Sensex and Nifty 50 extended losses for the third straight session, driven by a drag in banking stocks. HDFC Bank emerged as a significant contributor to the fall, while Reliance Industries managed to provide some support. The day concluded with Sensex falling 314 points to 71,187, and Nifty sliding 110 points to 21,462.
The banking sector continued to be a cause for concern, with Nifty Bank slipping 351 points to 45,714. The Midcap Index also faced a minor setback, losing 52 points to close at 47,100.
Banking, financials, and IT stocks emerged as major draggers. Stocks like Tata Motors, Reliance, Bharti Airtel and TCS are top gainers, while Power Grid, Asian Paint, HDFC Bank, Bajaj Finane, and Wipro were top laggards.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, at elevated valuations the market needs only a trigger for a sell-off and yesterday this trigger came in the form of HDFC Bank's worse-than-expected results. It is also important to understand that there was a sell-off in other emerging markets like Taiwan and Korea indicating that this is an emerging market correction driven by FPI outflows. The FPI sell figures in India yesterday was huge at Rs 10578 crores. In the context of rising bond yields in the US, FPIs may sell again. But this is likely to be countered by DII buying in fairly valued large caps with growth potential.
In early trade, Gift Nifty traded lower, while Asian shares performed on a mixed note. Overnight, Wall Street and treasury yield declined on the probability of a rate cut from the US Federal Reserve as early as March.
In the previous session, Sensex dived by at least 1700 points and Nifty 50 shed nearly 482 points decline. Broad-based selling was seen across indices with banking stocks dragging the performance most.
Sensex and Nifty 50 extended losses for the third straight session, driven by a drag in banking stocks. HDFC Bank emerged as a significant contributor to the fall, while Reliance Industries managed to provide some support. The day concluded with Sensex falling 314 points to 71,187, and Nifty sliding 110 points to 21,462.
Jan 18, 2024, 3:36 pm IST
Market Closing Outlook By Aditya Gaggar Director of Progressive Shares
The markets witnessed extreme volatility in today's trade. Right from the beginning, the Index experienced a vertical decline (mainly driven by Mid and Smallcap stocks) but was followed by a quick comeback which resulted in a V-shaped recovery. However, towards the end of the day, Banking stocks dragged the Index lower but, managed to defend its intraday lows to end the weekly expiry at 21,462.25 with a loss of 109.70 points. Among the sectors, Pharma was the best performer followed by PSU Banks while BankNifty and Metal remained the laggards. The Index has formed a Spinning Top candlestick pattern which indicates a reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at today's low i.e. 21,285.
Jan 18, 2024, 3:29 pm IST
Jindal Stainless Reports Q3 Results
Jindal Stainless Q3FY24 net profit has declined by 10.6% to Rs 692.3 crore, compared to Rs 774 crore, while the revenue shows a 6.8% decrease at Rs 9,127.5 crore versus Rs 9,797 crore on a quarter-on-quarter basis.
Jan 18, 2024, 3:24 pm IST
IndiaMart InterMesh Report Q3 Earnings; Net Profit Slides
IndiaMart InterMesh released its consolidated financial results for the third quarter ending in December, revealing a net profit of Rs 82 crore. This reflects a decline from Rs 112.8 crore in the same quarter last year. However, on a sequential basis, the net profit has experienced a notable 18.6% increase from Rs 69 crore in the preceding September quarter.
The Noida-based e-commerce firm witnessed a robust performance in terms of revenue, with a notable 21.5% surge to Rs 305 crore during the reported period. In comparison, the revenue from operations stood at Rs 251 crore in the corresponding period of the previous year.
Jan 18, 2024, 2:44 pm IST
Ajmera Realty, Rustomjee Partner For Redevelopment Project
Ajmera Realty and Keystone Realtors have joined forces for a redevelopment project in Bandra, where both entities will share a 50% stake. The collaborative effort is anticipated to yield a Gross Development Value (GDV) of Rs 760 crore. The project's focus is on creating high-end luxury residential apartments, boasting an estimated carpet area of around 1,30,000 square feet for potential buyers, as stated in a regulatory filing by the real estate company.
Jan 18, 2024, 2:19 pm IST
ONGC Videsh Secures 0 Million Loan From DBS Bank And Bank of Baroda
ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp (ONGC), India's premier exploration company, announced on Thursday that it has successfully obtained a 0 million loan from DBS Bank and Bank of Baroda. The five-year loan comes at a pivotal time for ONGC Videsh, as it grapples with a reduction in available free cash. The company spokesperson highlighted the significance of this financial injection, emphasizing its role in reinforcing ONGC Videsh's liquidity position. Last month, industry analysts predicted that ONGC Videsh would likely explore bond issuance as a means to raise capital.
Venezuela extended support to ONGC Videsh in January by agreeing to provide oil in lieu of 0 million dividend dues. This move from Venezuela provided a temporary relief and added a layer of resilience to ONGC Videsh's financial standing. The infusion of the 0 million loan, coupled with the arrangement with Venezuela, positions ONGC Videsh to navigate its financial challenges more effectively.
Small cap company from the Gems, Jewellery & Watches industry, KDDL Ltd shares rallied 1.11% in trade today on BSE after its Board of Directors considered and declared an interim dividend of Rs 58 per equity share (i.e. 580%) of Rs 10/- each for the financial year 2023-24. KDDL shares gained 160% in last 1-year span. The company has already fixed January 26, 2024 as the record date for interim dividend.
As per the regulatory filing of the company dated Jan 18, 2024, “Please be informed that the Board of Directors of KDDL Limited (“the Company”) at its meeting held on Thursday, 18th January, 2024 has, inter alia, considered and declared Interim Dividend of Rs. 58 per equity share (i.e. 580%) of Rs. 10/- each, for the financial year 2023-24.”
Jan 18, 2024, 1:16 pm IST
Speciality Restaurants Q3 Profit Falls 10% YoY To Rs 13.83 Cr, Shares Down 2.98%
Speciality Restaurants reported a 10% on-year fall in its consolidated net profit at Rs 13.83 crore for quarter ended December FY24, sue to weak operating margin performance. Consolidated revenue from operations soared by 11.8% to Rs 116 crore compared to year-ago period. Last trading price of Speciality Restaurants share on BSE is Rs 213.45 apiece with intraday fall of 2.98%.
Jan 18, 2024, 1:13 pm IST
Oracle Financial Services Software Rallies 21.31% On Robust Q3 Result
Oracle Financial Services Software (OFSS) shares gained 21.31% today to hit a fresh record high of Rs 6,103.40 on the BSE. The strong surge in shares came after the company reported strong earnings for the quarter ended December 2023. The company's net profit soared nearly 70% on-year to Rs 740.8 crore, and revenue from operations jumped 26% to Rs 1,823.6 crore.
Jan 18, 2024, 12:54 pm IST
Sun Pharmaceutical Shares Zoom On Buying Remaining Stake In Taro
Sun Pharmaceutical Industries Ltd shares today witnessed a rally of nearly 1.25% on BSE at 10:43 am after the company claimed on January 17, 2024 that it would buy all shares of Taro Pharmaceutical Industries for per share in cash thus grabbing entire control of its unit. Last trading price of Sun Pharmaceutical share on BSE is Rs 1315.50 per share. Sun Pharmaceutical has a market capitalisation of Rs 3,15,625.11 crore. Sun Pharmaceutical shares surged 13.88% in last 3-months.
According to the regulatory filing of the company issued today, “Further to our intimation letter dated December 12, 2023, it is hereby informed that Sun Pharmaceutical Industries Limited (together with its subsidiaries and/or affiliates referred to as “Sun Pharma”), have entered into a definitive merger agreement (“Merger Agreement”) with Taro Pharmaceutical Industries Ltd. (“Taro”), pursuant to which Sun Pharma has agreed to acquire all of the outstanding ordinary shares of Taro not currently held by Sun Pharma.”
Jan 18, 2024, 12:00 pm IST
SBI Sets 8.34% Coupon For Perpetual Bonds: Bankers
The country's largest lender State Bank of India has set a coupon of 8.34% for its planned issuance of Basel III-compliant additional tier-I bonds, three bankers said on Thursday reported the Economic Times.
SBI has accepted bids worth 50 billion rupees (1.31 million) after inviting bids for the perpetual bond issue earlier in the day. The bonds have a call option at the end of the tenth year.
Jan 18, 2024, 11:55 am IST
Akasa Air Announces Direct Flights To Ayodhya From Feb 15
Akasa Air has announced flights from Pune via Delhi to Ayodhya. With this Ayodhya has become the 18th destination of the low-cost carrier's domestic network. The one-stop flights will start from 15 February. The announcement comes after other industry peers including IndiGo, and Air India Express announced flights to Ayodhya. According to the airline, the flights have been introduced for daytime travel during prime hours for the convenience of passengers.
The morning flight will run daily and depart from Pune at 8:50 am and will reach Ayodhya at 12.55 pm with one stop in Delhi.
Jan 18, 2024, 9:40 am IST
Top Losers
Source:BSE
Jan 18, 2024, 9:30 am IST
Top Gainers And Losers
Stocks like Tata Motors, Reliance, Bharti Airtel and TCS are top gainers, while Power Grid, Asian Paint, HDFC Bank, Bajaj Finane, and Wipro were top laggards.
Jan 18, 2024, 9:29 am IST
Nifty In Opening Bell
Nifty traded at 21,440.80, down by 131.15 points or 0.61%. The index opened at 21,414.20, and is now ranging between day's high and low of 21,474.40 and 21,406.35 respectively.
Jan 18, 2024, 9:28 am IST
Sensex In Opening Bell
Sensex is struggling to keep 71,000 mark. In the opening bell, the 30-scrip benchmark slipped below the critical level to hit intraday low of 70,939.71, but soon after, it crawled back to as much as 71,190.85. Currently, Sensex is trading at 71,092.99.
Jan 18, 2024, 8:51 am IST
Intraday Picks
Prashanth Tapse, Senior VP (Research), Mehta Equities: Amid Q3 corporate results anticipation, a preferred trade advises buying Nifty and Bank Nifty within specified zones. Bullish prospects are highlighted for APOLLO TYRES, MAZGAON DOCK, TATA POWER, and INDIAN BANK. A standout buy recommendation is INDIAN BANK (CMP 440), with targets at 461/501 and aggressive 15-18 months targets at 651, accompanied by a stop below 347.
Jan 18, 2024, 8:50 am IST
Day Trade Guide Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: Wall Street declined overnight as positive US economic data dampened hopes for March rate cuts. Despite robust retail sales, Nifty experienced its sharpest single-day fall in 18 months, sparking concerns about heightened risk. Technical analysis suggests NIFTY's support at 21407 and hurdles at 21807, while options data indicate a potential 21100-22000 trading range. Six negative catalysts, including banking stock caution and global uncertainties, weigh on market sentiment. Notably, Nifty IT index resisted the sell-off, driven by strong Q3 results.
Jan 18, 2024, 8:35 am IST
Stocks To Buy Today
Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher Pvt Ltd recommended - BUY CG POWER cmp 463.10 Stop Loss 450 Target 500; BUY BHEL LTD cmp 207.10 Stop Loss 200 Target 222; BUY DATA PATTERNS cmp 1976.15 Stop Loss 1920 Target 2100
Jan 18, 2024, 8:34 am IST
NIfty, Bank Nifty Outlook On January 18
Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher expects Nifty support and resistance at 21300 and 21800 respectively on January 18. Meanwhile, Bank Nifty support is seen at 45000 and resistance at 47000.
Jan 18, 2024, 8:28 am IST
Market Previous Session
Sensex ended at 71,500.76, down by 1628.01 points or 2.23%, while Nifty 50 closed at 21,571.95, lower by 460.35 points or 2.09% on Wednesday. Overall, in the previous, Sensex dived by at least 1700 points and Nifty 50 shed nearly 482 points decline.
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