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The domestic equity benchmarks ended with modest losses on Thursday. The sentiment was impacted by selling pressure from foreign institutional investors (FIIs) and fading hopes of US rate cuts. Trading was volatile due to January F&O series expiry today. Most sectoral indices ended in the red, with FMCG, IT and pharma indices settling over a percent lower. The correction in the market was attributed to rising US bond yields, high valuations in the broader market, coupled with concerns about the upcoming union budget. FIIs maintained selling pressure for six consecutive days, offloading shares worth over Rs 33,600 crore in January so far.
The barometer index, the S&P BSE Sensex fell 359.64 points or 0.51% to 70,700.67. The Nifty 50 index lost 101.35 points or 0.47% to 21,352.60.
Tech Mahindra (down 6.12%), ITC (down 1.78%) and HDFC Bank (down 1.41%) were major drags.
In the broader market S&P BSE Mid-Cap index declined 0.36% and the S&P BSE Small-Cap index gained 0.54%.
The market breadth was positive. On the BSE, 2083 shares rose and 1725 shares fell. A total of 91 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 3.54% to 13.87.
The domestic stock market will remain shut on Friday, 26 January 2024, on account of Republic Day.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.15% to 7.170 as compared with previous close 7.181.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1150, compared with its close of 83.1225 during the previous trading session.
MCX Gold futures for 5 February 2024 settlement fell 0.09% to Rs 61,928.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.06% to 103.18.
The United States 10-year bond yield declined 0.53% to 4.158.
In the commodities market, Brent crude for March 2024 settlement rose $1.06 or 1.32% to $81.10 a barrel.
Global Markets:
Markets in Europe declined on Thursday as investors were cautious ahead of the monetary policy decision from the European Central Bank.
Asian stocks ended higher as markets respond to China?s central bank cutting reserve requirements for the country?s lenders.
The People?s Bank of China plans to lower banks' reserve ratio requirements by 50 basis points from February 5, injecting 1 trillion yuan into the economy.
Electric vehicle stocks, including suppliers of Tesla in Asia-Pacific, declined after Tesla's warning of subdued volume growth in 2024.
Overnight in the U.S., the S&P 500 reached new highs, driven by a surge in Netflix shares, while the Nasdaq Composite also rose, but the Dow Jones Industrial Average fell due to earnings reports from Verizon and 3M.
Stocks in Spotlight:
ACC surged 10.81% after the cement manufacturer reported consolidated net profit of Rs 537.67 crore in Q3 FY24, steeply higher than Rs 113.19 crore in Q3 FY23. Revenue from operations increased 8.32% year on year (YoY) to Rs 4,914.36 crore in the quarter ended 31 December 2023.
Tech Mahindra tumbled 6.12% after the company's consolidated net profit rose 3.34% to Rs 510.4 crore on 1.85% increase in revenue from operations to Rs 13,101.3 crore in Q3 FY24 over Q2 FY24. On a year on year (YoY) basis, Tech Mahindra's net profit dropped 60.64% while revenue fell 4.61% in Q3 FY24.
Tata Steel shed 1.11%. The steel major reported net profit to Rs 522.14 crore in Q3 FY24 as against net loss of Rs 2,501.95 crore posted in Q3 FY23. Revenue from operations fell 3.1% to Rs 55,311.88 crore in Q2 FY24 as compared with Rs 57083.56 crore in Q3 FY23.
TVS Motor Company slipped 3.02% after the company reported 68% increase in standalone net profit to Rs 593 crore in Q3 FY24 as compared with Rs 353 crore posted in Q3 FY23. Revenue from operations jumped 26% YoY to Rs 8,245 crore in Q3 FY24.
Hindustan Petroleum Corporation (HPCL) slipped 4.91% after the company?s standalone net profit slumped 89.66% to Rs 529.02 crore in Q3 FY24 as against Rs 5,118.16 crore recorded in Q2 FY24. However, Net sales (excluding excise duty) stood at Rs 1,10,849.16 crore in Q3 FY24, up 16.29% from Rs 95320.4 crore recorded in Q2 FY24.
On year on year basis, the company?s net profit zoomed 206.8% while revenue was higher by 1.49% during the quarter. HPCL declared Rs 15 per share interim dividend for FY 2023-24. Record date is set for 7 February 2024.
DLF gained 1.49% after the company reported consolidated net profit of Rs 655.71 crore in Q3 FY24 as compared with net profit of Rs 517.94 crore posted in Q3 FY23. Total income rose to Rs 1,643.51 crore in Q3 FY24 from Rs 1559.66 crore recorded in Q3 FY23.
Balkrishna Industries slipped 6.80% after the firm reported 7.84% decline in net profit to Rs 309.09 crore on 2.42% rise in revenue from operations to Rs 2,279.76 in Q3 FY24 over Q2 FY24. On year on year (YoY) basis, the company?s standalone net profit surged 210.27% while revenue grew 6.42%.
IPO Update:
The initial public offer (IPO) of Nova Agritech received bids for 1,27,48,82,220 shares as against 2,54,14,746 shares on offer, according to stock exchange data at 17:00 IST on Thursday (23 January 2024). The issue was subscribed 50.16 times.
The issue opened for bidding on Tuesday (23 January 2024) and it will close on Thursday (25 Thursday 2024). The price band of the IPO is set at Rs 39-41 per share. An investor can bid for a minimum of 365 equity shares and in multiples thereof.
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