January 24, 2023
New Delhi, India
Stock Market Highlights
The Indian stock market displayed resilience on January 24, 2024, making a strong comeback after a brief selloff. Investors witnessed a seesaw between ‘buy the dip’ and ‘sell the rally’ sentiments, resulting in a 690-point surge in the S&P BSE Sensex.
The S&P BSE Sensex closed at 71,060, up 0.98%, with an intraday high of 71,150 and a low of 70,002. The NSE Nifty50 mirrored this trend, closing at 21,454, marking a 1% gain and fluctuating within a 292-point range.
While the realty sector faced selling pressure, the market saw a boost from the metals, PSU banks, pharma, and FMCG stocks. China’s announcement of a reserve requirement ratio (RRR) cut notably lifted metal stocks, contributing to a more than 3% increase in the Nifty Metal index.
Key stocks such as Tech Mahindra (TechM), Bajaj Auto, and Tata Steel closed with gains ahead of their Q3 earnings releases. However, Axis Bank emerged as the top Nifty loser after reporting mixed earnings, while Canara Bank faced a decline as its operating numbers fell below expectations.
Check Latest Q3 Earnings
Individual Stock Movements:
HDFC Bank and Reliance played a pivotal role in leading the market recovery, collectively lifting Nifty by 83 points. Zee Entertainment witnessed short-covering, surging by 7% after coming out of the F&O ban. On the flip side, Oberoi Realty extended losses, falling another 5%, and Laurus Labs experienced a 4% dip from highs due to weak earnings.
Market Breadth and Volatility:
Market breadth favored advances, with an advance-decline ratio at 5:2, indicating a positive sentiment. However, the India VIX spiked by 3%, signaling increased volatility ahead of the F&O expiry.
In summary, the Indian stock market showcased resilience and strength in the face of recent uncertainties. The rally was fueled by robust performances in the metals and pharma sectors, while individual stock movements reflected the impact of Q3 earnings and global influences. Investors remain cautiously optimistic as the market continues to navigate through a mix of domestic and international factors.
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.