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Rupak De, Senior Technical Analyst at LKP Securities:
Nifty started the day on a positive note but failed to carry the momentum throughout the session. On the higher end price found resistance at 18350 which resulted in a sharp fall towards 18080.
On the daily chart Nifty has formed a bearish engulfing pattern. A bearish harmonic pattern is also visible on the daily chart of Nifty. Momentum oscillator RSI (14) has entered in a bearish crossover. On the higher end resistance is visible at 18350-18400; whereas on the lower end support is visible at 18000/17850.
Vinod Nair, Head of Research at Geojit Financial Services:
Following a weak lead from the global markets, domestic indices witnessed a highly volatile trade ahead of the press conference by the Finance Minister today. Surge in oil prices and FIIs turning net sellers also added volatility in the domestic market.
Globally, markets witnessed selling pressure following a surge in US treasury yield amid rate hike worries while oil prices rose on supply tension owing to the drone attack on UAE.
Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
18350 proved to be a stiff resistance and the markets decided to give up some of its gains! Closing below 18000-18100 might spook traders and motivate them to offload positions.
Until that does not happen, the market trend is positive and long positions can be accumulated on corrections.
Market Close: Benchmark indices lower with Nifty below 18200 amid selling seen in the final hour of session on January 18.
At close, the Sensex was down 554.05 points or 0.90% at 60,754.86, and the Nifty was down 195.10 points or 1.07% at 18,113. About 1007 shares have advanced, 2218 shares declined, and 59 shares are unchanged.
Tata Consumer Products, Maruti Suzuki, UltraTech Cement, Eicher Motors and Tech Mahindra were the top Nifty losers. Gainers were Axis Bank, HDFC Bank, Dr Reddy’s Labs, ICICI Bank and Kotak Mahindra Bank.
All the sectoral indices are trading in the red with auto, IT, capital goods, metal, realty, pharma and FMCG down 1-2 percent. BSE midcap and smallcap indices down 1-2 percent.
Nifty IT index shed 1 percent dragged by the Coforge, Mindtree, Tech Mahindra
Kotak Pre-IPO Opportunities Fund raises Rs 2,000 crore
Kotak Investment Advisors Limited (KIAL) today announced that it has successfully closed its maiden Kotak Pre-IPO Opportunities Fund, raising Rs 2,000 crore.
The Pre-IPO Fund will invest in a range of India focused late-stage new-age businesses with a strong moat of technology.
Dhaval Ajmera, Director of Ajmera Realty and Infra India:
The recent decline in home loan interest rate to below 6.5% and stamp duty reduction has made home buying affordable for buyers. Due to the constant push by the government, we have seen a significant revival in the residential properties which has influenced the sentiments of the fence sitters.
We have also observed some of the existing home buyers who are also considering to upgrade to a more spacious apartment. Talking about the housing inventory, with the current housing sales momentum, it will further reduce the inventory overhang in the next 3 to 4 quarters.
Network 18 Media & Investments Q3 earnings
Network 18 Media & Investments has posted 16.5 percent jump in its Q3 operating revenue at Rs 1,657.4 crore versus Rs 1,422.5 crore in the same quarter last fiscal.
Its operating EBITDA was up 15% at Rs 373.1 crore against Rs 324.5 crore and margin was at 22.5 percent versus 22.8 percent, YoY.
Network 18 Media & Investments was quoting at Rs 90.95, down Rs 0.50, or 0.55 percent on the BSE.
Market Update:
Benchmark indices slipped 1 percent and trading at day’s low level amid selling seen in the auto, IT, metal, pharma, FMCG names.
The Sensex was down 598.68 points or 0.98% at 60710.23, and the Nifty was down 203.80 points or 1.11% at 18104.30. About 1072 shares have advanced, 2141 shares declined, and 63 shares are unchanged.
Kotak Pre-IPO Opportunities Fund raises Rs 2,000 crore
Kotak Investment Advisors Limited (KIAL) today announced that it has successfully closed its maiden Kotak Pre-IPO Opportunities Fund, raising Rs 2,000 crore.
The Pre-IPO Fund will invest in a range of India focused late-stage new-age businesses with a strong moat of technology.
Oil climbs to more than 7-year high
Oil prices rose more than $1 on Tuesday to a more than seven-year high on worries about possible supply disruptions after Yemen’s Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.
The “new geopolitical tension added to ongoing signs of tightness across the market,” ANZ Research analyst said in a note.
Brent crude futures rose $1.37, or 1.6%, to $87.85 a barrel by 0738 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.71, or 2%, from Friday’s settlement to $85.53 a barrel. Trade on Monday was subdued as it was a U.S. public holiday.
Both benchmarks climbed to their highest levels since October 2014 on Tuesday.
