Stocks start New Year on positive note as financials, metals shine

Stocks start New Year on positive note as financials, metals shine

By Siddhant Mishra

Indian equities began the New Year on a winning note as strong buying interest in financials and metal stocks gave a fillip to the indices. The Sensex gained 327.05 points, or 0.54%, to close at 61,167.79, while the Nifty50 rose 92.15 points, or 0.51%, to 18,197.45.

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Tata Steel led the gains in the Sensex pack, rising close to 6%, with index heavyweight Reliance Industries gaining over 1%. Auto stocks did well too, with Tata Motors gaining 1.73% and Maruti edging up 0.05%. Asian Paints was the biggest loser, shedding 1.47%, as Kotak Bank, SBI and Tech Mahindra ended in the red.

The BSE midcap and smallcap indices gained 0.57% and 0.84%, respectively, while the BSE largecap gained 0.43%. The healthcare, consumer durables, and power indices were the only sectoral ones to end in the red.

A total of 2,247 stocks advanced on the BSE while 1,378 stocks declined.

Tata Steel also led the gain among the Nifty universe, jumping 5.73%, while Hindalco gained 2.78% and ONGC was up 2.66%. Tata Motors, M&M, Maruti and Eicher Motors closed in the green.

Healthcare and consumer stocks had a bad day, with Divi’s Lab losing 1.27%. Apollo Hospitals, Sun Pharma, Dr Reddy’s and Cipla also ended in the red. Titan, HUL, Tata Consumer, Nestle and Britannia witnessed selling.

The Nifty pharma, consumer durables and healthcare indices were down between 0.28% and 0.42%, while the Nifty metal jumped 2.43% and the Bank Nifty rose 0.5%.

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“The Bank Nifty witnessed strong buying from the lower levels and held the crucial support of 43,000. The index’s immediate upside resistance stands at 43,500, and once that is breached, we will see further upmove towards 44,000-45,000 levels. The momentum indicators are in the strong buying zone which confirms the strength of the index,” said Kunal Shah, senior technical analyst at LKP Securities.

DIIs continued to remain net buyers, pumping in ₹743.35 crore, while FIIs sold equities worth ₹212.57 crore.