Daily Markets - Jan 25, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
(Time Zone: Arizona, USA)
Indian benchmark equity indices fell for the third straight session on January 25. The Nifty fell post 1315 Hrs as European markets gave up their initial gains. At close, the Nifty was down 133 points or 0.93% at 14,238.90.
Volumes on the NSE were lower than the previous session but in line with recent average. Among sectors, Pharma was the main gainer while IT, Realty and Auto were the main losers. Reliance Industries fell 5.6% - its biggest single-day fall seen in the stock in nearly three months.
Asian shares closed mixed Monday amid some hopes for recovering economies slammed by the pandemic, as market attention turned to upcoming company earnings. Stocks in Europe opened mixed on Monday amid chatter there could be tighter border restrictions and extended lockdowns to keep the new COVID-19 variant at bay. Global shares rose to just shy of records highs on Monday, as optimism over a $1.9 trillion U.S. stimulus plan outweighed rising COVID-19 cases and delays in vaccine supplies.
Nifty has fallen for the third consecutive session. This has happened after about 4 months. Poor advance decline ratio hints at broader profit taking. Pre Budget nervousness has resulted in some unloading. Locking up of large sums in the recent IPOs have also led to this sell-off. 14123-14148 is the next support band for the Nifty.