From the Sensex stocks, Bharti Airtel, Tata Motors, SBI, Bajaj Finance, and Tata Steel opened with gains, while Asian Paints, UltraTech Cement, Wipro, Power Grid, and L&T opened with cuts.
The net short of FIIs reduced from Rs 80,530 crore on Wednesday to Rs 75,198 crore on Thursday.
Foreign portfolio investors sold shares worth Rs 3,929 crore after three days of buying. DIIs were net buyers at Rs 2,897 crore on Wednesday.
"Going ahead Nifty is expected to remain in the broader range given the lack of positive triggers globally and mixed set of domestic Q3 earnings which too is unable to provide any support," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
From the Sensex pack, ICICI Bank, Axis Bank, Wipro, and Kotak Bank were the top gainers, rising over 2% each. While UltraTech Cement, M&M, Titan, Tata Motors, and Nestle India ended with cuts.
India's retail inflation fell to a three-month low of 5.10% in January, as prices of some food items rose at a slower pace, data showed on Monday.Industrial output rose at a faster-than-expected pace of 3.8% year-on-year in December, led by manufacturing, signalling strength in macroeconomic fundamentals.
"Global cues are muted as most of the Asian markets are closed for this week on account of Lunar New Year holidays, which kept global investors on side-line. Overall we expect the market to consolidate with negative bias in the near term," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
"On the domestic front, the market would look at quarterly results for stock-specific action and we expect indices to consolidate after a sharp sell-off," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Shyan Srinivasan says: "We bring in about 20 odd percent of the India remittances that come into India. Initially, it was just the Middle East and Kerala. Now it is non-Middle East non-Kerala, Middle East non-Kerala all quadrants working in favour and we think we are getting a good traction on that. So, on balance, the bank is now as widespread, as prominent as we would like it to be across many geographies."
Foreign portfolio investors remain net buyers at Rs 656 crore on Tuesday. DIIs sold shares worth Rs 369 crore.
Various companies including Reliance Industries, Jio Financial Services, HDFC Bank, Asian Paints, LTIMindtree, IndusInd Bank, Polycab India, HUL, UltraTech Cement, ICICI Bank, and Kotak Mahindra Bank will be releasing their December quarter report cards this week. On Monday, Jio Financial Services, Angel One, PCBL, Choice, International, Kesoram Industries, Fedbank Financial Services, Brightcom Group results will be out among others.
Consumer discretionary major Titan Co saw 22% revenue growth for the third quarter ended December. The growth was broad-based as most of the segments put up a healthy performance during the quarter.
From the Sensex stocks, NTPC, Wipro, M&M, UltraTech Cement, and TCS opened in the green, while Nestle, Sun Pharma, Asian Paints, and IndusInd Bank opened in the red.
For today, analyst Rupak De, LKP Securities said that the prevailing sentiment appears strongly in favor of the bulls, as indicated by the absence of any reversal signals on the technical charts. Resistance is observed at 21,500, while a potential further rally in the Nifty could occur upon breaching this level, he said, adding that the support is currently positioned at 21,300.
After a clear bullish phase, markets seem to be ready to enter into a phase of volatility. Though going by the way the market breadth is panning out it appears that underlying bias of that volatility would be bullish only. So be selective, avoid impulsive investing, and keep reviewing one’s portfolio and stay away from penny stocks especially as they might end up becoming a pain of the portfolio when market reverts toward mean valuations. We look at stocks which have witnessed a continuous rise in their score in the last one month. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars i.e. earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant improvement in their market outlook in the given time frame.
Indian markets are sustaining a rally, fuelled by improving interest rate outlook in the US, moderation in crude prices, robust domestic macroeconomic data, renewed foreign inflows and growing optimism about policy continuity in 2024, following the state assembly election results.
A look at the top additions for three consecutive months shows that mutual funds have been consistent buyers in RIL, HDFC Bank, ICICI Bank, LIC, Kotak Mahindra Bank, Nykaa, HPCL, Eureka Forbes and Maharashtra Seamless.
From the Sensex stocks, ICICI Bank, Bajaj Finance, UltraTech Cement, Infosys, and M&M opened in the red, while Asian Paints, Wipro, HCL Tech, Tata Motors, and Maruti opened with gains.
Analysts recommend stocks like Reliance, HCLTech, Maruti, Larsen & Toubro, Bharti Airtel, Bajaj Finserv, Tata Motors, Bank of Baroda, Ramco Cements, PVR, and Idea Forge for trading.
Domestic cyclicals like banks, auto and capital goods are likely to lead earnings growth while healthcare and technology may clock a moderate earnings growth. Motilal Oswal sees Nifty earnings growing by 21% YoY in Q2 while Kotak Equities has predicted 23% growth.
“In midcaps, because of the cyclicality, the high operating and financial leverage, this is the first year of recovery that we are seeing in a way. Those midcap companies which are going to build off the domestic economic growth, are going to post higher EPS growth in the coming years. That apart, we continue to be strongly overweight on industrials and capital goods and banks.”
Dive into the world of stock trading as we analyze the importance of the Relative Strength Index (RSI) and explore 10 stocks that have recently witnessed an RSI trending up. Discover how this valuable indicator can aid investors in making informed decisions.
The crossing of the 100-day SMA by Adani Green Energy, Amara Raja Batteries, Blue Star, The Ramco Cements, Nestle India, and Sapphire Foods India on August 18 underscores their robust market performance and growth potential.
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