Informist, Wednesday, Jan 10, 2024
By Anjana Therese Antony
MUMBAI – Gains in index heavyweight Reliance Industries in the second half of the session primarily helped indices close marginally higher. Shares of RIL hit an all-time high after Chairman Mukesh Ambani said the company is set to commission the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar, Gujarat, in the second half of this year. The stock hit an all-time high of 2,659 rupees and was one of the top gainers in Nifty 50.
A technical analyst at a domestic broking firm said the stock saw a multi-year breakout after the chairman’s speech at the Vibrant Gujarat Summit 2024 and more bets were placed at out-of-the-money call options. The next resistance for the stock is 2,700 rupees, the analyst said. This strike price has the maximum addition as well as the highest concentration of open interest.
After swinging between profits and losses in most parts of the session, benchmark indices closed marginally higher. The Nifty 50 closed 73.85 points or 0.3% higher at 21618.70 points and the BSE Sensex closed 271.50 points or 0.4% higher at 71657.71 points. The immediate support for the 50-stock index is pegged at 21500 points and resistance at 21700 points. Gains in index heavyweights may continue in the next session and could take the overall market slightly higher, but a significant rise is not expected, a technical analyst at a domestic broking firm said.
The broader market closed on a mixed note. While most small-cap indices closed lower, mid-cap indices ended marginally in the green. At least 15 sectoral indices closed higher.
Gains in RIL also lifted the Nifty Oil & Gas index. The index was down initially, weighed by losses in oil marketing stocks such as Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp. Analysts said these stocks tumbled on surge in oil prices due to the tension in West Asia and a supply halt in Libya. Also, Goldman Sachs reportedly downgraded stock ratings of shares of BPCL to ‘neutral’ from ‘buy’ and Indian Oil to ‘sell’ from ‘neutral’, which likely dent the sentiment towards these stocks. The broking firm said risk reward and valuations are less favourable for Indian energy stocks.
Most media stocks inched higher, with Network18 Media & Investments and TV18 Broadcast leading the gains in the sector. “There will be huge spending by media companies ahead of the election. As a result, most of the stock in the media sector is gaining,” said Vinit Bolinjkar, head of research at Ventura Securities. Nifty Media was the top sectoral gainer today and closed 3.5% higher at 2470.65 points.
Another gainer in the media pack was Zee Entertainment Enterprises, which closed higher after closing lower in the last three sessions. Japanese media giant Nikkei today reported that Sony Group is continuing talks on the proposal to merge with Zee Entertainment and the negotiations will continue until Jan 20. Earlier, a Bloomberg report which said the merger is likely to be called off had weighed on the stock.
Thursday, likely gains in heavyweights could take the domestic market higher. The earnings of tech giants Tata Consultancy Services and Infosys due Thursday could lend direction for IT stocks in further sessions.
* Of the Nifty 50 stocks, 28 rose and 22 fell
* Of the Sensex stocks, 14 rose and 16 fell
* On the BSE, 2,084 stocks rose, 1,755 fell, and 96 were unchanged
* Nifty Media: Up 3.47%; Nifty Metal: Up 0.95%; Nifty FMCG: Down 0.40%
BSE NSE
Sensex: 71657.71, up 271.50 pts, or 0.38% Nifty 50: 21618.70, up 73.85 pts, or 0.34%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 72561.91 (Jan 1, 2024) : Lifetime High: 21834.35 (Jan 1, 2024)
Record Close High: 72410.38 (Dec 28, 2023) : Record Close High: 21778.70 (Dec 28, 2023)
2024 1st day close: 72271.94 (Jan 1) : 2024 1st day close: 21741.90 (Jan 1)
2024 Closing High: 72271.94 (Jan 1) : 2024 Closing High: 21741.90 (Jan 1)
2024 Closing Low: 71355.22 (Jan 8) : 2024 Closing Low: 21448.65 (Jan 10)
2024 High (intraday): 72561.91 (Jan 1) : 2024 High (intraday): 21834.35 (Jan 1)
2024 Low (intraday): 71110.95 (Jan 10) : 2024 Low (intraday): 21448.65 (Jan 10)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 72410.38 (Dec 28) : 2023 Closing High: 21778.70 (Dec 28)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 72484.34 (Dec 28) : 2023 High (intraday): 21801.45 (Dec 28)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Jan 17)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1) : 2022 Closing High: 18812.50 (Dec 1)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1) : 2022 High (intraday): 18887.60 (Dec 1)
2022 Low (intraday): 50921.22 (Jun 17) : 2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14) : 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14) : 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)-
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
With inputs from Yukta Singh
Edited by Maheswaran Parameswaran
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