On January 25, the benchmark Sensex and Nifty indices are expected to open lower, with trends in GIFT Nifty indicating a negative start for the broader index, anticipating a loss of 22.50 points. On the previous trading day, both indices broke a two-day losing streak and closed higher. The Sensex gained 689.76 points (0.98 percent) to reach 71,060, while the Nifty rose by 215.15 points (1.01 percent) to 21,454.
The pivot point calculator suggests that the Nifty may find support levels at 21,226, 21,144, and 21,013, while potential resistance levels are at 21,486, 21,571, and 21,703.
Global Market Overview
In the US, the S&P 500 achieved its fourth consecutive record high close on the back of strong quarterly results from Netflix and positive reports from chipmaker ASML. Asian markets, however, faced declines as investors assessed South Korea’s GDP numbers and reacted to China’s central bank cutting reserve requirements for lenders.
Corporate Earnings
Bajaj Auto reported a robust 37% YoY increase in net profit for Q3FY24 at Rs 2,041.88 crore, driven by strong two-wheeler sales, price hikes, and higher realizations. DLF Limited recorded a consolidated net profit of Rs 649 crore in Q3, marking a 26% YoY increase. TVS Motor posted a 68% YoY jump in standalone net profit to Rs 593 crore for the quarter ending December 2023.
Commodity and Currency Markets
Crude oil prices rose about 1% to a four-week high on the back of a larger-than-expected US crude storage withdrawal, lower US crude output, Chinese economic stimulus, geopolitical tensions, and a weaker US dollar. Gold prices eased as strong US business activity data emerged, but a weakened dollar limited losses.
Foreign Investment Data
Foreign institutional investors (FIIs) continued selling pressure in the cash segment for six consecutive days, offloading shares worth Rs 6,934.93 crore. On the other hand, domestic institutional investors (DIIs) bought Rs 6,012.67 crore worth of stocks on January 24.
Stocks under F&O Ban
Zee Entertainment Enterprises has been added to the F&O ban list for January 25 on the NSE. Balrampur Chini Mills, IRCTC, National Aluminium Company, Oracle Financial Services Software, and RBL Bank were removed from the ban list.
This comprehensive overview provides insights into the latest market trends, corporate earnings, global market movements, and other crucial factors influencing the Indian stock market.
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