The Indian benchmark indices extended their winning run to a fifth session on January 15, with the Sensex and the Nifty crossing new milestones on widespread buying led by information technology stocks and positive earnings.
The Sensex ended the day 759.49 points, or 1.05 percent, higher at 73,327.94 and the Nifty 203.00 points, or 0.93 percent, at 22,097.50, their best closing, so far.
Despite mixed global cues, the indices started on a positive note and hit record highs of 73,402.16 and 22,115.55. The gains were led by buying in the information technology, oil & gas and banking names.
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The market capitalisation of the BSE listed companies rose by nearly Rs 3 lakh crore to around Rs 3.76 lakh crore from about Rs 3.73 lakh crore in the previous session.
Stocks and sectors
Wipro, ONGC, HCL Technologies, Infosys and Bharti Airtel were among the top gainers on the Nifty, while losers included HDFC Life, Bajaj Finance, Bajaj Finserv, Hindalco Industries and Eicher Motors.
Among sectors, except metal all sectoral indices ended in the green with the information technology, PSU bank, oil & gas up 1 percent each.
Index | Prices | Change | Change% |
---|---|---|---|
Sensex | 84,363.37 | 411.18 | +0.49% |
Nifty 50 | 25,843.15 | 133.30 | +0.52% |
Nifty Bank | 58,033.20 | 319.85 | +0.55% |
Biggest Gainer | Prices | Change | Change% |
---|---|---|---|
Cipla | 1,639.10 | 61.50 | +3.90% |
Biggest Loser | Prices | Change | Change% |
---|---|---|---|
ICICI Bank | 1,390.30 | -46.30 | -3.22% |
Best Sector | Prices | Change | Change% |
---|---|---|---|
Nifty PSU Bank | 7857.85 | 219.10 | +2.87% |
Worst Sector | Prices | Change | Change% |
---|---|---|---|
Nifty Auto | 27185.50 | -43.10 | -0.16% |
Broader indices touched their fresh highs during the session before closing with marginal gains.
More than 550 stocks touched their 52-week high on the BSE, including Wipro, IRFC, Alembic Pharma, DB Realty, Dredging Corporation, Engineers India, HUDCO, India Tourism, Ircon International, Man Industries, MRPL, Oracle Financial Services, Rail Vikas Nigam, Tourism Finance. Click here for the full list
Outlook for January 16
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas
The Nifty opened gap up and consolidated for most part of the day. It closed with gains of around 203 points. The rally was led IT sector heavyweights, with banking and pharma stocks also contributing. Going ahead, we can expect sector rotation to continue, which shall help the Nifty to stay at elevated levels. Sooner rather than later, we also expect the auto and FMCG sectors to start contributing to the rally.
The short-term target for Nifty is at 22,350–22,500, where resistance in the form of the weekly upper Bollinger band is placed. The 22,500 strike has the highest concentration of Open Interest on the Call side and can act as a resistance in the short term.
The overall trend continues to remain positive and dips towards the support zone of 21,900–21,850 should be used as a buying opportunity.
Bank Nifty started to form higher tops and higher bottoms on the daily charts, indicating trend reversal from down to up. It closed above the 48,000 mark and more importantly, the 20-day moving average, indicating strength. We expect the positive momentum to continue till 48,650 on an immediate basis, above which it move towards 50,000.
Aditya Gaggar, Director, Progressive Shares
Post the Flag & Pole breakout, follow-up buying was seen which strengthened the Nifty's underlying uptrend.
We remain bullish on the index for a target of 22,330, with a buy-on-dips strategy. The immediate support is at 21,920 while on the higher side, the Nifty may face resistance around 22,275.
Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities
The Nifty maintained its momentum, moving to new highs. The major support for the index is at 21,800 and a breach would be essential to negate the prevailing trend.
The immediate upside targets for the index are 22,200 and 22,300. If the index sustains above these levels, it can move towards the 22,500 mark.
Bank Nifty bulls maintained control as the index successfully surpassed the critical resistance of 48,000 on a closing basis. Market participants are closely watching the upcoming HDFC Bank results. A positive outcome for banking heavyweight can fuel push the benchmark towards 50,000. On the lower end, the support is at 47,700 and a breach may dampen the prevailing bullish sentiment.
Disclaimer: The views and investment tips expressed by investment 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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