Desk
Share
Sentiment in the markets shifted upwards following strong gains in the banking, metal, and energy sectors, as Indian benchmark indices Sensex and Nifty ended the day modestly higher after four continuous days of decline. A cough on the tech and FMCG sectors contributed to the caution sentiment that prevailed among investors. HCL Tech's Q3 results showed bluish guidance and pegged a 10% decline in stock prices.
In spite of concerns over mildly inflated valuation and the consistent negative market sentiments, the larger market including the mid and small cap also saw buying interest with nearly 2.5 percent and 2 percent in gains respectively. The year has however been difficult for the two segments as they remain nearly 10% in the negative.
The Sensex ultimately wrapped up at 76499.63 registering a 169.62 points, or 0.22 percentage, gain while the Nifty 23,176.05 gained 90.10 points which is a 0.39 percentage gain. 2752 stocks gained, 1049 lost while 103 stayed the same.
The top gaining companies on the Nifty were Adani Ports, NTPC, Tata Steel, Zomato and Tata Motors, with major pilers being HCL Tech, HUL, Titan Company, TCS and Ultratech cement.
Sectorial Update
Concerning sectoral indices, following the exasperating Q3 result from HCL Tech, Nifty IT shed almost 2 percent. Nifty FMCG was also down by 1 percent owing to the poor performance of HUL, Nestle and Britannia. In contrast to this, Nifty Metal went up by almost 4 percent due to the performance of Hindalco, Adani Enterprises and JSW Steel. Nifty Realty that dropped by 6 percent the previous made a recovery and went up by one percent on the 14th of January. Nifty Auto went up by more than 2 percent with M&M, Maruti Suzuki and Tata Motors taking the lead. In the early afternoon Nifty Bank surged by 1.6 percent with the support of HDFC Bank, ICICI Bank and SBI.
On 14th January around 10 am, shares of REC and Power Finance Corporation shot up to about 8 percent during the morning trade. This surge was after JSW Energy was announced as the successful bidder for KSK Mahanadi Power under the Insolvency and Bankruptcy Code. This news was able to give an easier time to the KSK Mahanadi Power`s creditors which included the REC and PFC.
