Indian Stock Market Analysis of January 12th, 2024
Overall:
· Benchmark indices surged to record highs: Nifty 50 +1.2% to
21,908, Sensex +1.18% to 72,568.
· IT stocks led the rally: Infosys and TCS Q3
results boosted the sector by over 5%.
· Broader markets underperformed: Midcap and Smallcap
gains muted compared to benchmarks.
· Market breadth positive: More stocks gained
than declined.
Key
Takeaways:
· Breakout
momentum continued, driven by strong IT performance.
· Nifty
above 21750 and Sensex above 72100 suggest potential further gains towards
22100/73300.
· Support
levels at 21650/70800 for Nifty/Sensex if the rally weakens.
· Infosys, TCS, ICICI
Bank, Reliance, and HCL Tech were top gainers.
· Bajaj
Finserv, Cipla, Asian Paints, and Mahindra & Mahindra
dragged.
· Nifty
IT and Realty outperformed, while FMCG declined this week.
Trading
Strategies:
· Hold long positions while indices
remain above support levels.
· Consider profit booking near resistance
levels (22100/73300).
· Monitor IT and Realty for potential
further outperformance.
· Cautiously approach FMCG due to recent
weakness.
Indian Stock Market News
Infosys the IT major
gained over 7 percent in session after brokerages said the worst was behind for
the company which reported strong new deal wins in Q3. The firm reported a 1.7
percent sequential decline in the December profit, well below the Street's
estimates.
TCS India's leading IT
company gained 4 percent on in-line earnings for the December quarter on
revenue and margin beat and a healthy deal pipeline. The IT services company
reported an 8.2 percent on-year growth in net profit at Rs 11,735 crore and a 4
percent rise in revenue at Rs 60,583 crore.
FSN-E Commerce the beauty
and personal care company declined 3.3 percent after a 0.9 percent stake
changed hands in a block deal. The total transaction value was at Rs 516 crore.
Polycab India stock gained
nearly 3 percent in a major relief for investors after the company said it had
not received any written communication from the income-tax department regarding
the outcome of search. The stock crashed 21 percent on January 11 after I-T
department that searched over 50 company premises said it unearthed
"unaccounted cash sales" of about Rs 1,000 crore.
UltraTech Cement the
cement major declined over a percent after the Aditya Birla Group company
announced a plan to acquire a 26 percent equity in Delhi-based Amplus Ages for
Rs 49 crore.
Macrotech Developers the realty stock soared over 6 percent after
Jefferies assigned a “buy” rating to the stock, citing a positive outlook for
sales of residential projects. Land prices have doubled in three years.
However, there is potential upside in the long term, the brokerage said, as it
revised the target price to Rs 1,290 from Rs 884.
Mahindra and Mahindra the
automobile major declined after the company reported a 41 percent decline in
exports in December from the year-ago period. The utility vehicle and tractor
manufacturer exported 1,819 units in December 2023, down from 3,100 vehicles in
the year-ago period, Mahindra and Mahindra said in an exchange filing on
January 11.
LIC the stock closed
almost a percent lower after the state-owned insurer received two demand orders
of Rs 3,528.75 crore from the income tax authorities in Mumbai.
KPI Green Energy the
renewable energy company gained 1 percent after its arm, KPIG Energia Pvt Ltd,
received an order for a solar power project. The stock has gained 250 percent
this year.
Tata Consumer Products , FMCG
major gained over 3 percent on the buzz that the company is all set to acquire
Capital Foods and FabIndia-backed Organic India, ending months of negotiations,
the Economic Times reported. The acquisition assumes significance for the FMCG
giant as it provides access to products with a broader taste profile, and entry
into new markets.
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