Indian equity markets extended their winning streak for the second consecutive session on January 28, supported by buying interest in energy and metal names.
After opening on a positive note, the market advanced further in the first half, with the Nifty testing an intraday high of 25,372.10. However, mid-session profit booking pared most of the gains, but final hour buying helped to close near day's high.
At close, the Sensex was up 487.20 points or 0.60 percent at 82,344.68, and the Nifty was up 167.35 points or 0.66 percent at 25,342.75.
The broader indices outshone the benchmarks, with Nifty Midcap index adding 1.66 percent and smallcap index rising 2.26 percent.
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Among the sectors, media, metal, energy, oil & gas, realty, PSU Bank indices rose 1-4 percent, while FMCG, Consumer Durables, pharma ended lower.
Bharat Electronics, ONGC, Eternal, Coal India and Hindalco Industries were among the major gainers on the Nifty, while losers were Tata Consumer, Asian Paints, Maruti Suzuki, Max Healthcare and Sun Pharma.
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| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 76,034.42 | -829.29 | -1.08% |
| Nifty 50 | 23,639.15 | -227.70 | -0.95% |
| Nifty Bank | 55,100.95 | -634.80 | -1.14% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Coal India | 470.10 | 23.35 | +5.23% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| M&M | 3,031.20 | -137.00 | -4.32% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Energy | 36834.35 | 695.85 | +1.93% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 25098.00 | -828.00 | -3.19% |
In stock specifics, TVS Motor Company shares rose 4.7% as Q3 profit rose 52%, MIC Electronics share price rose 10% on LoA of Rs 114 crore, Suzlon Energy shares jumped 4.5% on bagging 248.5 MW wind order from ArcelorMittal, Asian Paints shares slipped 4% on weak earnings, Vishal Mega Mart shares shed 3% despite better Q3 earnings and RPG Life Sciences share price slipped 6% after Q3 profit plunged 36%.
PC Jeweller shares slipped 3.5% despite better Q3 results, Bikaji Foods International share price jumped 2% after profit surged 116%, Gopal Snacks shares surged 4% on robust earnings, Vedanta shares gained 4% on selling up to 6.7 crore equity shares of Hindustan Zinc via OFS, and RVNL shares surged 6 % on emerging as lowest bidder for an order worth Rs 242.5 crore.
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More than 240 stocks touched their 52-week lows, including Concord Biotech, OneSource Specialty Pharma, Syngene International, Gujarat Fluorochemicals, Poly Medicure, Jyothy Labs, Brigade Enterprises, Honeywell Automation, among others. Click to View More
More than 80 stocks touched their 52-week high, including Hindustan Copper, Oil India, ONGC, MCX India, GE Shipping, NALCO, Vedanta, Hindalco, Coal India, Jindal Steel, APL Apollo, Tata Steel, SBI, Axis Bank, SAIL, Tech Mahindra, JSW Steel, Federal Bank, Hindustan Zinc, among others. Click to View More
New Listing
Shares of Shadowfax Technologies ended 12 percent lower on their stock market debut after a weak listing. The stock was listed at Rs 112.60 apiece, a discount of 9.19 percent compared with its IPO price of Rs 124 per share.
Outlook for January 29
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
After showing decent bounce back with high volatility on Tuesday, Nifty witnessed a sustainable follow-through up move on Wednesday and closed the day higher by 167 points. After opening on a positive note, the market showed volatility within a range for better part of the session. The sharp upside has emerged towards the end and Nifty closed higher.
A reasonable bull candle has been formed on the daily chart with upper and lower shadow. Technically, this market action indicates continuation of Pre-Budget rally and the market is now placed at the edge of breaking above the crucial overhead resistance of 25450 levels.
The overall chart pattern of Nifty indicates a formation of short-term bottom reversal for the market. A sustainable move above the hurdle of 25450-25500 levels could open broad based rally for the Nifty towards 25800 levels in the near term. Immediate support is placed at 25200 levels.
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities
Nifty opened on a strong note but quickly lost momentum, leading to range-bound trade for the major part of the day before sharp surge towards the last hour of the day led to Index closing 0.66% higher at 25,343. On the daily chart, the index has formed a bullish candle with a relatively long lower wick, indicating strong buying interest at lower levels. Despite the strong close above its 200-Day EMA, the Index has been hovering around this key level since last five sessions, underscoring persistent indecision and a tug-of-war between bulls and bears at this crucial long-term support.
Going ahead, the key support for Nifty is placed in the 25,200–25,150 zone, which coincides with the 200-day EMA zone. A decisive breakdown below this zone could result in Nifty extending its weakness towards 24,900, followed by 24,600 in the near term. On the upside, the 25,450–25,500 zone is expected to act as an immediate resistance zone.
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.
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