Despite weak global cues and surging coronavirus cases, bulls dominated on Dalal Street as benchmark indices extended gains on Monday. While BSE Sensex ended over 650 points or 1.10% up at 60,395, Nifty hit an intraday high of 18,017, before settling 197 points, or 1.1 per cent, higher at 18,009. All sectoral indices ended in the green with PSU Bank, IT, Auto, Capital Goods, Power, Bank, Realty indices up 1-3 percent. In the broader markets, the BSE MidCap index added 0.7 per cent while the BSE SmallCap index gained 1.2 per cent. UPL (up 4 per cent), Hero MotoCorp, Titan, Maruti Suzuki, Tata Motors, SBI, and L&T were the top gainers. Meanwhile, Wipro (down 2.5 per cent), Divis Labs, Nestle India, Tata Consumer Products, Asian Paints, and Power Grid were the laggards.
Deepak Jasani, Head of Retail Research, HDFC Securities
“On a day when the volumes on the NSE were in line with recent averages, Realty, Power, Capital Goods, Banks and Auto indices gained the most. Citi has downgraded India’s GDP forecast from 9.8 percent to 9 percent on the back of slower economic momentum in Q3, Omicron uncertainty. Global stock markets struggled on Monday as U.S. Treasury yields reached a new two-year high and investors fretted about the prospect of rising interest rates and a surge in COVID-19 infections. Asian markets were mixed while European markets were nominally lower. Nifty rose well on Jan 10. Advance decline ratio was also well into the positive territory suggesting broad market gains. 17812-17905 is the support for the Nifty in the near term, while 18109 could be a resistance.”
S Ranganathan, Head of Research, LKP Securities
“Indices were up a percentage ahead of the third quarter earnings season this week despite a rise in covid cases. Nifty reclaimed the 18K mark today as banks led the rally on expectations of better loan growth with provisional numbers pointing towards an improved third quarter performance. Auto stocks rebounded strongly as did the small & midcap indices with Advance-Decline ratio showing a healthy trend in afternoon trade.”
Vinod Nair, Head of Research, Geojit Financial Services
“Amid weak global markets and rising covid cases, the domestic market displayed strong momentum on expectations of a healthy start to the earnings season. PSU Banks led the sectorial rally as reports suggested an increase in FPI limits, while the realty sector followed the trend on robust sales numbers and expectations of support measures in the upcoming budget. Globally, bourses were muted as reports of record-high Eurozone inflation at 5% kept investors on edge while awaiting the release of the US inflation data later this week which is expected to remain elevated.”
Vijay Dhanotiya, Senior Research Analyst, CapitalVia Global Research Ltd
“We witnessed a lackluster movement at market open, and an attempt to hold the level above the Nifty 50 Index level of 17900. Our research suggests that sustaining above 17800 will be an important level for the market to stay positive in the short term. Technical indicators suggest volatile movement in the market. As such we retain our cautious stance and advise the traders to refrain from building a fresh buying position, until we see further decisive movement in the market above the level of 18000.”
Mohit Nigam, Head – PMS, Hem Securities
“Reliance industries remained in focus as they acquired New York based premium hotel the Mandarin Oriental. Investor sentiments increased after the release of quarterly survey of employment generation by the Labour ministry which stated that nine select sectors contributed towards creating 3.10 crore jobs in the July-September 2021 quarter which is 2 lakhs more than April-June quarter.”
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