Business News | Stock Market Witnesses Selling Pressure, Nifty Slips Below 25,700 Mark
Get latest articles and stories on Business at LatestLY. At the time of market closing, Sensex was 188 points, or 0.23%, higher at 83,570.35. On the other hand, Nifty 50 settled at 25,694.35, up 29 points, or 0.11%. Rupee weakened sharply by 48 paise to 90.82 extending losses.
Mumbai (Maharashtra) [India], January 16 (ANI): Indian stock market saw selling pressure on Friday with Nifty slipping below the 25,700 mark, and Sensex remained marginally higher after shedding close to 600 points from the day's high.
At the time of market closing, Sensex was 188 points, or 0.23 per cent, higher at 83,570.35. On the other hand, Nifty 50 settled at 25,694.35, up 29 points, or 0.11 per cent.
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Rupee weakened sharply by 48 paise to 90.82, extending losses.
Analysts believe that the market witnessed positive momentum during the session, driven by better Q3 results, and reflected a phase of stabilisation after recent volatility.
Vinod Nair, Head of Research, Geojit Investments Limited said, "The equity markets witnessed positive momentum during the session, driven by better Q3 results from IT and mid-segment banking stocks. However, profit booking towards the close capped the rally, resulting only in marginal gains for the market. The IT sector outperformed, supported by an upward revision in revenue growth projections from a leading industry bellwether, coupled with expectations of increased technology spending."
"Meanwhile, investor focus also shifted to banking counters, as early results reflected notable improvements in asset quality and margin profiles, further strengthening sentiment in the sector," he added.
Ponmudi R, CEO of Enrich Money, said, "Indian equity markets closed marginally positive today, reflecting a phase of stabilisation after recent volatility. Improved global risk sentiment and selective buying in heavyweight stocks supported the indices, even as broader participation remained cautious. IT stocks led the advance following strong Q3 numbers and upgraded guidance from Infosys, reinforcing confidence in large-cap earnings visibility."
"Banking and PSU banks continued to display relative strength, helping Bank Nifty outperform. That said, the overall tone remained balanced rather than aggressive. Global macro uncertainties ranging from interest rate trajectory concerns to geopolitical risks and commodity price fluctuations--kept investors selective," Ponmudi added.
Vatsal Bhuva, Technical Analyst at LKP Securiti said, "Today's session added a positive tone to the overall chart structure of the Bank Nifty index, which was consolidating above its falling trendline breakout levels. The index posted a confident close, forming a bullish candlestick, while the RSI confirmed strength with a bullish crossover and is currently placed near 61. Considering the above technical setup, the outlook remains bullish. Immediate support is placed near 59,500 levels, aligned with the current position of the 20-day SMA. On the upside, the index is expected to test the 60,500 resistance zone. A buy-on-dips approach should be maintained as long as the index sustains above 59,200 levels."
Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities said, "On the sectoral front, Nifty IT ended the day as the top sectoral gainer, with a gain of 3.34 per cent, followed by Nifty Capital Market. On the other hand, Nifty Pharma and Nifty CPSE emerged as the top two sectoral losers. With regards to stocks, Infosys & Tech Mahindra emerged as the top stock gainers amongst the Nifty pack while Eternal & Jio Financial Services emerged as the top two losers." (ANI)
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