Taking Stock | Profit-booking pulls Nifty below 14,450; Sensex drops 549 points

All the sectoral indices ended in the red with IT and PSU bank indices falling 2 percent each.

The market remained under pressure on January 15 on the back of profit-booking across sectors amid weak global cues. At close, the Sensex was down 549.49 points or 1.11% at 49,034.67, and Nifty was down 161.90 points or 1.11% at 14,433.70.

"The market witnessed profit-booking and following global trends. Nifty continues to resist 14,600 and has taken a dip towards 14,360. If the market closes below 14,380 levels, we might see a correction till the levels of 14,180-14,200. Momentum indicators like RSI, MACD are indicating a small correction in the markets," said Ashis Biswas, Head of Research at CapitalVia Global Research.

All the sectoral indices ended in the red with IT and PSU bank falling 2 percent each.

Broader markets performed in line with the main indices with BSE Midcap and Smallcap indices falling 1 percent each.

Tech Mahindra, GAIL, HCL Tech, Wipro and ONGC were among major losers on the Nifty while gainers included Tata Motors, Bharti Airtel, UPL, ITC and Grasim Industries.

Stocks & sectors

The BSE IT and oil & gas indices slipped 2 percent each, while capital goods, healthcare, power and realty indices shed 1 percent each.

A volume spike of more than 100 percent was seen in SAIL, Indus Tower and Pidilite Industries.

Long buildup was seen in SAIL, Indus Tower and Apollo Hospitals, while short buildup was seen in HDFC AMC, ICICI Prudential and Cadila Healthcare.

More than 200 stocks including TCS, SRF, JK Tyre and Godrej Consumer Products hit a fresh 52-week high on the BSE.

Technical View

Nifty formed a Bearish candle on the daily scale and negated its formation of higher lows from the last six sessions.

"Now it has to hold near to 14350 zones to witness a bulls grip to take it towards 14600 then 14750 zones while on the downside major support exists at 14300 and 14200 levels," said Chandan Taparia of Motilal Oswal Financial Services.

Comments

Tata Realty looks to list 20 million sq ft of commercial assets as REIT

The existing land bank has potential of 20 million sq. ft commercial development in the next three to four years, says CEO Sanjay Dutt Tata Realty and Infrastructure (TRIL) is planning to list its Real Estate Investment Trust (REIT) with a portfolio of 20 million sq ft of commercial assets in the next few years. This will be done after the portfolio is expanded from present 6.2 million sq ft to 20 million sq ft via new developments and acquisitions. Sanjay Dutt, managing director and chief executive officer of TRIL told The Economic Times that the existing land bank has potential of 20 million sq ft commercial development in the next three to four years. The portfolio may also include office spaces and data centre assets. He added that his team has looked at least four proposals from developers looking to monetise their portfolios including single assets and carved-out portfolios across the country. “We are targeting a 45-50 million sq ft in commercial portf...

Max India shares fall 5% on relisting day

Max India resumed trading on BSE and NSE on August 28. The company, earlier known as Advaita Allied Health Services Limited, is a part of the $3-billion Max Group. Even as the broader market sentiment was bullish, shares of Max India fell 5 percent on BSE on the day of its relisting. The stock debuted at Rs 80 on BSE but fell 5 percent soon to touch its lower price band at Rs 76 on August 28. Max India resumed trading on BSE and NSE on August 28. The company, earlier known as Advaita Allied Health Services Limited, is a part of the $3-billion Max Group. The new Max India is the holding company of Max Group’s senior-care business Antar and the skilling company Max Skill First. The relisting of Max India follows Max Healthcare’s listing last week. In a media release, the company said listings are the outcome of a comprehensive scheme announced last year that involved a series of transactions, including the demerger of KKR-backed Radiant Lifecare’s assets into Max ...

Brokerages place bets on Titan, see double-digit upside in the stock

Titan can get benefits from the strong market share in the jewellery and wrist watches segment, mainly driven by a wide range of product portfolio catering mainly to the premium and value-added designer jewellery segment. After three consecutive sessions of losses, shares of Titan Company rose over a percent in morning trade on BSE on September 23. The company was dealt a severe blow by COVID-19 as the pandemic triggered strict lockdowns completely battered the retail sector. In the calendar year so far, shares of this one of the largest, most efficient and profitable specialty retailer in India are 7 percent down. The company reported a net standalone loss of Rs 270 crore for the quarter ended June 2020 as the COVID-19 pandemic hit business. The loss was higher than a CNBC-TV18 poll estimate of Rs 175 crore. Standalone revenue during the quarter declined 62.3 percent year-on-year to Rs 1,862 crore compared to the corresponding period last fiscal. Light at the end ...

SD Solutions

Search This Blog