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Informist, Wednesday, Jan. 22, 2025

By Akash Mandal

MUMBAI – Benchmark indices are likely to extend gains Thursday despite the uncertainty and the persistent volatility in the market. The gains would be led by specific large-cap stocks such as Hindustan Unilever and HDFC Bank, analysts said. However, direction of the indices would also be dependent on cues from the global markets. 

Some analysts believe that headline indices have "bottomed out" and no further downside is expected. Riyank Arora, technical analyst at Mehta Equities, said the Nifty 50 could fall to 22975 points. Meanwhile, Brijesh Ail of IDBI Capital Markets & Securities also believes that benchmark indices are unlikely to see further losses. However, if the Nifty 50 falls, especially due to panic selling around the Union Budget, it may find support at 22800. 

Both Arora and Ail see a 200 point upside in the Nifty 50 Thursday. The Nifty 50 is expected to stay in the 23300-23400 range Thursday, Arora said. On Wednesday, the Nifty 50 ended at 23115.35 points, up 130.70 points or 0.6%, and the BSE Sensex ended at 76404.99 points, up 566.63 points or 0.8%. 

Investors will react to the earnings of Hindustan Unilever and Bharat Petroleum Corp. after the companies announced their December quarter earnings post-market hours. HUL reported a net profit of INR 30.01 billion, beating analysts' estimates of INR 25.66 billion, while BPCL reported a net profit of INR 46.49 billion, missing analysts' estimates.

Persistent Systems also reported their December quarter earnings post-market hours. Pidilite Industries and Coforge will announce their earnings later in the day. Meanwhile, UltraTech Cement, Dr Reddy's Laboratories, Adani Energy Solutions, United Spirits, and Adani Green Energy will also be in the spotlight as they will announce their earnings Thursday. Among others, Mankind Pharma, Mphasis, Indus Towers, and Sona BLW Precision Forgings will also be in focus ahead of their earnings. 

Investors will keep an eye out for any new policy announcements by US President Donald Trump. The market will keenly look out for US jobless claims data for the week ended Friday, which will come out Thursday post market hours. An underwhelming print might dampen sentiment, analysts said.  End

Edited by Tanima Banerjee

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