Closing Bell: Nifty at 23,150, Sensex gains 600 pts; IT stocks shine

Market Close | Nifty at 23150, Sensex rises 567 points

Indian equity indices ended on positive note with Nifty above 23,150 on January 22. At close, the Sensex was up 566.63 points or 0.75 percent at 76,404.99, and the Nifty was up 130.70 points or 0.57 percent at 23,155.35.

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 actio

Shrikant Chouhan, Head Equity Research, Kotak Securities

Today, the benchmark indices witnessed a recovery from lower levels, with the Nifty ends 131 points higher while the Sensex was up by 567 points. Among sectors, the IT index gained over 2 percent, whereas the Realty index corrected sharply shed over 4.5 percent. Technically, after the intraday correction, the market found support near 23000/75850 and bounced back sharply. However, the short-term trend of the market remains weak.

For day traders, 23000/75850 would act as a crucial support zone. If the index stays above this level, the pullback formation is likely to continue. On the higher side, the market could bounce back to the range of 23250-23325/76700-76900. Conversely, if it falls below 23000/75850 the sentiment could change below the same it could decline to 22900-22880/75600-75500.

Earnings Watch | BPCL Q3 net profit up 94% at Rs 4,649 crore Vs Rs 2,397 crore, QoQ  

Jatin Gedia – Technical Research Analyst at Mirae Asset Sharekhan

Nifty witnessed a sharp recovery from intraday lows and closed in the green up ~131 points. On the daily charts we can observe that the Nifty witnessed recovery from the psychological support level of 23000. The recovery was led by HDFC Bank, which recovered sharply from intraday lows. Going ahead we expect the recovery process to continue towards 23400.

Daily and hourly momentum indicators have a positive crossover which is a buy signal. Thus, both price and momentum indicators point towards continuation of the positive momentum which has started today. A breach below the support zone 23050 – 23000 shall lead to a decline towards 22670. Overall, our bias tilts towards a pullback over the next few trading sessions.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

After witnessing a sharp weakness on Tuesday, Nifty showed high volatility with positive bias on Wednesday and closed the day higher by 130 points. After opening with a positive note, the market made an attempt to move up further in the early part of the session. Intraday weakness got triggered from the days high in the mid part and the market witnessed a decent intraday upside bounce from the lows towards the end and closed at the highs.

A small positive candle was formed on the daily chart with lower shadow. Technically, this market action indicates an upside bounce from the lows. Though, Nifty closed higher on Wednesday, the overall market breadth was deteriorated and the broad market indices have closed sharply lower. The negative chart pattern like lower tops and bottoms is still intact.

The underlying trend of Nifty remains weak and the market seems to have shifted into a broader range of 23000-23400 levels. A decisive move above the hurdle of 23400 could open renewed buying participation in the market. However, a slide below 22975 could open more weakness down to 22800 ahead.

Vinod Nair, Head of Research, Geojit Financial Services

The benchmark indices rebounded amidst heightened volatility following better-than-expected results from a major private bank. The IT sector led gains, recovering from recent losses, while mid and small-cap stocks continued to underperform due to valuation concerns.

Apart from Banking and IT, most sectors posted losses, with the realty sector being the hardest hit for consecutive days.

The news that the US is considering lower tariffs on China may provide temporary relief, but underlying concerns persist. A moderation in the dollar index could potentially halt rupee depreciation.

Analysts believe the Nifty could see further upside if it sustains above the critical 23,000 mark in the coming sessions...Read More

Vatsal Bhuva, Technical Analyst at LKP Securities

On Wednesday, Nifty took support near its previous session low of 22,980 and formed a hammer tweezer bottom candlestick on the daily chart, signaling potential recovery toward 23,350 levels after Tuesday's decline. However, sustained bullish momentum will only emerge if Nifty closes above 23,500, where the 21-day EMA is positioned. Until then, a cautious approach is advised.

Short-term traders can focus on the 23,000–23,350 range, with 23,000 providing strong support and the 23,350–23,400 zone acting as a key resistance for the index.

Aditya Gaggar Director of Progressive Shares

The market faced persistent selling pressure, particularly in Mid and Smallcaps, which dragged the Index lower to retest the previous day's lows. However, after HDFC Bank's Q3 earnings report, there was a minor recovery, aided by gains in IT stocks, which pushed the Index higher. A broad-based uptick was observed, helping the Index finish the session at 23,155.35 with gains of 130.70 points. While IT stocks and the Pharma sector outperformed, Realty stocks fell sharply by over 4.5%. The broader market also saw a recovery, but the Mid and Smallcaps continued to underperform.

The daily chart indicates a Hammer candlestick pattern, with a potential positive divergence in the RSI. A sustained move above 23,400 could confirm this divergence while a close below 23,000 could lead to a drop toward 22,800. The 23,000 level will serve as immediate support, while resistance appears to be capped at 23,280.

Earnings Watch | HUL Q3 net profit at Rs 3,001 crore and revenue at Rs 15,408 crore

Kotak analysts warn that this prolonged tug-of-war between FIIs and DIIs could potentially strain the balance of payments, erode forex reserves...Read More

Currency Check | Rupee closes higher at 86.33

Indian rupee ended 25 paise higher at 86.33 per dollar on Wednesday versus Tuesday's close of 86.58.

Earnings Watch | Persistent Systems Q3 profit at Rs 373 crore Vs Rs 325 crore

Market Close | Nifty at 23,150, Sensex up 567 pts; IT stocks shine

Indian equity indices ended on positive note with Nifty above 23,150 on January 22.

At close, the Sensex was up 566.63 points or 0.75 percent at 76,404.99, and the Nifty was up 130.70 points or 0.57 percent at 23,155.35. About 1110 shares advanced, 2677 shares declined, and 107 shares unchanged.

Wipro, Infosys, TCS, Tech Mahindra, Sun Pharma are among the top gainers on the Nifty, while losers are Bharat Electronics, Tata Motors, Trent, Axis Bank and Power Grid.

Nifty Midcap and Smallcap indices down 1.5 percent each.

On the sectoral front, Nifty IT index rose 2 percent, while pharma and private bank indices up 0.5 percent each. On the other hand, realty index shed 4.5 percent, while media, metal, energy, consumer durables, oil & gas, PSU bank down 0.5-1.5 percent.

Brokerage Call | Morgan Stanley keeps ‘underweight’ call on Dalmia Bharat, target at Rs 1,750

#1 Q3 was another weak quarter

#2 Net revenue came below estimates

#3 Volumes were much weaker than expected but this negative was partially offset by better realisations

#4 Sense is that company prioritized sales in north/central regions where pricing was good

According to a Moneycontrol poll of nine brokerages, Hindustan Unilever's net profit for the quarter is likely to come in at Rs 2,587 crore....Read More

Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan

Indian Rupee strengthened on positive domestic equities and a soft US Dollar index. Weak crude oil prices too supported the Rupee. US Dollar fell on various incoming statements from the Trump administration regarding tariffs and soft US treasury yields.

We expect Rupee to remain largely weak on underlying strength in the US Dollar and overall weakness in the domestic markets. Importer demand for Dollars may also pressurise the Rupee. However, any extended sell off in crude oil may support the Rupee at lower levels. Markets may see some volatility on incoming statements and announcements by the Trump administration. USDINR spot price is expected to trade in a range of Rs 86.20 to Rs 86.65.

Brokerage Call | Jefferies retains ‘buy’ rating on Dalmia Bharat, target at Rs 2,070

#1 Q3 earnings were missed estimates

#2 EBITDA came lower on weak volume growth & higher than expected costs

As per the poll, 63 percent of the respondents said that they expect another 10 percent fall from current levels with another 28 percent saying the fall could be in the range of 10-20 percent. The balance nine percent believe that the markets have bottomed out....Read More

Stock Market LIVE Updates | Hindustan Unilever shares trade flat ahead of Q3 earnings

Earnings Watch | Heritage Foods Q3 net profit up 59.9% at Rs 43 crore Vs Rs 27 crore, YoY

Brokerage Call | Nomura keeps ‘reduce’ rating on Dalmia Bharat, target at Rs 1,680

#1 EBITDA miss in Q3 results as volumes disappoint

#2 Cement volumes came in below estimates

#3 EBITDA/t came in just 2 percent above estimate, largely on account of better than expected realisations

Earnings Watch | HUDCO Q3 profit at Rs 735 crore Versus Rs 519 crore, YoY

Shares of makers of jute products such as Gloster, Cheviot and Ludlow Jute were sharply higher by up to 5% in early trade on January 22, in anticipation of a higher Minimum Support Price (MSP) on raw jute for the upcoming season....Read More

Brokerage Call | Nomura downgrades IndiaMART to ‘reduce’, target cut to Rs 1,900 from Rs 3,150

#1 Unexpected decline in paying subscriber base comes due to weak addition in last 5 quarters

#2 Low gross addition with sticky high customer churn to weigh on collections growth

#3 Believe collections could remain weak in near to medium term until churn reduces

#4 Gross addition increases & subsequently, net subscriber addition improves

Earnings Watch | Tata Communications Q3 net profit at Rs 236 crore Vs Rs 45 crore, YoY

Brokerage Call | UBS keeps ‘buy’ rating on KEI Industries, target at Rs 5,750

#1 Q3FY25 results saw in-line topline, missed on margin & bottom line

#2 Key highlights for quarter include sub segment EHV cables which declined by 55 percent

#3 Post a 15 percent decline in exports for H1FY25, exports grew by 5 percent in Q3FY25

#4 HT cables saw strong growth as weak offtake in EHV cable drove capacities towards HT cables

#5 EPC revenue declined by 80 percent as company continued to defocus itself from the EPC segment

News Alert | MSP for raw jute hiked by 6% to Rs 5,650 per quintal, rise of Rs 315 compared to last year

Fiscal consolidation in the last three years has come through without sacrificing growth objectives, said BofA in a recent note. ...Read More

Earnings Alert | HDFC Bank's net profit rises 2% YoY at Rs 16,736 crore in Q3FY25 vs Rs 16,372 crore in Q3FY24

NII rises 8% YoY to Rs NII rises 8% YoY in Q3FY25 to Rs 30,653 crore vs Rs 28,471 crore in Q3FY24

Net NPA ratio grows to 0.46% in Q3FY25 vs 0.41% in Q2FY25

Gross NPA ratio rises to 1.42% in Q3FY25 vs 1.36% in Q2FY25

Earnings Alert | Polycab India total income falls 5% QoQ to Rs 5,251 crore in Q3FY25

Earnings Watch | Nuvoco Vistas Q3 net loss at Rs 61.4 crore Vs profit of Rs 31 crore, YoY

Stock Market LIVE Updates | HDFC Bank shares trade lower ahead of Q3 earnings

Analysts anticipate lower sales of blockbuster cancer drug Revlimid to squeeze Dr Reddy's margins for Q3, thereby dragging earnings growth. ...Read More

Brokerage Call | HSBC maintains ‘buy’ rating on Dixon Technologies, target at Rs 20,000

#1 Company posted a strong set of results in Q3 on the back of sharp ramp-up of the mobile business

#2 There are plans of massive investment in display fab

#3 Company sees attractive profitability, return ratios & a short payback period

#4 Expect strong earnings growth and upgrades to continue

Global Markets | Asian markets end mixed; Nikkei up, Hang Seng down 1.8%

Earnings Watch | NIIT Learning Systems Q3 profit rises to Rs 62 crore against Rs 57 crore

India Cements' net loss ballooned multi-fold YoY to Rs 428 crore in Q3FY25, compared to a modest Rs 16 crore loss in the same quarter last yea...Read More

Brokerage Call | Morgan Stanley keeps ‘overweight’ rating on Zomato, target cut to Rs 340 from Rs 355

#1 Slower growth in food delivery, growth acceleration in Blinkit pushing out profitability

#2 The lack of a clear breakeven timeline could weigh on multiples in the near-term

#3 Scenario analysis suggests support for stock in the range of Rs 195-215

Sensex Today | LIC increases stake in CONCOR to 9.81%, buys additional 41 lakh shares this month

Stock Market LIVE Updates | SRG Housing Finance board approves fund raising

The board of directors of the company at their meeting held today has approved raising of funds by issuance of upto 13,68,000 equity shares of face value of Rs 10 at an issue price of Rs 365 per share amounting to Rs 49,93,20,000to the investor on preferential issue basis.

Stock Market LIVE Updates | Polycab India Q3 net profit at Rs 464.3 crore and revenue at Rs 5,226 crore

Brokerage Call | Citi keeps ‘buy’ rating on Paytm, target at Rs 1,000

#1 Monthly transactional users bottomed out in Dec’24 with decent MoM recovery was key positive

#2 Will watch for impact on relative market share in UPI consumer payments ahead

#3 Paytm’s default loss guarantee merchant loans are scaling well

#4 Company has pivoted fully to ‘growth’ focus & cost structure allows significantly more nimbleness

Brokerage Call | MOSL keeps ‘neutral’ call on MCX, target at Rs 6,100

#1 Miss on Q3 earnings; new product launches key to re-rating

#2 Volumes were healthy with an overall jump of 102 percent YoY

#3 Management guided for momentum to sustain, driven by new product launches, increasing participation

#4 Cut EPS estimates by 4 percent/14 percent/11 percent for FY25/26/27 due to a lack of visibility on product launches

Stock Market LIVE Updates | BPCL shares trade lower ahead of Q3 earnings

There is concern that the new and cumbersome regulations will lead some RAs to either shut down their operations or make side deals with their clients that fall outside the regulator's oversight....Read More

Sensex Today | Unique investor base on NSE crosses 11 crore mark on January 20, 2025: NSE

Stock Market LIVE Updates | Shivam Autotech to raise funds via QIP

The company board approved the proposed fund raising by way of issuance of equity shares of face value of Rs 2 each of the company by way of qualified institutions placement for amount up to Rs 160 crore.

Stock Market LIVE Updates | Kaynes Technology board approves fund raising; shares trade lower ahead of results

The company board approved raising of funds through issuance of instruments or security including equity shares or any other eligible securities by way of one or more public and/or private offerings including on a preferential allotment basis and/or a qualified institutions placement and/or rights issue and/or further public offering for an amount not exceeding Rs 16,000 million.

Results Today | Coforge, HDFC Bank, HUL, BPCL, among others to announce earnings today

HDFC Bank, Hindustan Unilever, Bharat Petroleum Corporation, Coforge, Go Digit General Insurance, Gravita India, Heritage Foods, HUDCO, Laxmi Organic Industries, Nuvoco Vistas Corporation, Persistent Systems, Pidilite Industries, Polycab India, Tata Communications, Ujaas Energy, and Zensar Technologies will release quarterly earnings scorecard on January 22.

Stock Market LIVE Updates | JSW Group signs MoU with Maharashtra government for Rs 3-lakh crore investment in the state

All 10 constituents of the index had decreased by 2-7 percent, with Oberoi Realty, Prestige Estates, and Macrotech Developers experiencing the most significant losses....Read More

Earnings Watch | Cyient DLM Q3 consolidated profit down 40%

#1 Profit tanks 40.4 percent to Rs 10.99 crore Vs Rs 18.44 crore, YoY

#2 Revenue grows 38.4 percent to Rs 444.2 crore Vs Rs 321 crore, YoY

#3 EBITDA declines 4.4 percent to Rs 28.1 crore Vs Rs 29.4 crore, YoY

#4 Margin drops to 6.3 percent Vs 9.1 percent, YoY

Stock Market LIVE Updates | Aditya Birla Fashion completes fundraising of Rs 1860 cr vis QIP

The company announced the completion of a fundraise through a qualified institutional placement (QIP) of equity shares amounting to Rs 1,860 crore.

The Board has approved the allotment of 6.85 crore equity shares to eligible qualified institutional buyers (including Amansa Holdings, SBI Life Insurance, Quant Mutual Fund, HDFC Life Insurance, BofA Securities Europe SA, Maybank Securities, and Aditya Birla Sun Life Trustee) at a price of Rs 271.3 per share.

Since January 1, the Nifty 50 has corrected 2.85 percent and Sensex has fallen 3.2 percent....Read More

Earnings Watch | Jana Small Finance Bank Q3 profit declines 17.8%

#1 Profit declines 17.8 percent to Rs 110.7 crore Vs Rs 134.6 crore, YoY

#2 Net interest income grows 8 percent to Rs 592.6 crore Vs Rs 548.5 crore, YoY

#3 Gross NPA drops to 2.80 percent Vs 2.97 percent, QoQ

#4 Net NPA falls to 0.94 percent Vs 0.99 percent, QoQ

Stock Market LIVE Updates | Vodafone Idea shares down over 1%; extend fall on second day

Stock Market LIVE Updates | Vedanta shares extend fall on second day

Stock Market LIVE Updates | Zydus Lifesciences shares extend losses on second day

Stock Market LIVE Updates | HDFC Bank shares trade marginally higher ahead of Q3 earnings

Earnings Watch | Vardhman Textiles Q3 profit at Rs 210 crore against Rs 160 crore, YoY

Sensex Today | HCL Technologies shares extend gain on third day

Earnings watch | Elecon Engineering Q3 consolidated profit at Rs 108 cr Vs Rs 90 cr, YoY

Results Today | Elecon Engineering, Go Digit, Gravita India, Heritage Foods, among others to announce earnings today

HDFC Bank, Hindustan Unilever, Bharat Petroleum Corporation, Coforge, Elecon Engineering, Go Digit General Insurance, Gravita India, Heritage Foods, HUDCO, Laxmi Organic Industries, Nuvoco Vistas Corporation, Persistent Systems, Pidilite Industries, Polycab India, Tata Communications, Ujaas Energy, and Zensar Technologies will release quarterly earnings scorecard on January 22.

According to a Moneycontrol poll of nine brokerages, Hindustan Unilever's net profit for the quarter is likely to come in at Rs 2,587 crore....Read More

Stock Market LIVE Updates | Abhishek Lodha files trademark suit in Bombay High Court against Abhinandan Lodha

Sensex Today | 1.45 million shares of NLC India traded in a block: Bloomberg

Sensex Today | Cabinet may decide to hike MSP of (Raw Jute) for 2025-26 season in CCEA meet: Sources to CNBC-Awaaz

Markets@12 | Sensex up 140 points, Nifty above 23000

The Sensex was up 147.32 points or 0.19 percent at 75,985.68, and the Nifty was up 8.55 points or 0.04 percent at 23,033.20. About 747 shares advanced, 2632 shares declined, and 106 shares unchanged.

Neuland Laboratories is investing significantly in expanding its manufacturing capacities at two key facilities in Telangana to meet growing demand....Read More

Stock Market LIVE Updates | Chambal Fertilisers revises contract price from Rs 960.71 cr to Rs 992.71 cr for L&T

Stock Market LIVE Updates | LTIMindtree renews its strategic alliance with The Association of American Medical Colleges

Stock Market LIVE Updates | Bandhan Bank receives claim payout of Rs 290 crore under credit guarantee fund for Micro Unit Scheme

Stock Market LIVE Updates | ITI wins 'Aaple Sarkar Seva Kendra' order worth Rs 167 crore in Maharashtra

ITI has won a large contract from the Rural Development Department, Govt. of Maharashtra to set up, operationalize, rollout and monitor the implementation of Aaple Sarkar Seva Kendra (ASSK) in Gram Panchayats (ASSK-GP ) of Chatrapathi Sambhaji Nagar Region, Nagpur Region, and Amaravati Region of Maharashtra.

The contract also covers maintenance of systems for a period of one year.

The project cost is approximately around Rs 167 crore which includes the cost of deployment of technical manpower at the ASSK-GP, and the entailing Project Management expenses.