Market indices end in the green after 2 days of losses

Market


Indian benchmark indices gained on January 23 after facing losses for 2 previous sessions driven by positive global cues and gains in IT stocks. At close, Sensex was up about 320 points, or 0.53%, at 60,941.67, while Nifty ended higher by about 91 points, or 0.5%, at 18,118.55.

The indices opened the day higher and continued to gain to reach a high of 61,113.27 on Sensex, but pared some gains before the close. Most of the index participants were in the green.

HUL, Sun pharma, Tech Mahindra, TCS and Infosys were top gainers on Sensex. On the other hand, Ultratech Cement, NTPC, Tata Steel and RIL were among the few losers.

Except Nifty metal and realty, all other sectoral indices on NSE closed in the green with IT, healthcare, pharma and auto stocks gaining the most. Nifty IT index gained 1.88% to close at 30,086.

“Markets maintained the upward momentum through the trading session on positive cues from Asian and European indices. IT stocks emerged as the star performers after getting hammered in recent sessions on worries global IT spending may moderate this year due to likely slowdown in key economies. If the optimism continues, we may see some pre-budget rally in the truncated week,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

“On the technical front, despite the strong momentum it has failed to clear 18,180/61,200 resistance mark. Currently, the index is trading above 20-day SMA and also holding higher bottom formation on intraday charts which is largely positive. For the traders now, 18,000/60,500 would be the trend decider level above which, the indices could move up to 18,200-18,250/61,200-61,500. On the flip side, below 18,000/60,500 selling pressure is likely to increase. Below the same, the index could slip till 17,950-17,900/60,200-60,000,” he added.

The Indian rupee climbed to a near two-month high against the greenback but pared the gains on likely dollar buying by the central bank.  


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