The Indian equity market closed higher on Wednesday (Jan 24). At market close, Sensex was up 0.98% at 71,060.31 points, while Nifty 50 was up 1.01% at 21,453.95 points. Hindalco shares gained 4.68% and the stock was the top gainer on Nifty 50. At 2:27 pm IST, Sensex was up 0.49% at 70,714.37 per share, while Nifty 50 was up 0.55% at 21,354.60 points. BSE Sensex gained 183 points or 0.26% to 70,554 and Nifty 50 surged marginally by 62 points to 21,301 at 9:55 am on Wednesday. Nifty Bank gained 213 points to 45228 and Nifty Midcap gained 389 points to 46,958. Zee Entertainment shares rallied 6.2% in trade today. From the pack of Sensex, the top gainers are Infosys, SBI, Tata Steel, HCL Tech, and Tech Mahindra. Shares of Axis Bank and Asian Paints are the laggards with the decline of over 1%.
Stock-specific action is expected in the market amidst ongoing Q3 results and also investors may look to position their portfolio for the interim budget. In the previous session, Sensex and Nifty erased their psychological mark of 71,000 and 21,500 to end by 1.5% down each.
On January 23rd, the Indian stock market was in a frantic selling with Sensex and Nifty erasing their critical mark of 71,000 and 21,500. The 30-scrip benchmark nosedived by 1053.10 points or 1.47% to end at 70,370.55, while the 50-scrip benchmark fell by 333 points or 1.54% to close at 21,238.80.
In the early trade of Wednesday, Gift Nifty traded marginally up. While Asian shares were trading lower despite Wall Street extending its record-high gains overnight. Investors eye a host of corporate earnings, and rate cut prospects to observe growing optimism in the US economy.
In the US market, the S&P 500 soared to a record high close on Tuesday as investors absorbed a mixed bag of early quarterly results and awaited more reports from Tesla and other companies later this week.
The S&P 500 soared 0.29% to end the session at 4,864.59 points. The Nasdaq surged 0.43% to 15,425.94 points, while Dow Jones Industrial Average declined 0.25 percent to 37,905.45 points.
Asian markets largely declined as investors observe economic data out of Japan along with factory activity data from Australia. Japan's Nikkei 225 declined 0.26%, extending its losses from Tuesday, while the Topix saw a smaller loss of 0.15%.
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Jan 24, 2024, 3:04 pm IST
Indian Overseas Bank Q3 Net Profit Rises 30%; Stock Up 5%
Public sector lender Indian Overseas Bank on January 24 reported its results for the October-December quarter of 2023-24.
The bank's Q3FY24 net profit increased by 30.2 per cent to Rs 722.58 crore for the quarter ended December 2023 as against Rs 555.19 crore in the year ago quarter. Total income rose 23.8 per cent YoY at Rs 7,437.18 crore.
Jan 24, 2024, 2:44 pm IST
Bharat Dynamics Q3FY24 Results: Revenue Up 30% YoY At Rs 601.6 Crore
Ammunition and missile manufacturer Bharat Dynamics posted a consolidated net profit of Rs 135 crore for the October-December quarter, up 61% YoY to Rs 135 crore from Rs 84 crore recorded in the year-ago period. The company's onsolidated revenue from operations grew 30% YoY to Rs 602 crore in Q3FY24, from Rs 462 crore in the previous fiscal. The stock was up 0.77% at Rs 1683.30 per share at 2:42 pm IST today.
Jan 24, 2024, 1:07 pm IST
Epigral Shares In Focus
The top integrated chemical company in India released its financial figures for the quarter that ended on December 31, 2023, today. The firm reported sales of Rs 472 Cr for the quarter that ended on December 31, 2023, compared to Rs 478 Cr in Q2FY24. PAT was Rs 49 Cr for the quarter that ended on December 31, 2023, up from Rs 38 Cr in Q2FY24. Volume climbed by 18% YoY. The Derivatives & Specialty section had significant growth, with the Chlor-Alkali industry contributing marginally.
Jan 24, 2024, 12:16 pm IST
Dhabriya Polywood Shares In Focus
Dynasty Modular Furnitures Pvt. Ltd., the company's fully owned subsidiary, received a letter of intent (LOI) from DLF Group to supply and install modular kitchen, wardrobe, vanity, and medicine cabinets for a total of Rs 9.01 crore (including GST).
Jan 24, 2024, 11:55 am IST
NMDC Increases Lump Ore Prices
NMDC raises prices of lump ore & fines by Rs 400/tonne each. The company has set the prices for Lump Ore (65.5%, 10-40mm) at Rs 6,000/- per ton and fines (64%, -10mm) at Rs 5,310/- per ton.
Jan 24, 2024, 11:32 am IST
Cyient DLM Achieves Record Quarterly Revenue, Yet Shares Retreat From Peak
Fueled by robust performance in the aerospace and defense sector, Cyient DLM witnessed a 10% increase in revenue from operations, reaching Rs 321 crore in Q3FY24 compared to Rs 291.8 crore in the corresponding period last year. This quarter marked the highest-ever revenue for Cyient DLM.
Jan 24, 2024, 11:13 am IST
Axis Bank Witnesses 5% Decline As Q3 Business Expansion Surges, Margins Dip
In Wednesday's trading session, Axis Bank experienced a decline of over 5% as the private lender reported robust business growth in the third quarter. However, margins witnessed a quarter-on-quarter (QoQ) decrease of 10 basis points, marking a 4% decline. The stock commenced the day with losses of 3%, reaching the day's lowest point at Rs 1,020.90 per share on the NSE.
Jan 24, 2024, 10:30 am IST
Zee Entertainment Shares Recover After Falling 33% In Previous Session
Zee Entertainment shares have experienced a recovery, rising by 8% in early Wednesday trading. This follows the largest single-day drop in the stock's history reported on Tuesday. The significant decline, exceeding 30%, occurred after Sony Pictures terminated the anticipated billion merger agreement. As a result, various brokerages have lowered their estimates and price targets for Zee Entertainment.
Jan 24, 2024, 9:53 am IST
REC Ltd Shares Jump 6.76% After Q3 Net Profit Soars 13.6%
Shares of REC Ltd jumped 6.76% in trade today after the company on January 23 declared a net profit of Rs 3,269.3 crore for the quarter ending December 2023, which is 13.6% higher as against the year-ago period. REC's net profit for the third quarter of the previous fiscal stood at Rs 2,878 crore.
Jan 24, 2024, 9:42 am IST
Zee Entertainment Enterprises Ltd Shares Surge 6.09%
Zee Entertainment shares witnessed a surge of 6.09% in trade on Wednesday. Last trading price of Zee Entertainment shares on BSE is Rs 165.40 apiece. Zee Entertainment's promoter Subhash Chandra reportedly wrote to Finance Minister Nirmala Sitharaman on January 16, a week before its billion merger with Sony Pictures was terminated.
The letter was accessed by CNBC-TV18 and sought intervention of the FM to "safeguard the interest of Zee Entertainment's minority shareholders."
Jan 24, 2024, 9:22 am IST
Top 5 Gainers and Losers Today
Source:NSE
Jan 24, 2024, 9:20 am IST
Rupee Falls 8 Paise Against US Dollar
The rupee declined by 8 paise to 83.15 against the US dollar, as foreign fund outflows and weak domestic equities weighed on investor sentiments.
Jan 24, 2024, 9:03 am IST
Market Outlook Today - Aditya Gaggar, Director of Progressive Shares
The markets experienced a severe correction across the board on 23rd January and ended the session lower with a cut of 1.54% at 21,238.80. On the daily chart, the Index has made a big negative candle but the lower timeframe suggests a probable reversal as it has formed an advanced harmonic bullish cypher pattern with a bullish divergence in RSI. Sustainability at the higher levels will be a key factor to watch out for and as per the pattern, the targets are 21,550 & 21,770 while level of 20,950 will act as an immediate support. The trend of the markets largely depends upon how BankNifty is performing as it has breached its key support level and at present stands at the lower end of the bullish gap zone while the upside move seems to be protected at 45,500. One should wait for the markets/sectors to settle the ongoing correction.
Jan 24, 2024, 9:00 am IST
JSW Ventures Obtains CCI Approval To Acquire 38% Share Capital Of Mg Motor
The Competition Commission of India (CCI) on January 23 approved the acquisition of up to nearly 38% of the share capital of MG Motor India Private Limited by JSW Ventures Singapore Pte Limited. MG Motor India is known for models such as Hector, ZS EV, and Comet.
Jan 24, 2024, 8:58 am IST
Axis Bank Shares To Be In Focus After Q3 Net Profit Rises 4%
Axis Bank shares will remain in limelight today after it declared a net profit of Rs 6,071 crore for the October-December quarter of the financial year 2023-24, up 4% from the year-ago period. The net profit, at Rs 6071 crore, is slightly missing the market estimate of Rs 6,114 crore.
The bank’s net interest income (NII), the difference between the interest earned from lending activities and the interest paid to depositors, arrived at Rs 12,532 crore. It is almost in line with the market estimate of Rs 12,555 crore.
Jan 24, 2024, 8:16 am IST
Prashanth Tapse, Senior VP (Research), Mehta Equities On Rate Cuts In The US
There are indications that rate cuts in the US may not happen soon because of inflation playing truant there, and hence investors are getting uncomfortable with the current valuations. Although India's growth prospects for the year appear positive, the slowdown in China and other developing countries may lead to demand slowdown and push investors to curb their equity exposure going ahead.
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