Indian equity indices erased previous session losses and started the (Budget) week on a solid note with Nifty and Sensex rising nearly 2 percent each on January 29 amid buying across the sectors and heavyweights.
At close, the Sensex was up 1,240.90 points or 1.76 percent at 71,941.57, and the Nifty was up 385.00 points or 1.80 percent at 21,737.60.
On the back of positive Asian markets, the Indian equity indices started on a strong note and extended the gains as the day progressed with Sensex and Nifty crossing 72,000 and 21,750, respectively, before closing near the day’s high levels.
Sensex, Nifty trade in green, Asian cues among key factors
Stocks and sectors
The biggest gainers on the Nifty included ONGC, Reliance Industries, Adani Enterprises, Coal India and Adani Ports, while losers included Cipla, ITC, LTIMindtree, Bajaj Auto and Infosys.
Among sectors, oil & gas index is up 5 percent, Power index is up 3 percent, and Capital Goods index is up 2 percent.
BSE Midcap index rose 1.7 percent and Smallcap index added a percent.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 81,053.83 | 266.53 | +0.33% |
| Nifty 50 | 24,854.00 | 80.85 | +0.33% |
| Nifty Bank | 54,253.00 | 66.10 | +0.12% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Tech Mahindra | 1,488.60 | 27.90 | +1.91% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Shriram Finance | 592.90 | -3.85 | -0.65% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 35022.60 | 712.15 | +2.08% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 27196.20 | 7.00 | +0.03% |
A long build-up was seen in ONGC, Reliance Industries and REC, while a short build-up was seen in AU Small Finance Bank, SBI Cards and United Breweries.
SJVN, Cummins India, Godrej Properties, Indian Bank, Indian Hotels, Infibeam Avenue, IRB Infrastucture, LIC Housing Finance, NBCC (India), NCC, NHPC, ONGC, PNC Infratech, Power Finance, Rain Industries, REC, Shakti Pumps, Shriram Finance, Steel Exchange, Tata Investment Corporation, among other stocks which touched their 52-week high on the BSE. Click here for the full list
Outlook for January 30
Aditya Gaggar Director of Progressive Shares:
Today's trade belonged to the Energy segment especially giants i.e. Reliance and ONGC. After commencing the week on a strong note around its crucial resistance of 21,500, the Index kept on compounding its gains in the presence of follow-through and finally settled at 21,737.60 with gains of 385 points.
Barring FMCG, all other sectors ended the day in green with Energy and PSU Banking being the top performers. In one go only, the Index has breached its multiple hurdles (21,500 & 21,700) and formed a strong bullish candle on the daily chart; however, we assume that Nifty may witness some pressure around 21,750.
It is premature to say but there is a possibility of forming an Inverted Head & Shoulder pattern. The immediate resistance is placed at 21,850 while the downside seems to be protected at 21,570.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:
The Nifty opened gap up and continued to inch higher throughout the day to close in the green up ~385 points. On the daily charts we can observe that the Nifty has breached the previous swing high of 21750 and hence violates the downtrend as the lower top lower bottom formation has been violated. During the fall the Nifty held on to the support of the 40-day average placed around 21200 which shall now act as a lower boundary during the consolidation phase.
On the upside, the Index can continue its pullback towards 21913 which coincides with the 78.6% fibonacci retracement level of the fall from 22124 – 21137 and also the gap formed on the 17th January, 2024 in the range 21850 – 22000 shall act as an immediate hurdle going ahead. The daily momentum indicator has a negative crossover however it has reached the equilibrium line and also prices are not showing weakness which can lead to a range bound action over the next few trading sessions. Considering the above parameters we shall change our outlook on the Nifty to sideways and the broad range of consolidation is likely to be 21200 – 22000.
Bank Nifty is in the process of retracing the fall it has witnessed from 48300 – 44500 and hence the pullback can continue till 46000 – 46200 from short term perspective. On the downside 45110 is the crucial support from short term perspective.
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