(As of 11:13 AM IST, January 10, 2024)
Market Mood: Indian benchmark indices are displaying tepid movement this morning, oscillating between small gains and losses amidst moderate volatility. The headline indices are struggling to capitalize on yesterday’s positive close, weighed down by selling pressure in key sectors like oil & gas and realty.
Sensex & Nifty Levels:
Sensex: Currently hovering around 71,355.22, down by about 670 points from yesterday’s close.
Nifty: Trading near 21,513.00, marking a decline of nearly 198 points compared to Tuesday’s closing.
Sectoral Performance:
Drag Sectors: Oil & gas and realty stocks are leading the losses, tumbling over 2% each. ONGC, Reliance Industries, and Larsen & Toubro are among the prominent decliners in these sectors.
Gainers: Healthcare and automotives are providing some solace, inching up marginally. Apollo Hospitals, Sun Pharma, and Maruti Suzuki are witnessing minor buying interest.
IT & Financials: IT heavyweights Infosys and TCS are trading sideways, while banks are exhibiting modest weakness. HDFC Bank and ICICI Bank are contributing to the downside momentum.
Market Breadth:
The market breadth is tilted slightly towards declines, with about 1,602 stocks falling and 2,243 stocks advancing. This indicates the broader market is participating in the profit-booking exercise.
Global Cues: Asian markets are witnessing a mixed picture this morning, with some major indices like Nikkei and Hang Seng slipping, while others like Kospi and Shanghai Composite are managing small gains. This mixed sentiment is providing limited direction to the Indian market.
Technical Outlook:
From a technical perspective, both Sensex and Nifty are nearing their crucial support levels. A sustained breach below these levels could trigger further downside momentum. However, the indices may attempt a bounce-back later in the day if global cues turn positive and selling pressure subsides.
Key Events to Watch:
Later today, the US FOMC minutes will be released, which could provide insights into the Fed’s upcoming policy decisions and influence global market sentiment.
Investors will also keep an eye on the ongoing tensions between Russia and Ukraine. Any fresh escalation could lead to risk aversion and impact emerging markets like India.
