K. ARAVIND
The Nifty closed with gains last week. At the National Stock Exchange, the Nifty gained 90 points in a week based on the close. Public sector banks, auto and infrastructure stocks led the gains. The Nifty rose by 14,652.70 points but it failed to close above 14,500 on January 15.
The Nifty IT index was up 12 per cent in January. IT stocks have risen between 10 per cent and 35 per cent in a month. In the age of digitalisation, there has been a huge boom in the business of IT companies.
During the October-December quarter, IT companies generally saw strong growth. The potential for future revenue growth is also good. Leading IT companies’ performance reports have shown that the high demand for IT stocks in the stock market has been confirmed in every sense.
Last week saw the Bank Index hit an all-time high. Since then, it has come under sales pressure. HDFC Bank’s third quarter results released on January 15 will be crucial. Bank Nifty has a close of 33,800. 31,7000. The Nifty has a close of 14,890. It is supported at 14,370. If it does not stay above 14,370, the stock market will enter a revision phase.
