The market recovered from initial losses and finished higher on January 14 with Nifty near 14,600. The Sensex was up 91.84 points or 0.19% at 49,584.16, and the Nifty was up 30.70 points or 0.21% at 14,595.60.
“Despite better-than-expected results of Infosys and Wipro, the IT sector witnessed selling in its opening trade. However, the sector bounced back soon which led to a recovery in the market post its weak opening. The positive opening seen in European markets also helped in raising market optimism. The wholesale price inflation for the month of December declined to 1.22% due to a decrease in WPI food index from 4.27% in November to 0.92%,” said Vinod Nair, Head of Research at Geojit Financial Services.
“Positive economic data along with improving quarterly outlook is helping the Indian market to attract more foreign funds which will keep the market liquidity high even at high valuations,” he added.
Among sectors, the metal index lost 1 percent, while buying was witnessed in the energy, auto, FMCG and pharma names.
Broader markets performed in line with the main indices. BSE Midcap and Smallcap indices gained 0.3 percent and 0.17 percent, respectively.
UPL, BPCL, TCS, IndusInd and IOC were among major gainers on the Nifty, while losers included HCL Tech, JSW Steel, Axis Bank, Tech Mahindra and Asian Paints.
Stocks & sectors
The BSE capital goods, healthcare and Oil & gas indices added 1 percent each, while metal index shed 1 percent.
A volume spike was seen in SAIL, Wipro and Mindtree.
Long buildup was seen in Voltas, Lupin and MRF, while short buildup was seen in Wipro, Dr Lal PathLabs and Apollo Tyres.
More than 250 stocks, including Quess Corp, Adani Ports and IGL hit a fresh 52-week high on the BSE.
Technical View
Nifty formed an Inside Bar candle on the daily scale with a long lower shadow which indicates that declines were being bought.
It continues forming higher lows from the last six sessions but negated the formation of higher highs of the last fifteen trading sessions.
“Now it has to continue to hold above 14450 zones to witness a fresh move towards 14750 then 15000 zones while on the downside major support exists at 14300 and 14200 levels,” said Chandan Taparia of Motilal Oswal Financial Services.
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