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The broader indices of the Indian stock market remained under pressure for the third consecutive week and underperformed the main indices.
The market witnessed a decline due to mixed trend in quarterly results, selling by foreign institutional investors (FIIs) and other factors.
Performance of major indexes
- BSE Sensex: Fell 428.87 points (0.55%) to close at 76,190.46.
- Nifty50: Fell 111 points (0.47%) to close at 23,092.20.
Sectoral Performance
- Nifty Realty Index: Fell 9%.
- Nifty Energy Index: Fell 4%.
- Nifty Media and Oil & Gas index: fell 4.5%.
- Nifty IT index: Gained 3.5%.
- Nifty FMCG index: Gained 0.5%.
FII and DII activities
- FIIs sold equities worth ₹22,504.08 crore this week.
- DII bought shares worth ₹17,577.36 crore.
- So far in January, FIIs have sold ₹69,080.14 crore, while DIIs have bought ₹66,944.50 crore.
Smaller stocks fall
BSE Smallcap index fell 4.2%. Key stocks that fell:
- Newgen Software Technologies: Fell 18%.
- Cyient, India Cements, Pearl Global Industries, Netweb Technologies India: Fell 18-26%.
Stocks that also gained:
MPS, Fairchem Organics, Capri Global Capital: up 7-24%.
Analysts' View
1. Rupak Dey, LKP Securities
- If Nifty does not cross the level of 23,450, the decline may continue.
- A break of the lower level of 23,000 could lead to further weakness.
2. Nagaraj Shetti, HDFC Securities
- The nearest support for Nifty is at 22,975. The decline can go down to 22,800.
- There will be selling pressure at the level of 23,350-23,400.
3. Rishikesh Yadav, Asit C. Mehta
- Nifty has shown weakness on daily scale.
- If 22,980 levels are maintained then a rebound towards 23,300-23,400 is possible.
- The level of 23,600 will be the main resistance.
4. Jatin Gedia, Mirae Asset Sharekhan
- Nifty will remain in a limited range between 23,000-23,400.
- If it goes below 23,000, it can fall to 22,670.
