Market Recap and Analysis I UFO Moviez I United Spirits I SAIL I TATA Elxsi I JSW Energy I CAMS

Overall:

·  Indian benchmark indices, Nifty and Sensex, ended higher in a volatile trading session on January 24th, 2024.

·  Nifty closed above 21,450, gaining 1.01% to 21,454. Sensex rose 0.98% to 71,060.31.

·  Broad market sentiment improved, with both BSE Midcap and Smallcap indices gaining nearly 2% each.

Key Points:

·  Advancers vs. Decliners: More stocks advanced (2373) than declined (1288), indicating positive market breadth.

·  Sectoral Performance: Auto, IT, capital goods, FMCG, metal, oil & gas, and power sectors led the gains, rising 1-2%.

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·  Top Gainers: Hindalco Industries, Dr Reddy's Laboratories, Tata Steel, Power Grid Corporation, and HCL Technologies were the top gainers on Nifty.

·  Top Losers: ICICI Bank, Axis Bank, Asian Paints, Adani Ports, and HDFC Life were the biggest losers on Nifty.

Analysis:

·  The market rebound after a sharp decline in the previous session suggests some buying pressure and potential reversal of the recent downtrend.

·  However, the volatility indicates ongoing uncertainty and the possibility of further fluctuations.

·  Sectoral strength in autos, IT, and other cyclical sectors could be a positive sign for economic recovery.

·  It's crucial to monitor key support and resistance levels, economic data, and global cues for further direction.

Market Rebound:

·  It's interesting to see the market bounce back after two previous downward sessions. This could signal a temporary correction or perhaps the start of a larger trend reversal.

·  The key question is whether this rally can be sustained or if it's just a short-lived pullback.

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Key Support Levels:

    Nifty closing near the strong support of 21,300 and Bank Nifty holding above 45,000. These levels are crucial for gauging market sentiment and potential trend changes.

·  If the market breaks below these supports, it could indicate further weakness. Conversely, holding these levels could pave the way for a more sustained uptrend.

Sectoral Performance:

·  The dominance of gains across most sectors, except for Nifty Bank, is noteworthy. This suggests broad-based buying pressure and a more positive outlook across different industries.

·  Analyzing the specific sectors that performed well, like Media and Metal, could provide insights into potential thematic plays or opportunities.

Indian Stock Market News 

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1. Mahanagar Gas went up 2.51 percent after the company’s Q3 earnings beat the market estimates. The company’s net profits grew 84 percent YoY to Rs 172.07 crore due to lower gas costs.

2. REC surged 7.65 percent after the state-owned firm reported a 13.6 percent increase in net profit to Rs 3,269.3 crore for Q3FY24.

3. Sona BLW Precision Forgings gained 1.03 percent after the company’s Q3 net profits grew 24 percent YoY to Rs 113.6 crore.

4. Computer Age Management Systems fell 0.25 percent a day after HDFC Bank reported it had sold 2 percent of its share capital.

5. JSW Energy fell 3 percent intraday despite the company reporting a 24.36 percent increase in consolidated net profit powered by robust contribution from its thermal portfolio and merchant sales. However, the stock recovered from its losses and closed at 0.78 percent higher.

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6. Karnataka Bank fell 7.8 percent after the bank reported a decline in asset quality with the gross NPA up 17 basis points QoQ to 3.64 percent and net NPA was up 19 basis points QoQ to 1.55 percent in Q3FY24.

7. Tata Elxsi fell 5.01 percent after the company’s Q3 results disappointed the markets. The company reported a 3.2 percent on-quarter and a 6 percent on-year growth in net profit at Rs 206.4 crore for the quarter ended December 2023.

8. Steel Authority of India and other steel companies gained in the session after China announced a 0.5 percent cut in reserve requirement ratio to support their struggling economy. Steel stocks are expected to benefit as China is the largest consumer of metals in the world.

9. United Spirits closed flat and lost earlier gains of 3 percent after the company registered a 63 percent year-on-year (YoY) rise in net profit to Rs Rs 350.2 crore for the October-December quarter.

10. UFO Moviez gained 5.72 percent after the company entered into a partnership with TSR Films for advertising rights. This strategic collaboration grants UFO Moviez exclusive advertising screen rights across TSR’s extensive network of over 403 screens.

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