Share Market News Today | Sensex, Nifty, Share Prices Highlights: The benchmark equity indices closed in the positive territory. The NSE Nifty 50 closed 202.90 points or 0.93% higher to settle at 22,097.45, while the BSE Sensex gained 759.49 points or 1.05% to 73,327.94. The broader indices closed in the green, with gains led by largecap and midcap stocks. Bank Nifty index closed higher by 448.50 points or 0.94% to settle at 48,158.30.
The NSE Nifty 50 closed 0.98% higher at 22,108.35, while the BSE Sensex closed 1.11% higher at 73,377.09.
The NSE Nifty 50 rose 210 points or 1% to hit a fresh high of 22,104.55 points. Also, the BSE Sensex rose 780 points or more than 1% to hit a new high of 73, 347.73 points.
Shares of Infosys rose 3.2% to hit a fresh 52-week high of Rs 1,664.95 after the IT stock saw a rally during the past two trading sessions.
Shares of ONGC rose 5.4% to hit a fresh 52-week high of Rs 235.45 after the company discovered two new oil and natural gas reserves in the Mahanadi basin in the Bay of Bengal.
Shares of Wipro, ONGC, HCL Tech, Tech Mahindra, and Infosys were among the top gainers in the Nifty 50. While HDFC Life Insurance, Bajaj Finance, Hindalco, Tata Consumer, and Bajaj Finserv were the top losers in the Nifty 50.
Polycab India’s stock, which faces recent challenges, is recommended for a “buy” by Jefferies with a target of Rs 7000, suggesting a substantial 76% upside. Despite a notable ~30% decline triggered by tax evasion concerns, the company clarified on January 11 that it had not received any written communication from the IT department regarding the outcome of the search, awaiting further clarity.
Also Read: Polycab India sees sharp rebound, shares gains over 3% in two days; Jefferies recommends Buy with upside of 76%
The share of Reliance Industries has gained over 1% to reach Rs 2,778.40, hitting a new 52-week high following the news that its subsidiary will sell REC Solar Norway for $22 million.
Courtesy: NSE
” Nifty was trading in a consolidation manner in the last couple of weeks with major resistances seen around 21800 levels. The index gave a comfortable close above this resistance which paved the way for a move towards 22000 levels.
The index has now opened above the coveted 22000 levels and as long as it holds 21850 levels, the trend will remain strong. The index has also given a rising channel pattern breakout which can push it towards 22300-22500 levels,” said Gaurav Bissa, VP, InCred Equities
“The Bank Nifty index displayed strength by overcoming the initial hurdle at 47,500, signaling potential upward movement towards the next resistance level at 48,000. A decisive breach of 48,000 is crucial, as it could trigger substantial short covering, propelling the index towards the 50,000 mark. The lower support is evident at 47,000, a level marked by significant put writing,” said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.
Shares of Wipro hit the upper circuit during the early hours. The stock was the top gainer in the Nifty 50. The stock rose 9.99% to hit the upper circuit of Rs 511.95.
The NSE Nifty 50 opens 158.60 points or 0.72% higher to settle at 22,053.15, while the BSE Sensex soared 481.41 points or 0.66% to 73,049.87 in the opening trade.
Commenting on the Technical outlook of Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said The Nifty index exhibited significant strength, securing a notable breakout on the daily chart as it surpassed the key resistance level of 21,800. This bullish move positions the index for potential short-term targets of 22,000 and 22,200. Traders are advised to consider buying opportunities on any dips toward the support level. The momentum indicator RSI has also provided a buy crossover, further confirming the bullish sentiment in the market.
Foreign institutional investors (FII) offloaded shares worth net Rs 340.1 crore, while domestic institutional investors (DII) bought shares worth net Rs 2,911.2 crore on January 12, 2023, according to the provisional data available on the NSE.
Shares in the Asia-Pacific region are trading in positive territory on Monday morning. The Asia Dow is trading up by 1.09%, Japan’s Nikkei 225 is green, up by 1.50%, Hong Kong’s Hang Seng index is trading down by 0.35% and the benchmark Chinese index Shanghai Composite is trading lower by 0.16%.
WTI crude prices are trading at $72.44 down by 0.33%, while Brent crude prices are trading at $78.22 down by 0.09%, on Monday morning.
The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.10% at 102.50.
U.S. Treasury two-year yields dropped to the lowest level since May, while stocks came under pressure as a surprise decline in producer prices reinforced bets on Federal Reserve rate cuts this year, Bloomberg reported. The tech-heavy Nasdaq Composite gained by just 2.58 points or 0.02% at 14,972.76. The S&P 500 surged by 3.59 points or 0.08% at 4,783.83, while the Dow Jones Industrial Average trading down by 118.04 points or 0.31% at 37,592.98.