BPCL, Tata Steel, Titan, ITC, and Maruti Suzuki were the top gainers in the Nifty 50. While Divi’s Lab, HCL Tech, Wipro, NTPC, and Reliance were the top laggards during the later hours.

Shares of LTIMindtree fell 1.8% to Rs 6,201.05. The stock was among the top losers in the Nifty 50.

“We expect LTI Mindtree to post a moderation in revenue growth and register an increase of 0.5%-1% QoQ in Q3FY24. This subdued growth can be attributed to reduced number of working days and a higher-than-expected impact of furloughs, particularly in the BFSI and Hi-Tech verticals. However, the momentum in the manufacturing and energy verticals is expected to partially offset these challenges. Additionally, we expect a slight decline in margin, attributable to third-quarter seasonality, lower growth in the higher-margin BFSI/Hi-Tech verticals, and furloughs. However, we anticipate these headwinds to be partially offset by operational efficiencies. As LTI Mindtree navigates these challenges, we will be looking out for the impact of wage hikes and macro headwinds on margin and guidance for FY24, commentary on client budgets and latest developments in the merger,” said Dhruv Mudaraddi, research analyst at StoxBox.

“Jyoti CNC Automation, the Indian leader in CNC machine manufacturing, made its debut on the stock market, listing at Rs 370 per share, an 11.8% premium over its issue price of Rs 331. While Jyoti CNC’s strong brand presence and robust market share are undeniable, the financial concerns and hefty valuation necessitate a cautious approach. Jyoti CNC’s listing debut was positive but overshadowed by concerns. Thus we recommend investors book profit and exit their position; however, those who still want to hold it should keep a stop loss at around issue price,” said Shivani Nyati, Head of Wealth, Swastika Investmart Ltd.

Also Read: Jyoti CNC Automation sees robust listing, kicks off trade with 12% premium

BPCL, Titan, Hero MotoCorp, Maruti Suzuki, and ONGC were the top gainers in the Nifty 50. While Tech Mahindra, NTPC, HCL Tech, Wipro, and Divi’s Lab were the top laggards.

The sectoral-indice Nifty IT fell nearly 1.2% to 36,765.20 points. Shares of LTIMindtree, Wipro, HCL Tech, and Tech Mahindra were among the top losers.

Shares of HCL Technologies fell 3.2% to Rs 1,538. The stock is among the top losers in the Nifty 50.

Shares of Titan Company rose 2.3% to Rs 3,846.85 to become the top gainer in the Nifty 50.

“The Bank Nifty bulls maintained control as the index successfully surpassed the critical resistance of 48,000 on a closing basis. Market participants are closely watching the upcoming HDFC Bank results, as a positive outcome could fuel additional upside towards the 50,000 mark. The lower end support for the index is positioned at 47,700, and a breach below this level may dampen the prevailing bullish sentiment,” said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

“Considering bullish sentiments in the markets touching fresh life time high along with overwhelming response received from all sets of investors on the last day of subscription, Jyoti CNC signals decent listing gain of 15% on its issue price,” said Prashanth Tapse, senior vice president of research & research analyst at Mehta Equities.

The listing premium is justified on the back of strong order book from aerospace and defence given healthy visibility on topline as well as bottom line and growing demand in the CNC machine industry. We also like the primary objective of the IPO which is for reducing the debt helping the company to come out of interest burdens leading to improve the bottom lines in coming years, Tapse said. 

“Considering all the factors, we recommend allotted investors to HOLD for Long term. For non allottees one can wait and watch for any dips post listing to accumulate and look to hold for a long term like 3-5 years’ time horizon,” Tapse added.

Commenting on the Technical outlook of  Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said The Nifty bulls maintained their momentum, propelling the index to new highs beyond the 22,000 mark. The major support for the index is situated at the 21,800 level, and a breach below this would be essential to negate the prevailing trend. The next immediate upside targets for the index are positioned at 22,200/22,300 levels. Sustaining above these levels could potentially lead the index towards the 22,500 mark.

The NSE Nifty 50 opens lower by 0.08% to settle at 21,660.95, while the BSE Sensex opens just or 0.01% higher to 73,331.96.

The NSE has added Bandhan Bank, Bharat Heavy Electronics, Biocon, Chambal Fertilizers, Delta Corp, Escorts Kubota, Hindustan Copper, India Cements, Indus Tower, Metropolis Healthcare, Piramal Enterprise, Polycab India, PVRINOX, SAIL, and Zee Entertainment to its F&O ban list for January 16, 2024.

Foreign institutional investors (FII) bought shares worth net Rs 1085.7 crore, while domestic institutional investors (DII) offloaded shares worth net Rs 820.7 crore on January 15, 2023, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region are trading in mixed territory on Tuesday morning. The Asia Dow is trading up by 1.05%, Japan’s Nikkei 225 is red, down by 0.46%, Hong Kong’s Hang Seng index is trading down by 0.17% and the benchmark Chinese index Shanghai Composite is trading higher by 0.15%.

WTI crude prices are trading at $72.86 up by 0.34%, while Brent crude prices are trading at $78.44 up by 0.37%, on Tuesday morning.

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up by 0.22% at 102.63.