Indian benchmark indices continued their winning streak, notching up gains for the fifth consecutive session on January 15. The Sensex and the Nifty achieved new record highs driven by substantial buying activities, particularly in the information technology sector and positive corporate earnings.

This surge mirrored global trends, with both indices closing at their best levels to date. The rally added significant wealth to investors, with market capitalization witnessing an increase of nearly Rs 3 lakh crore.

Market Performance:

On January 15, the Sensex surged by 759.49 points (1.05 percent) to close at 73,327.94, while the Nifty gained 203.00 points (0.93 percent) to reach 22,097.50, marking their highest closing figures.

Despite mixed global cues, the indices started positively, reaching record highs of 73,402.16 and 22,115.55 during the session. This upward trajectory was fueled by robust buying in information technology, oil & gas, and banking sectors.

The BSE-listed companies’ market capitalization rose from approximately Rs 3.73 lakh crore to around Rs 3.76 lakh crore, reflecting an increase of nearly Rs 3 lakh crore.

Top Gainers and Losers:

Screenshot 2024 01 15 at 6.23.18 PM 1

Wipro, ONGC, HCL Technologies, Infosys, and Bharti Airtel emerged as top gainers on the Nifty.

Losers included HDFC Life, Bajaj Finance, Bajaj Finserv, Hindalco Industries, and Eicher Motors.

Sectoral Performance:

Except for the metal sector, all other sectoral indices closed in the green, with information technology, PSU bank, and oil & gas sectors each registering a 1 percent gain.

Broader Market Highlights:

Broader indices reached new highs during the session, with marginal gains by the close.

Over 550 stocks touched their 52-week highs on the BSE, featuring companies like Wipro, IRFC, Alembic Pharma, DB Realty, and others.

Market Analysts’ Outlook:

Jatin Gedia (Sharekhan by BNP Paribas):

Short-term target for Nifty: 22,350–22,500, with sector rotation expected to continue.

Auto and FMCG sectors anticipated to contribute to the rally.

Aditya Gaggar (Progressive Shares):

Bullish on the Nifty with a target of 22,330 and a buy-on-dips strategy.

Immediate support at 21,920, and resistance around 22,275.

Kunal Shah (LKP Securities):

Nifty maintaining momentum, aiming for new highs.

Immediate upside targets: 22,200 and 22,300; breach of 21,800 essential to negate trend.

Bank Nifty:

Forming higher tops and higher bottoms, indicating trend reversal.

Closed above 48,000, with potential momentum towards 50,000.

HDFC Bank results closely monitored for market impact.

Disclaimer: The views and investment tips expressed by experts are their own, and users are advised to consult certified experts before making investment decisions.

The persistent positive momentum in the Indian markets and the optimism surrounding various sectors have contributed to the wealth creation of investors, with the indices reaching unprecedented heights. Market participants remain watchful for upcoming corporate results and global cues that may influence future market dynamics.

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