The Indian equity benchmarks erased some of the previous session's gains as they ended lower in a volatile season held on a Saturday, with selling seen in FMCG, information technology (IT) and realty names.
At close on January 20, the Sensex was down 260 points, or 0.36 percent, at 71,425 and the Nifty was down 37 points, or 0.17 percent at 21,586.
The market will remain shut on January 22, as the Maharashtra government has declared a public holiday and the Centre a half day on the occasion of inauguration of the Ram temple in Ayodhya.
Stocks and sectors
Top losers on the Nifty included HUL, M&M, TCS, IndusInd Bank and HCL Technologies, while gainers were Coal India, Adani Ports, Adani Enterprises, Kotak Mahindra Bank and ICICI Bank.
On the sectoral front, bank, metal, power indices were up 0.5-1 percent, while FMCG, Information Technology, pharma and realty were down 0.4-1 percent.
The broader market did better than benchmarks. BSE midcap and smallcap indices gained 0.4 percent each.
During the week, the Sensex and the Nifty shed 1.5 percent each.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,710.76 | -7.25 | -0.01% |
| Nifty 50 | 24,741.00 | 6.70 | +0.03% |
| Nifty Bank | 54,114.55 | 39.10 | +0.07% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Eicher Motors | 6,580.50 | 155.50 | +2.42% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| ITC | 407.35 | -8.55 | -2.06% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26320.60 | 325.75 | +1.25% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 34635.80 | -507.30 | -1.44% |
A long build-up was seen in Balkrishna Industries, Apollo Tyres and MRF, while a short build-up was seen in Hindustan Unilever, Ipca Lab and Can Fin Homes.
Among individual stocks, a volume spike of more than 900 percent was seen in Bandhan Bank, Ashok Leyland and PVR Inox.
More than 350 BSE stocks, including Swan Energy, Rail Vikas Nigam, NBCC (India), JK Paper, IRFC, Ircon International, Intellect Design, HUDCO, and Aarti Industries, touched their 52-week high. Click here for the full list
Outlook for January 23
Aditya Gaggar, Director, Progressive Shares
The markets started the session on a strong note but selling in some heavyweights dragged the Nifty down.
Banking names, especially PSU banks, delivered a strong performance, while FMCG and tech sectors were the laggards. A robust move was seen in tyre stocks, while the rally in railway counters extended further.
The Nifty made a bearish engulfing candlestick on the daily chart. The index will likely oscillate in the 21,500-21,700 range.
Rupak De, Senior Technical Analyst, LKP Securities
The consolidation phase may persist for the next few days or until the Nifty stays within 21,500-21,700 range. Only a decisive breakout on either side can initiate a directional move. A significant decline below 21,500 can see the index decline to 21,300 and below. A robust breakout above 21,700 is needed for the resumption of the uptrend.
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