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Taking Stock: Market hits new milestone; Nifty at 21,900, Sensex rises 847 pts

Biggest gainers on the Nifty included Infosys, ONGC, Tech Mahindra, LTIMindtree and TCS, while losers were Cipla, Apollo Hospitals, Power Grid Corporation, UltraTech Cement and Bajaj Finserv

January 12, 2024 / 16:45 IST
BSE midcap and smallcap indices up 0.4 percent each.

Indian equity indices continued their northbound journey on the fourth day (January 12) with benchmark indices hitting fresh record highs largely supported by IT stocks posting inline quarterly earnings from sector giants Infosys and TCS.

At close, the Sensex was up 847.27 points or 1.18 percent at 72,568.45, and the Nifty was up 247.30 points or 1.14 percent at 21,894.50.

Despite muted global cues, the Indian indices started the session gap up and extended the gains as the day progressed hitting a fresh all-time high led by buying across the sectors barring auto and pharma names.

BSE Sensex and Nifty50 indices touched fresh record highs of 72,720.96 and 21,928.25, respectively, with a gain of nearly a percent each this week.

Also Read: Wipro Q3 results: Net profit down 12% to Rs 2,694 crore in fourth consecutive quarterly decline

Stocks and sectors

The biggest gainers on the Nifty included Infosys, ONGC, Tech Mahindra, LTIMindtree and TCS, while losers were Cipla, Apollo Hospitals, Power Grid Corporation, UltraTech Cement and Bajaj Finserv.

Among sectors, except auto, power and healthcare, all other sectoral indices ended in the green with the IT index rising 5 percent, realty and oil & gas indices up 2 percent each.

IndexPricesChangeChange%
Sensex84,241.42-237.25 -0.28%
Nifty 5025,807.50-71.65 -0.28%
Nifty Bank58,299.90-82.05 -0.14%
Nifty 50 25,807.50 -71.65 (-0.28%)
Fri, Nov 14, 2025
Biggest GainerPricesChangeChange%
Adani Enterpris2,544.0055.80 +2.24%
Biggest LoserPricesChangeChange%
Infosys1,493.10-48.70 -3.16%
Best SectorPricesChangeChange%
Nifty PSU Bank8346.3043.25 +0.52%
Worst SectorPricesChangeChange%
Nifty IT36003.80-675.60 -1.84%

Broader indices underperformed the main indices, with BSE midcap and smallcap indices adding 0.4 percent each.

A long build-up was seen in Oracle Financial Services Software, Infosys, Coforeg, while a short build-up was seen in Metropolis Healthcare, Multi Commodity Exchange of India and Biocon.

Among individual stocks, a volume spike of more than 1400 percent was seen in Chambal Fertilisers and Chemicals, Balrampur Chini Mills and Nestle India.

Ashiana Housing, Avanti Feeds, Bank of India, Coforge, Firstsource Solutions, HCL Technologies, Infibeam Avenue, IRFC, Karnataka Bank, L&T Technology, Macrotech Developers, Mishtann Foods, ONGC, Oracle Financial Services Software, Persistent Systems, Sanghi Industries, Union Bank of India, Zuari Agro Chem, among the stocks which touched their 52-week high on the BSE. Click here for the full list

Outlook for January 15

Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities:

The Nifty index exhibited significant strength, securing a notable breakout on the daily chart as it surpassed the key resistance level of 21,800. This bullish move positions the index for potential short-term targets of 22,000 and 22,200. Traders are advised to consider buying opportunities on any dips toward the support level. The momentum indicator RSI has also provided a buy crossover, further confirming the bullish sentiment in the market.

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas:

The Nifty opened gap up and traded with a positive bias throughout the day to close with gains of ~260 points. On the Daily charts, we can observe that the Nifty has decisively broken out of the 21500 – 21850 range on the upside. The breakout suggests a resumption of trending moves on the upside. We expect the Nifty to target levels of 22000 immediately and above that 22300. On the downside, the zone of 21750 – 21700 shall act as an immediate support as per the role reversal principle.

Bank Nifty started to form higher tops and higher bottoms on the daily charts indicating trend reversal from down to up. We expect the positive momentum to continue till 48000 on an immediate basis and above that it can extend till 48500

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.

Rakesh Patil
first published: Jan 12, 2024 03:42 pm

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