Stock market : Indian equity indices closed with a rise on January 7 and Nifty reached 23,700. At the end of the trading session, Sensex closed 234.12 points or 0.30 per cent higher at 78,199.11 and Nifty closed 91.85 points or 0.39 per cent higher at 23,707.90. Today about 2527 shares advanced, 1286 shares declined and there was no change in 103 shares. On Nifty, shares of ONGC, SBI Life Insurance, Tata Motors, HDFC Life, Reliance Industries were the biggest gainers. Whereas shares of HCL Tech, TCS, Eicher Motors, Hero MotoCorp, Trent were the biggest losers.
Except IT, all other sectoral indices closed in the green. Among these, oil and gas, realty, energy, bank, metal and pharma stocks saw a rise of 0.5-1 percent. BSE Midcap index gained 0.7 per cent and BSE Smallcap index gained 1.7 per cent.
Raj Deepak Singh of ICICI Securities In a conversation with Moneycontrol, he said that the continuous selling of foreign institutional investors (FIIs) since September has remained a major obstacle. There has been no change in the conditions yet. For a sustainable rise in the market, FII investors will need to return. But currently this seems unlikely due to the rising dollar index and attractive US treasury yields. There is a general consensus that the dollar index will not go above 110, but its current level is also bad for the Indian equity market. A fall in the dollar index would indicate better prospects for our domestic market.
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Sameet Chavan, Head of Technical and Derivatives Research at Angel One Said that the uncertainty surrounding the new virus is further increasing the risk. This needs close monitoring. Until there is clarity or relief on these issues, investors should avoid attempting to capture the “Falling Knife” as the selloff may continue.
He further said that the intermittent surges in Nifty are unlikely to prove sustainable. 200 DSMA located around 23900-24000 can act as immediate resistance for Nifty. A decisive breakout above 24200 is required in Nifty to signal resumption of uptrend. Apart from this, mid-cap and small-cap stocks have been most affected in the recent fall and they still look weak. Traders are advised to exercise caution and avoid taking excessive risks in these segments for now.
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