The Indian equity markets ended on a positive note on January 30, with the Sensex gaining 226.85 points to close at 76,759.81 and the Nifty rising 86.40 points to end at 23,249.50. The market witnessed high volatility on the monthly expiry day but managed to extend its winning streak for the third consecutive session. Sectoral performance remained mixed, with realty, energy, and pharma outperforming, while IT, media, and auto lagged.
The BSE Midcap and Smallcap indices ended flat. Ajit Mishra, SVP, Research at Religare Broking, noted that the Nifty is encountering resistance around its 20-day EMA at 23,300, and a decisive close above this level is crucial for further recovery. He suggested traders emphasize selective stock picking and robust risk management.
Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan, expects some consolidation before the key event scheduled for Saturday, February 01.
Sensex extends winning streak
Vinod Nair, Head of Research at Geojit Financial Services, pointed out that the fall in oil prices due to a rise in US inventories and an ease in US 10-year yield after the US Fed’s hawkish view may decelerate FIIs outflow.
The upcoming budget is seen as an inflection point likely to reverse the bearish trend if the policies restore growth and consumption. Aditya Gaggar, Director of Progressive Shares, highlighted the volatility accompanying the expiry, noting that the Index showed a steady start before trending upwards. However, a sharp decline in the afternoon erased all of its earlier gains, leading to a strong recovery in the final hour of trade.
The Indian rupee ended lower at 86.62 per dollar on Thursday versus Wednesday’s close of 86.55. In earnings news, Waaree Energies reported a 36.2% increase in Q3 net profit at Rs 492.6 crore, while Coromandel International posted a Q3 net profit of Rs 511.8 crore. Brokerage firms maintained their ratings on various stocks, with HSBC keeping a ‘buy’ rating on Bajaj Finance, Morgan Stanley retaining an ‘overweight’ rating on Maruti Suzuki, and Nomura holding a ‘reduce’ rating on JSW Infra.