BSE Azad Engineering
By S Jha
New Delhi, January 5: A day after roaring back on the street, bulls sweated all day to hold grounds on the street in the shadow of bears. Nifty closed to manage above 21700 level to give a relief to the investors with the street entering the crucial phase from Monday.
Bank Nifty, true to its nature, stayed volatile throughout the day. The bulls refused to yield to the bears on the Bank Nifty turf as they retrieved the index from the low of the day while getting the crucial help from Axis Bank. The private bank appears showing signs of strength as the scrip extended gains from the yesterday session. But it also retraced from the day’s high as per the swings in the index.
The IT pack led the bulls back into the game on the street with TCS and Infosys leading the fightback after the index lost initial gains in the afternoon session. The IT sector is tipped to announce the arrival of the earning season from next week. TCS has in the last quarter given a strong number in the quarterly results. Al through the days, the likes of Wipro, Tech Mahindra, Mphasis, Coforge, Birlasoft, and others showed signs of life on the street. The IT Nifty was the lead gainer in the day.
The defence sector continues to buzz on the street. Jupitor Wagons after signing a contract with the Indian army for the supply of the specially designed vehicles gained three per cent. The railway stock is now being seen as a defence player also. Hindustan Aeronautics was trending during the early session of the day as the scrip went past the level of Rs 3000 for the first time. The scrip is racing fast to the level from where it had split in 1:1 ratio a few months ago, giving handsome returns to the investors in quick time.
Swan Energy extended gains further amid reports that the modailities for it to take over the assets of naval dockyard have been given approval. The scrip posted a handsome gain on the street. It has climbed from the level of Rs 380 a few months ago to almost Rs 570, making the investors richer in quick time.
However, the market participants with technical flavour noted that the indices have closed with doji candle stick, suggesting that the street is caught in an indecisive phase. But this is understandable as per market participants because the investors will look at the hard numbers in the quarterly results to see if the valuation of the scrip is justified after a Steller gain in 2023. (Disclaimer: The article doesn’t recommend buy or sell of any stock; one must consult SEBI-registered advisors for investment decisions)
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