Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Join an expert panel for a webinar on Smart investments for a secure retirement January 28, 2021. Register now!

Taking Stock | Market slips from record high amid volatility; mid & smallcap underperform

Broader markets underperformed the main indices, with BSE Midcap and Smallcap ended lower by 0.6 percent and 0.4 percent, respectively.

January 13, 2021 / 04:47 PM IST

After hitting record highs, the market witnessed profit-booking and ended flat on January 13. The Sensex was down 24.79 points or 0.05% at 49,492.32, and the Nifty was up 1.40 points or 0.01% at 14,564.90.

"Following positive global cues and ease in inflation in December, the market opened with good gains. However, selling in heavyweights due to 1.9% contraction in factory output, as per IIP data, knocked down the gains in the main benchmark while the broader market followed the positive trend. Consistent foreign inflows along with better quarterly results are continuing to set the pace of the broad market," said Vinod Nair, Head of Research at Geojit Financial Services.

Among sectors, barring pharma, all other indices ended in the green. Nifty PSU Bank index added over 3 percent.

Broader markets underperformed the main indices, with BSE Midcap and Smallcap ending lower by 0.6 percent and 0.4 percent, respectively.

M&M, SBI, Adani Ports, IOC and NTPC were among major gainers on the Nifty, while losers were Bajaj Finance, HDFC, Shree Cements, Bajaj Finserv and UPL.

Close

Also Read - Gainers & Losers: 10 stocks that moved the most on January 13

Stocks & sectors

The BSE auto, bank, FMCG and Oil & gas indices rose 0.4-0.8 percent, while healthcare and realty indices shed 0.3-0.8 percent.

A volume spike was seen in Bharat Forge, BHEL and SAIL.

Long buildup was seen in HDFC AMC, Bharat Forge and Tata Chemicals, while short buildup was seen in Bandhan Bank, LIC Housing and Godrej Properties.

More than 300 stocks, including SRF, Maruti Suzuki, HUDCO and ICICI Bank hit a fresh 52-week high on the BSE.

Technical View

Nifty formed a Bearish belt hold candle on the daily scale with a long lower shadow which indicates that declines were being bought and the overall bullish undertone is intact.

It continued the formation of higher highs from the last fifteen trading sessions.

"Now it has to continue to hold above 14,400 zones to witness a fresh move towards 14,750 then 15,000 zones while on the downside major support exists at 14,300 and 14,200 levels," said Chandan Taparia of Motilal Oswal Financial Services.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Jan 13, 2021 04:26 pm

stay updated

Get Daily News on your Browser
Sections