On Tuesday, Sensex closed 1.47% lower at 70,370.55 points, while Nifty 50 settled 1.54% lower at 21,238.80. IndusInd Bank was the top loser, down over 6%.
At 2:10 pm IST, Senex was down 1.14% at 70,608.89 points, while Nifty 50 was down 1.14% at 21,325.10 points.
BSE Sensex gained 571 points or 0.80% to 71,994 and Nifty 50 surged 158 points or 0.74% to 21,730 at 9:24 am today. Nifty Bank jumped 324 points to 46,382 and Nifty Midcap 100 soared 115 points to 48,063. Meanwhile, Zee Entertainment Enterprises Ltd shares witnessed a decline of 9.99% at 9:26 am after Sony Group Corp has officially called off its much-anticipated $10 billion merger with Zee Entertainment Enterprises Ltd.
The top gainers from the pack of Sensex are ICICI Bank, Power Grid Corp, Bharti Airtel, NTPC, and Sun Pharma. Shares Of Asian Paints, HDFC Bank, and Bajaj Finance are the laggards.
Meanwhile, Asian shares picked up momentum tracking record high upside on Wall Street. Sensex and Nifty had a volatile last week.
On Saturday, Sensex ended at 71,423.65, down by 259.58 points or 0.36%. Nifty 50 closed at 21,571.80, lower by 50.60 points or 0.23% with selling witnessed in FMCG and information technology (IT).
Vinod Nair, Head of Research, at Geojit Financial Services said, "Subdued performance was reflected in the market amidst weakening global cues and elevated domestic valuations in mid- and small caps, eroding investor confidence. Strong US retail sales and rising US bond yields diminish expectations of a swift Fed rate cut, redirecting investor focus to safer bonds. In addition, discouraging Chinese economic data further contributed to the lacklustre sentiment."
On the global front, investors are reacting to Beijing's latest pledge to arrest a stock rout coupled with the Bank of Japan's policy decision. Meanwhile, the Dow Jones index crossed 38,000 for the first time, and that of the S&P 500 index and tech-heavy Nasdaq Composite also reached their new all-time high.
At home, traders will react to major private banks' Q3 earnings. In a broader aspect, the third quarterly performance of corporates will continue to influence sentiments heavily.
Shares of Leading FMCG major Colgate-Palmolive India will also remain in focus after it announced a jump of 35.71% in its net profit to Rs 330.11 crore for the quarter ended December 31, 2023 pushed by double digit growth in the toothpaste segment. The company has announced its net profit at Rs 243.24 crore in the corresponding quarter of last year, as per its BSE filing. The company witnessed a surge of 8.21% in its sales to Rs 1,386.41 crore for Q3 of the current fiscal as against Rs 1281.21 crore reported in the similar quarter of last year.
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Jan 23, 2024, 3:20 pm IST
HUL Shares Trade At New 52 Week Low Value Following Weak Q3 Results
Shares of Hindustan Unilever (HUL) reached an 18-month low of Rs 2,365.50 as they fell almost 4% on the BSE in Tuesday's intraday trade amidst heavy volumes. Today, the stock was down 3.79% a Rs 2375.65 per share at 3:17 pm IST.
Jan 23, 2024, 2:38 pm IST
Vikas Ecotech Buys 100% Equity Of Shamli Steel, Shares Up Over 2%
Vikas Ecotech shares traded over 2% higher at Rs 4.15 at 2:34 pm IST today after the company announced that it has signed the agreement to acquire 100% Equity of M/s Shamli Steel Private Limited, a company engaged in manufacturing Infrastructural Steel (Bars & Raw Material) at a negotiated enterprise value of INR 1600 Million from its existing shareholders in a Share Swap deal.
Jan 23, 2024, 1:52 pm IST
DroneAcharya Aerial Innovations Wins Order From Tata Community Initiatives Trust
A work order has been received from DroneAcharya Aerial Innovations Limited to implement a skill training programme for twenty candidates. The Tata Community Initiatives Trust (TCIT) has generously supported this programme, demonstrating its dedication to strengthening communities via skill development. By offering DGCA-accredited Drone Pilot Training to participants in this skill-training course, DroneAcharya hopes to provide participants with cutting-edge skills that are in line with the evolving needs of the job market. Additionally, this initiative may be implemented at the national level throughout all TCIT centers.
Jan 23, 2024, 1:21 pm IST
EaseMyTrip Unveils Holiday Packages And Direct Bus Services To Ayodhya
EaseMyTrip.com has unveiled its latest holiday packages to Ayodhya and Varanasi and direct buses to a prominent religious destination, Ayodhya. It is anticipated that 100 million people will visit the Ram temple in Ayodhya annually. Vacation packages provide a 3-night and 4-day stay in Ayodhya, a well-known spiritual center, and in the holy city of Varanasi. These alternatives start at INR 13,899 and include low-cost accommodation, transportation, meals, and tours of well-known temples and tourist destinations. Direct bus services to Ayodhya can be purchased on the Yolobus website and app, as well as through EaseMyTrip, starting at Rs 900. Additionally, the company is providing customers with unique discounts and packages to further improve their travel experiences. Travellers can take advantage of this exclusive offer till March 31, 2024. To take advantage of these special packages and tour these holy locations at unbelievable costs, visit the EaseMyTrip.com website or app.
Jan 23, 2024, 1:16 pm IST
Protean eGov Technologies Shares In Focus
An additional equity investment of Rs. 5 crores has been made by Protean eGov Technologies Limited in Open Network for Digital Commerce (ONDC). On January 22, 2024, ONDC awarded the company 5,00,000 equity shares at par, valued at Rs. 100 apiece. As on date, the company has invested a total of Rs. 25 crores in equity shares in ONDC, or 3.85% of the total paid-up capital.
Jan 23, 2024, 12:45 pm IST
RattanIndia Enterprises Shares In Focus
The largest electric motorbike manufacturer in India, Revolt Motors, has announced the release of the RV400 BRZ, a new model. The RV400 BRZ bike comes with five colour scheme of Lunar Green, Pacific Blue, Dark Silver, Rebel Red, and Cosmic Black. With its special introductory offer, the ex-showroom price is an enticing Rs 1,37,950, the company said in a regulatory filing.
Jan 23, 2024, 12:36 pm IST
L&T Heavy Engineering Wins Multiple Orders
Larsen & Toubro's Heavy Engineering division has received several orders from both local and foreign customers. A significant order for an important debottlenecking project has been secured by L&T Heavy Engineering's (HE) Modification, Revamp and Upgrade (MRU) business division from a major oil and gas customer in KSA. MRU has focused its business in the Middle East for the past few years, and this order marks a significant turning point for the company's operations there. In yet another accomplishment, the company has succeeded in obtaining the DCU Revamp Project from one of the top domestic refineries. The IOCL Gujarat Refinery awarded the MRU team the essential repair job for the coke drum. These orders demonstrate the clients' confidence in L&T HE's technical expertise, dependability, and dedication. A number of critical pieces of equipment, including two EO reactors from a major global chemical company in Thailand, Cr-Mo-V reactors for an oil project in KSA, a large stainless-steel column for an NGL project in Australia, and heat exchangers from a major industry player in the USA, have been ordered by L&T HE in the foreign market for process plant equipment. L&T HE received orders to produce VGO reactors, critical CrMo-V reactors, and high pressure heat exchangers with patented designs for a refinery project on the home front. Additionally, RCF Mumbai placed an order with the company for a carbamate condenser for their urea plant.
Jan 23, 2024, 12:17 pm IST
Mahindra Logistics Shares In Focus
Mahindra Logistics Limited (MLL) announced the ground breaking of its state-of-the-art warehousing facility in Phaltan, near Pune. This facility, which is 6.5 lakh square feet in size, will be built in two stages. By the end of 2024, the 3.5 lakh square foot first phase is expected to be operational. The new facility, which occupies 25 acres in Phaltan, will play a significant role in the multi-client countrywide network of Mahindra Logistics Ltd.'s facilities. Mahindra Logistics will handle inbound logistics through this warehouse to production and distribution solutions of various clients in the industrial and automotive industries situated in the region. According to Mahindra Logistics, the facility will be integrated with MLL’s national network of warehouses, full truck load, express parcel service . Phase 1 has been contracted to a manufacturing customer and will function as their national logistics centre and will go live by Q3, 2024-25.
Jan 23, 2024, 11:43 am IST
Paytm Shares Slump 3% Post Q3 Results
Paytm's 3-day winning streak comes to an end as its shares experience a 3% decline on January 23. Investors are opting to secure profits following a notable 6 percent surge over the past three trading sessions subsequent to the release of Q3 results. One97 Communications, the parent company of Paytm, disclosed a consolidated revenue of Rs 2,850 crore on January 19, marking a 38% increase for the third quarter ending December 2023. This growth, attributed to the festive season, compares to a revenue of Rs 2,062 crore in the same quarter last year.
Jan 23, 2024, 10:27 am IST
Pfizer Board Appoints Amit Agarwal As Chief Financial Officer
Pfizer announces the appointment of Amit Agarwal as the Chief Financial Officer, effective from February 26, 2024. Additionally, Agarwal will serve as an Additional Director (Whole-time Director) of the company, holding the position of Executive Director – Finance & Chief Financial Officer for a tenure of five years, as per the decision of the board of directors.
Jan 23, 2024, 9:52 am IST
ICICI Bank Shares Gain 3% As Q3 Net Profit Jumps 23.5%
ICICI Bank shares soared 3% in morning trade to Rs 1038.55 apiece on BSE after it declared a 23.5% surge in net profit for Q3FY24 on January 20. ICICI Bank announced its net profit at Rs 10,271.54 crore for Q3FY24 against Rs 8,312 crore a year ago. The bank’s gross non-performing asset (NPA) stood at 2.3%, a dip from 3.07% in the previous fiscal and net NPA stood at 0.44% against 0.55% in Q3FY23. Net interest income (NII) for the reporting period soared by 34.6% year-on-year to Rs 16,465 crore in Q3FY23.
The large cap pharmaceutical company declared a 31.8% on-year growth in consolidated net profit at Rs 1,056 crore for the quarter ended December FY24, on the back of double-digit growth in topline as well as operating numbers. Revenue from operations soared by 13.7% YoY to Rs 6,604 crore and EBITDA surged by 24.2% to Rs 1,748 crore in Q3FY24.
Jan 23, 2024, 9:29 am IST
Rupee Trades Flat Against US Dollar
Indian rupee traded broadly flat against the American currency on Tuesday. The local unit was at 83.1 per dollar in early trade compared to 83.12 per dollar levels in previous session. Rupee is like to be in a push-and-pull-backs as Fed's rate cut trajectory continues to sway sentiment.
Jan 23, 2024, 9:28 am IST
Top 5 Gainers and Losers Today
Source:NSE
Jan 23, 2024, 9:19 am IST
Sensex Today: Mr. Aditya Gaggar, Director of Progressive Shares
Lacklustre trade was seen on 20th January and the Index ended the session lower at 21,571.80. Nifty50 has made a bearish engulfing candlestick pattern on the daily chart. We feel that the Index will oscillate in the range of 21,500-21,700. In the case of BankNifty, level of 45,500 will be considered a strong support while on the higher side it needs to clear the hurdle of 46,600 to resume its uptrend. As recommended earlier, Tyre stocks (Ceat- technical coverage, Goodyear- Symmetrical Triangle Breakout) performed on expected lines which boosted our confidence to remain positive on the same. From the Energy segment, one can opt for buy on dips strategy in Reliance while we continue to remain positive on HPCL and ONGC. The technical set-up of the Paper stocks is pointing towards a reversal and our preferred bet is JKPaper. The ongoing momentum in the PSU Banking sector is likely to extend further (Bank India and Union Bank of India).
Leading global brokerage house CLSA has downgraded Zee Entertainment shares to a 'sell' call from the previous 'buy' call after the termination of its billion mega-merger with Sony Pictures Network. "With Zee-Sony merger being terminated, we believe Zee’s PE will slump back to 12x levels, seen prior to the Sony merger announcement in August 2021," the firm said.
The brokerage firm has steeply cut its price target for the stock by nearly 34% to Rs 198.
Last trading price of Zee Entertainment Enterprises Ltd shares on BSE is Rs 231.75 apiece with intraday fall of 1.59%.
Jan 23, 2024, 8:15 am IST
Colgate-Palmolive Share To Remain In Limelight After Robust Q3 Results
FMCG major Colgate-Palmolive India will also remain in focus after it announced a jump of 35.71% in its net profit to Rs 330.11 crore for the quarter ended December 31, 2023 pushed by double digit growth in the toothpaste segment. The company has announced its net profit at Rs 243.24 crore in the corresponding quarter of last year, as per its BSE filing. The company witnessed a surge of 8.21% in its sales to Rs 1,386.41 crore for Q3 of the current fiscal as against Rs 1281.21 crore reported in the similar quarter of last year.
Jan 23, 2024, 8:14 am IST
Zee Shares To Be In Focus After Sony Calls off Merger
Shares of Zee will remain in focus today after Sony Group Corp has officially called off its much-anticipated billion merger with Zee Entertainment Enterprises Ltd. The Japanese entertainment giant said Monday that it has sent a termination letter to Zee as the conditions necessary for the merger were not met.
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