FIRST TRADE: Sensex adds 60 points; Nifty flat at 23,211
Benchmark indices tracking positive gains in the Asian markets are likely to open on a positive note.
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Indian equities tracking positive Asian markets drifted higher in Friday's session (January 24). At the start, Nifty traded muted at 23,211, up 0.02 per cent or 5.65 points, while the Sensex was up 0.08 per cent or 59.88 points at 76,580.26. Meanwhile, broader markets also were resiient in trade today with gains of up to 0.35 per cent in the Nifty Midcap 100 index.
The irrationality in the market characterised by fair and even low valuations for largecaps like banking and excessive valuations in the broader market will have to reverse at some point of time. But we don’t know when that will happen, he added.
Key upcoming events, like the FOMC meeting and the Union Budget, could influence market direction going ahead.
Sectoral performance
Sectorally, most of the indices traded in the green barring pharma, PSU Bank and media stocks, however, oil & gas and metal stocks leading the gains.
Technical outlook
Prashanth Tapse, Senior VP (Research), Mehta Equities said, "Nifty may face a volatile session today, with a strong chance of closing below the psychological 23000 mark as uncertainty around President Donald Trump’s tariff plans persists. Technically, Nifty is trading well below its 200-day moving average of 23982, and a bearish pattern continues to emerge on the daily charts.
Asian markets
Most Asian stocks were in the green in Friday's trade tracking record gains on Wall Street and amid optimism over policy support in China. Meanwhile, Bank of Japan on expected lines raised its benchmark interest rate by 25 basis points from 0.25 per cent to 0.5 per cent on Friday.
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