Shares of ICICI Bank fell 3.1% to Rs 996.65. The stock was the primary laggard in the Nifty 50.

Hindalco, Dr Reddy’s Lab, Tata Steel, Power Grid, and HCL Tech were the top gainers in the Nifty 50. While ICICI Bank, Axis Bank, Asian Paints, Adani Ports, and HDFC Life Insurance were the primary losers.

Hindalco, Dr Reddy’s Lab, Power Grid, Tata Steel, and NTPC were the top gainrs in the Nifty 50. While Axis Bank, ICICI Bank, Asian Paints, Hero MotoCorp, and Adani Ports were the key losers.

Shares of Canara Bank fell 0.26% to Rs 454.70 after the bank declared its quarterly results.

Shares of ZEE Entertainment rose 7.8% to Rs 168.15 a day after the stock slumped up to 34%.

The NSE Nifty 50 gained 9.60 points at 21,248.40. While the BSE Sensex gained 15.76 points at 70,386.31.

International and domestic spot and futures of gold and silver gained marginally on Tuesday despite gains in the Dollar Index and U.SCome from Sports betting site. Treasury yields, said Sriram Iyer, senior research analyst at Reliance Securities.

However, upside was capped as investors continued to assess the monetary policy outlook globally. The Bank of Japan retained ultra-easy monetary settings in a widely expected move, while cutting its inflation forecast for 2024 due to lower oil prices. The European Central Bank will also decide on monetary policy later this week, where it is expected to push back against bets on interest rate cuts, he said.

According to the CME FedWatch tool, traders have dialled back bets on a rate cut in March Fed meeting to below 50%. From an intraday perspective, international spot gold and silver prices have started flat this early Wednesday morning in Asian trade as investors look to data for further cues this week.

Speculative buying could cap downside, Iyer said.

Internationally, the range for COMEX April is $2,035 to $2,055, while that for COMEX March silver is $22.225 to $22.650. Domestically, the range for MCX gold April is 62,110 to 62,490, while that for MCX silver March is 70,725 to 71,200.

Shares of Hindalco rose 4.5% to Rs 565.85. The stock was the top gainer in the Nifty 50.

Hindalco, Dr Reddy’s Lab, Coal India, Divi’s Lab, and LTIMindtree were the top gainers in the Nifty 50. While Axis Bank, Hero MotoCorp, Asian Paints, Bharti Airtel, and Maruti Suzuki were the primary losers. Come from Sports betting site VPbet

Shares of Axis Bank fell 6.3% to Rs 1,020.90. The stock was the key loser in the Nifty 50.

The NSE Nifty opened 22.90 points or 0.11% lower at 21,215,90. While the BSE Sensex opened 135.83 points or 0.19% lower at 70,234.72.

“Bank Nifty opened gap up however it was sold into and it resumed the next leg of the decline. On the downside, the bank Nifty is headed towards 44600 from short term perspective. On the upside 45800 shall act as immediate hurdle,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas.

Commenting on the Technical outlook of Rupak De, Senior Technical Analyst at LKP Securities, said that a few days of consolidation have led to a decline, with Nifty slipping below the lower end of the recent consolidation range. The bearish sentiment appears to be strengthening as Nifty closed at its lowest points on multiple days. Weakness may persist in the short term, with support at 21,200; below this level, the index could potentially decline towards 21,000 and beyond. Looking ahead, the market may continue to be a “sell on rise” scenario as long as it remains below 21,500.

Balrampur Chini Mills, Indian Railway Corp, National Aluminium, Oracle Financial Services Software, RBL Bank.

Foreign institutional investors (FII) offloaded shares worth net Rs 3,115.39 crore. However, domestic institutional investors (DII) bought shares worth net Rs 214.40 crore on January 24, 2024, according to the provisional data available on the NSE.

WTI crude prices are trading at $74.57 up by 0.27%, while Brent crude prices are trading at $79.73 up by 0.23%, on Wednesday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded lower by 0.12% at 103.49.

Shares in the Asia-Pacific region were in mixed territory. The Asia Dow is trading up by 0.58%, whereas Japan’s Nikkei 225 is trading in the red, down by 0.72%, Hong Kong’s Hang Seng index is trading higher by 1.53% and the benchmark Chinese index Shanghai Composite is trading higher by 0.38% during the early trade hours.

The Dow Industrial Average fell on Tuesday after inching up for three continuous days. The reason behind the fall can be attributed to the weak earnings. The 30-stock Dow fell 96.36 points, or 0.25%, to 37,905.45. The tech-heavy Nasdaq Composite gained 0.43% at 15,425.94. The S&P 500 surged by 0.29% at 4,864.60 to reach a fresh all-time high.

“Expect heightened volatility as all eyes focus on the release of fourth-quarter U.S. GDP data and the US personal-consumption expenditures (PCE) on Friday, January 26th. Before that, brace for volatility with the January F&O expiry this Thursday. In the previous session, Nifty surged to 21750 but tumbled to 21192.60, causing a significant dent in bullish confidence, mainly attributed to profit booking. Notably, Zee Entertainment saw a record 30% single-day drop, while concerns over banking stocks persisted due to potential margin strain and sluggish deposit growth. HDFC Bank’s 15% decline post Q3 added to market woes. The major negative catalyst: FIIs engaged in a significant selling spree, offloading Rs 22,973 crores in the last week. Investors are closely monitoring Q3 performances of key stocks. Technicals suggest a neutral stance for Nifty and Bank Nifty, with preferred trades outlined. A bearish outlook is identified for Tata Communication, Cholamandalam Finance, and Deepak Nitrite. The top stock recommendation is to buy Indian Bank (CMP 445), with targets at 477/501 and aggressive 15-18 months targets at 651, accompanied by a stop below 347,” said Prashanth Tapse, senior vice president of research at Mehta Equities.