Stock market: On January 23, Indian equity indices closed on a positive note with Nifty closing above 23,200. At the end of the trading session, Sensex closed 115.39 points or 0.15 percent higher at 76,520.38 and Nifty closed 50 points or 0.22 percent higher at 23,205.35. About 2017 shares advanced, 1780 shares declined and 104 shares remained unchanged. UltraTech Cement, Grasim Industries, Wipro, Shriram Finance, Eicher Motors were the biggest gainers on Nifty. Whereas shares of BPCL, Kotak Mahindra Bank, HCL Technologies, Power Grid Corp, Reliance Industries fell the most. The Nifty Midcap index rose by about 2 percent and the Smallcap index rose by 1 percent. Among different sectors, auto, consumer durables, IT, media, pharma realty had a rise of 1-2 percent. On the other hand, Oil & Gas and Private Bank indices closed in the red.
Aditya Gaggar, Director, Progressive Shares It is said that a relief growth was seen in the mid and small cap segments. Which helped the index to increase its momentum. However, due to lack of follow-through, the index remained within a range and ultimately closed the weekly expiry trades up 50 points at 23,205.35. This rise was mainly due to buying in IT shares. After that there was a boom in pharma also. On the other hand, banking indices lagged behind. Broader markets outperformed the Frontline index. Mid and smallcap indices rose more than 1 percent. As seen yesterday also, positive divergence in RSI has worked well. But to confirm the trend reversal, the index will have to break the strong resistance level located at 23,400. At the same time, on the downside, strong support is visible at 23,000.
Prashant Tapse of Mehta Equities Says that during the day the market remained in a limited range with mixed trends. The indices closed with gains due to buying in IT, telecom and realty stocks which had been badly beaten till now. The sharp fall in the rupee against the dollar is making investors restless. The results of the companies so far have not been encouraging. Besides, the budget is also near. In such a situation, investors will play safe bets by buying selected stocks and will mainly keep an eye on the global markets for further signals.
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