Market today: On January 10, Indian equity indices closed on a negative note and Nifty went below 23,450. At the end of trading, Sensex closed at 77,378.91, down 241.30 points or 0.31 per cent, and Nifty closed at 23,431.50, down 95 points or 0.40 per cent. Today about 777 shares rose, 3048 shares declined and there was no change in 87 shares. TCS, Tech Mahindra, Wipro, Infosys, HCL Technologies were among the biggest rising stocks on Nifty. While decline was recorded in Shriram Finance, IndusInd Bank, Adani Enterprises, NTPC and Bharat Electronics.
A decline of 1.2 per cent was recorded in the BSE Midcap index and 2.4 per cent in the Smallcap index. Except IT, all other sectoral indices closed in the red. Power, PSU, Realty, Healthcare and PSU Bank indices recorded a decline of 2 per cent.
Aishwarya Dadhich, Founder and CIO, Fident Asset Management Speaking to Moneycontrol, he said that the IT sector led by TCS gave good support to the market today. Although TCS’s earnings were good, the most special thing was its commentary. The market especially liked the management’s commentary on deal pipeline and discretionary spending. Due to which the sentiments of big IT companies got a boost.
He further said that volatility is expected to continue for the next three to four weeks. The market will remain volatile due to events like US payroll data and upcoming Union Budget. Dadhich said if the results disappoint, especially in the mid- and small-cap segments, selling pressure could increase. However, if results are good, attractive valuations could soon give fresh momentum to the market.
Ajit Mishra of Religare Broking Says that the overall market trend is inclined towards recession. Traders would be advised to use any intervening bounce for short trading in the index. During the results season, stock specific movements will be seen. Traders should decide their positions keeping these conditions in mind. For long trades, relatively strong sectors and themes should be preferred and for short positions, weak performing sectors should be targeted.
Stock Picks: Know from Prakash Dewan whether the correction will end or the market will fall further, where will the income be
Hardik Matalia, Derivatives Analyst, Choice Broking Said that after 23,400 Nifty may get support at 23,300 and then at 23,200. On the upside, there may be immediate registration at 23,600. After that the next registrations will be at 23,700 and 23,800. Bank Nifty charts indicate that after 49,200 it may find support at 48,900 and 48,500. If the index rises then the first registration will be at 49,800. After that the next big registrations will be at 50,000 and 50,300.
Disclaimer: The advice or opinions expressed on Moneycontrol.com are the personal views of the expert/brokerage firm. The website or management is not responsible for this. Moneycontrol advises users to always seek the advice of a certified expert before taking any investment decision.