Market today: Frontline indices Sensex and Nifty lost most of the day’s gains and are seen trading flat on the afternoon of January 15 amid weakness in auto, banking and pharma stocks. Midcaps have also lost most of their gains. While smallcaps have continued to perform well. Around 2 pm, the Sensex was trading around 76,504, down nearly 500 points from the day’s high, while the Nifty had fallen below 23,200. However, the market trend remains positive as around 2,123 stocks advanced, 1,296 stocks declined and 101 stocks remained unchanged.
Despite intraday selling, analysts say Nifty’s reversal has formed a “Bullish Harami” pattern, indicating that bulls will have to take Nifty above 23,340 for further gains. Akshay Chinchalkar, Research Head, Axis Securities, said that as the January 17-23 deadline approaches, support between 22,830 and 23,000 and resistance between 23,355 and 23,470 will remain under close watch.
VK Vijayakumar, chief investment strategist, Geojit Financial Services It said that as the inauguration of US President-elect Donald Trump approaches, clarity is expected on Trump’s actions and their potential impact on the market. He further said that there are reports that Trump may start with a modest tariff increase. This will put pressure on big American exporters, but there will remain room for negotiation. If this happens, it may stop further rise in the dollar and US bond yields. Till this happens, FII selling may continue. Due to which there will be no rise in the market at present.
Talking about different sectors, Nifty Realty Index has been the best performer. After that is Nifty Metal and Nifty PSU Bank index. PSU banking stocks in particular are seeing action after the government approved a plan to raise Rs 10,000 crore for five public sector banks through QIP.
There has been a good rise in power stocks included in Nifty. In which NTPC, Power Grid and Coal India have registered a growth of up to 4 percent. This was followed by Trent and Maruti Suzuki India. Talking about the decline, Bajaj Twins created pressure and remained among the top losers of Nifty, after this, decline was also seen in M&M, Shriram Finance and Axis Bank.
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The name of Shoppers Stop was included in today’s most talked about stock. Shoppers Stop’s profits have seen an increase of 37 percent on an annual basis. Today this stock has gained 11 percent. Sula Vineyards also attracted the attention of investors. After announcing the highest ever earnings in the third quarter, today the stock has seen a rise of up to 4 percent.
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