEUs, which is the highest ever yearly volume. This represents a growth of 9% over 2023.

4.36 million shares of the company traded two blocks: Bloomberg

The company has launched a residential project, Indiabulls Estate & Club-I, in Gurugram. The project will consist of three residential towers, comprising 387 units. Bookings for the project commenced on January 14.

Abhishek Kanodia has resigned as Chief Financial Officer of the company, effective March 6, to pursue an alternate career opportunity.

The Department of Telecommunications has extended the additional charge of the post of CMD, MTNL, assigned to A. Robert J. Ravi, for a further period of three months, effective January 15.

A. Robert J. Ravi is the CMD of BSNL.

We expect the Union Budget 2025 to especially focus on the manufacturing sector, with the sector posting a meagre growth of only 2.7% YoY in Q2 FY2025. As geo-political dynamics change and the US imposes higher tariffs on goods from China, there is clearly a great opportunity for India to capitalize, in part if not full, the demand for manufactured goods in US and other developed economies. Timely investments by the private sector is critical for that perspective.

The Production Linked Incentive (PLI) Policies and Gati Shakti Master Plan are already in place and have got partial traction. The FDI inflows in India have risen from $45.1 billion in 2014-15 to $70.9 billion in 2023-24, reflecting a steady rise in foreign investors’ confidence in establishing operations within the country.

The company has received an order from the Deputy Commissioner of State Tax, Udaipur, confirming a penalty of Rs 92.55 crore along with a tax demand and applicable interest for FY19 & FY20. The issue pertains to a dispute over Input Tax Credit.

The Board has appointed Partha Sarathi Bhattacharyya as Chairman of the company, effective January 14.

QIB – 17.13 times

NII - 91.23 times

Retail – 52.71 times

Overall – 43.81 times

#1 Higher operating revenue & lower opex lead to 6 percent beat in operating profit

#2 Raise FY25-27 EPS by 2-3 percent

#3 Steady overall and equity AUM market share; SIP flow market share declined 60 bps QoQ

#4 Build in strong operating profit CAGR of 20 percent over FY25-27 & expect it to largely track AAUM growth

The Board has approved the hiving off the medical devices business of the company to Morepen Medtech, a subsidiary of the company, on a slump sale basis as a going concern. This hiving off is subject to the receipt of the requisite regulatory approvals.

#1 Profit grows 41.7 percent to Rs 52.2 crore Vs Rs 36.9 crore, YoY

#2 Revenue increases 11.5 percent to Rs 1,379.5 crore Vs Rs 1,237.5 crore, YoY

#3 EBITDA rises 13 percent to Rs 245.8 crore Vs Rs 217.5 crore, YoY

#4 Margin expanded 20 bps to 17.8 percent Vs 17.6 percent, YoY

Indian Railway Finance Corporation has emerged as the L1 bidder for financing Rs 3,167 crore for the development of the Banhardih coal block in Latehar District, Jharkhand. This project is being undertaken by Patratu Vidyut Utpadan Nigam (PVUNL), a joint venture between NTPC (74 percent equity stake) and Jharkhand Bijli Vitran Nigam (26 percent equity stake). The Banhardih Coal Block has been allocated to PVUNL as a captive coal source.

The company's subsidiary, Adani Renewable Energy Forty Eight, has commissioned a 57.2 MW wind power component of its wind-solar hybrid project at Khavda, Gujarat. With the commissioning of this plant, the company's total operational renewable generation capacity has increased to 11,666.1 MW.

Vodafone Idea shares rise most in seven weeks

Persistent Systems today announced the launch of ContractAssIst, an AI-driven contract management solution developed in collaboration with Microsoft. Powered by Microsoft Azure, Microsoft 365 Copilot, Microsoft Teams, and advanced AI technologies, ContractAssIst simplifies workflows, enhances collaboration, and reduces operational complexity, enabling enterprises to achieve greater efficiency and optimize costs.

The Sensex was up 299.60 points or 0.39 percent at 76,799.23, and the Nifty was up 69.75 points or 0.30 percent at 23,245.80. About 2245 shares advanced, 1122 shares declined, and 89 shares unchanged.

J Kumar Infraprojects received “Letter of Award” from M/s. NBCC (India) for the project of development of Silicon City Phase-IV Group housing including allied works at Plot No. GH 01A Sector- 76, Noida (UP) on design, engineering, procurement and construction (EPC) basis with operation & maintenance for the total contract value amounting to Rs 1073,39,44,057.

QIB – 0.97 times

NII - 70.40 times

Retail – 45.14 times

Overall – 27.87 times

SEBI has approved the re-appointment of Subhasis Chaudhuri as Public Interest Director on the board of BSE for a further period of three years, effective May 19, 2025.

HDFC Life Insurance Company, L&T Technology Services, Aeroflex Industries, CEAT, Bank of Maharashtra, Mahindra EPC Irrigation, NELCO, Oracle Financial Services Software, Oriental Hotels, Punjab & Sind Bank, Reliance Industrial Infrastructure, TCI Industries, and Transrail Lighting will release their quarterly earnings scorecard on January 15.

#1 Rationalisation of commission payouts & controlled operating costs led to strong profit growth in Q3

#2 Market share has stagnated in equity AUM & SIP flows which can keep punchy valuations under pressure

#3 Raise FY25-27 EPS by 0.4-4.1 percent

The total volume for December 2024, including surface and air express, stood at 1.13 lakh tonnes, rising 7.6 percent compared to 1.05 lakh tonnes during December 2023 and up 10.8 percent compared to 1.02 lakh tonnes in November 2024.

The National Asset Reconstruction Company (NARCL) has emerged as the sole bidder to acquire Jaiprakash Associates' loans, valued at Rs 12,000 crore, from its lenders, reports CNBC-TV18, quoting sources. According to sources, no other bidders participated in the Swiss Challenge Auction conducted on January 14.