Stock market: Indian benchmark indices broke their two-day bullish streak and Nifty closed just above 24,000 on January 3. At the end of the trading session, Sensex closed at 79,223.11, down 720.60 points or 0.90 per cent, and Nifty closed at 24,004.75, down 183.90 points or 0.76 per cent. Today around 2048 shares recorded gains, 1778 shares declined, and 111 shares remained unchanged.
Among various sectors, Bank, Capital Goods, IT and Pharma declined by 1-1 per cent, while Oil & Gas and Media gained 1-1 per cent. BSE Midcap index closed down 0.33 per cent. While the smallcap index closed flat. Wipro, ICICI Bank, HDFC Bank, Tech Mahindra and Adani Ports were today’s top losers on Nifty. While ONGC, Tata Motors, SBI Life Insurance, Titan Company and HUL were today’s top gainers.
Rajesh Palviya, Technical Research Head, Axis Securities In a conversation with Moneycontrol, he said that the market recently witnessed a technical pullback from an oversold trajectory. This phase of consolidation after a good recovery is healthy for the market. In such a situation, the broader market improves as buyers start showing interest in the beaten down stocks and sectors. He further said that the market breadth is strengthening. Due to this, there is a possibility of further rise in the indices.
Palvia Further said that the companies’ third quarter results, upcoming budget and expectations related to clarity of policies after Trump assumes the presidency will play an important role in deciding the direction of the market.
Akshay Chinchalkar, Research Head, Axis Securities Said that the first registration for Nifty is at 24,250 and after that the big registration is at 24,306. On the downside, the first support is visible at Rs 24,000. If this support is broken, the next support can be seen at 23,830.
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Prashant Tapse of Mehta Equities says that despite a brief recovery in the last two trading sessions, the markets have lost their momentum. The market is still under pressure due to sluggish growth, expensive valuations, selling of foreign funds and uncertainty over US trade policies after Trump takes office again as President. In such a situation, several rounds of correction may be seen in the market and investors will remain cautious by keeping an eye on global developments.
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