Stock market today: Nifty 50, Sensex snap 5-day winning streak on profit booking

Stock market today: Nifty 50 closed 65 points, or 0.29 per cent, lower at 22,032.30 while the Sensex settled at 73,128.77, down 199 points, or 0.27 per cent.

Nishant Kumar
Updated16 Jan 2024, 04:17 PM IST
Stock market today: Nifty 50 closed 65 points, or 0.29 per cent, lower at 22,032.30 on Tuesday. AFP PHOTO/ Indranil MUKHERJEE
Stock market today: Nifty 50 closed 65 points, or 0.29 per cent, lower at 22,032.30 on Tuesday. AFP PHOTO/ Indranil MUKHERJEE(AFP)

Stock market today: Equity benchmarks the Nifty 50 and the Sensex snapped their five-day winning streak on Tuesday, January 16, on profit booking in shares of select heavyweights, including Reliance Industries, Infosys, TCS and HCL Tech amid weak global cues. 

Among the Asian peers, Korea's KOSPI and Japan's Nikkei fell up to a per cent. Major European markets, including the UK's FTSE, France's CAC 40 and Germany's DAX traded lower when the Sensex closed as optimism around the expectations of early trade cuts was punctured by hawkish comments from central bankers.

“Asian shares hit a one-month low, U.S. stock futures fell and the dollar rose on Tuesday as hawkish remarks from central bankers tempered expectations for interest rate cuts and traders waited to hear from the Fed's influential Christopher Waller,” reported Reuters. 

According to Reuters, European Central Bank (ECB) policymaker Joachim Nagel said on Monday that it is too early for the ECB to discuss cutting interest rates because inflation remains high. Austrian central bank governor Robert Holzmann warned not to bank on a cut at all this year.

Also Read: Market highlights: Sensex sheds 200 pts, Nifty near 22,050 at close; IT, realty down

Even though analysts have been warning about uncertainty on interest rate trajectory due to inflation being higher than central banks' targets, the market is already considering the possibility of rate cuts this year. Some analysts suggest that if rate cuts happen, they might not be significant but rather modest.

The domestic market spent most of the day in negative territory on Tuesday, but it experienced a brief upswing during the session, propelling the benchmarks to achieve new record highs.

Nifty 50 opened at 22,080.50 against the previous close of 22,097.45 and hit its fresh record high of 22,124.15 during the session. The index, however, erased all gains and closed 65 points, or 0.29 per cent, lower at 22,032.30.

The 30-share pack Sensex opened at 73,331.95 against its previous close of 73,327.94 and touched its record high of 73,427.59. It finally settled at 73,128.77, down 199 points, or 0.27 per cent.

The BSE Midcap index hit its fresh all-time high of 38,302.4 during the session but ended with a loss of 0.31 per cent at 38,009.80. The BSE Smallcap index fell 0.43 per cent to close at 44,361.39.

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Also Read: Dollar at one-month high as Fed rate-cut bets fizzle out

Top Nifty 50 gainers today

Shares of BPCL (up 2.73 per cent), Tata Steel (up 1.74 per cent) and Titan (up 1.60 per cent) closed as the top gainers in the Nifty 50 index.

Top Nifty 50 laggards today

Shares of Divi's Laboratories (down 2.11 per cent), HCL Technologies (down 2.09 per cent) and NTPC (down 1.81 per cent) ended as the top laggards in the Nifty 50 index.

As many as 33 shares closed lower in the Nifty 50 index on Tuesday.

Also Read: Top Gainers and Losers today on 16 January, 2024: Bharat Petroleum Corporation, Tata Steel, Divis Laboratories, HCL Technologies among most active stocks; Check full list here

Sectoral indices today

Nifty IT snapped its two-day winning run to close with a loss of 1.28 per cent.

Nifty Realty (down 1.66 per cent), Pharma (down 1.14 per cent) and Healthcare (down 1.08 per cent) also ended with significant losses.

Nifty Bank slipped 0.07 per cent.

Among the gainers, Nifty Metal rose by a per cent.

Expert's views on markets

"The broad market exhibited profit booking following a good performance by the IT sector amid weak global cues. Investors are contemplating whether the current euphoria in markets has gone farfetched, especially with elevated domestic valuations in mid and small-caps. FII flows are mixed due to a lack of fresh triggers. Oil prices stayed firm amid undeterred geopolitical tensions. The latest IIP growth signals near-term softness," said Vinod Nair, Head of Research at Geojit Financial Services.

Technical views on Nifty 50

"The Nifty index experienced a day of mixed market dynamics, with bulls dominating the first half and bears taking control in the second half. For a sustained upward movement towards 22,300 levels, the index needs to decisively break above the 22,150 mark. On the downside, the immediate support is located at 21,950, and a clear break below this level could trigger further corrections towards the 21,800 mark," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

"On the daily chart, the Nifty has formed a spinning top candlestick pattern with a probability of a bearish divergence. For the time being, the level of 22,120 will act as resistance while the downside seems to be protected at 21,930," said Aditya Gaggar, Director of Progressive Shares.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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First Published:16 Jan 2024, 04:17 PM IST
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