Stock Market Live Updates: Market Closes Lower Amid Profit Booking; Sensex, Nifty Retreat From Intra-day Highs

The Indian stock market witnessed profit booking at record levels, causing major indices to retreat from intra-day highs. The Sensex, Nifty, and Midcap Index failed to sustain the momentum seen earlier in the day, with several key stocks experiencing notable movements.

The Sensex ended the day 199 points lower at 73,129, and the Nifty slipped by 66 points to close at 22,032. The Nifty Bank and Midcap Index also faced downward pressure, falling 51 points to 48,108 and 177 points to 47,661, respectively.

Shares of Newgen Software hit 5% upper circuit in trade today after it reported a jump of 43% QoQ in its PAT. The company reported a rise of 10.4% in its revenue. Last trading price of Newgen Software share on BSE is Rs 898.60 apiece.

Meanwhile, Larsen And Toubro shares gained 0.88% in trade today to 3573.80 apiece on Tuesday after it informed that the Railways Strategic Business Group of L&T Construction has secured a Mega Contract from an authorised Japanese agency to construct 508 Route Km of High-Speed Electrification System Works for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project, popularly referred to as the Bullet Train Project.

Indian benchmark indices traded flat in the early morning trade on Tuesday. At 10:08 am IST, Sensex was down 0.06% at 73,284.36 points, while Nifty was down marginally at 22,082.60 points. ONGC was top gainer on Nifty 50, up 1.88%.

Indian market witnessed a cautious opening on Tuesday with Sensex floating between 73,100 to 73,300 levels. While Nifty 50 stayed above 22,000 mark, maintaing a range of 22,050 to 22,100. Sharp rally in IT stocks took a breather as investors booked profits. Nifty IT index dipped nearly 1%. While pharma and realty stocks are also among laggards.

Banking and financial stocks picked up momentum ahead of HDFC Bank's Q3 earnings today.

Stocks like Bajaj Finance, Tata Motors, Asian Paint, Maruti Suzuki, Bajaj Finance and Axis Bank were top gainers. While stocks like HCL Tech, Wipro, Tech Mahindra, NTPC, and Reliance Industries were among top bears.

On the global front, this week, the focus will be on comments from Federal Reserve's official Christopher Waller who will be speaking on Tuesday. In late November last year, Waller gave a dovish opinion which was one of the key drivers for bulls in the market during the last month of 2023. Additionally, investors will eye key data such as China's economic growth for Q4, UK's inflation, and US retail sales which are all together due on Wednesday.

On the domestic front, market will keep a tab of Q3 earnings report. HDFC Bank will announce its quarterly results today.

Other Q3 results to watch out are -- ICICI Lombard General Insurance Company, L&T Technology Services, Lotus Chocolate, Bank of Maharashtra, C E Info Systems, Credo Brands Marketing, Network18 Media & Investments, Newgen Software Technologies, Federal Bank, Gallantt Ispat, Goa Carbon, Hathway Cable & Datacom, Himadri Speciality Chemical, ICICI Securities, Jindal Saw, and TV18 Broadcast.

Stocks like Angel One, HDFC Bank, Jio Financial Services, RVNL, Zomato, Patanjali Foods, Aster DM Healthcare, and Usha Martin will be in focus today.

LIVE Feed

Jan 16, 2024, 3:54 pm IST

Market Closes Lower Amid Profit Booking; Sensex, Nifty Retreat From Intra-day Highs

The Indian stock market witnessed profit booking at record levels, causing major indices to retreat from intra-day highs. The Sensex, Nifty, and Midcap Index failed to sustain the momentum seen earlier in the day, with several key stocks experiencing notable movements. The Sensex ended the day 199 points lower at 73,129, and the Nifty slipped by 66 points to close at 22,032. The Nifty Bank and Midcap Index also faced downward pressure, falling 51 points to 48,108 and 177 points to 47,661, respectively.

Jan 16, 2024, 2:57 pm IST

NBCC India Bags Orders Worth Rs 139 Crore

NBCC India Ltd secured construction project contracts in Jharkhand and Delhi, winning multiple orders totaling around Rs 138.95 crore, as revealed on Tuesday by the state-owned company.

Jan 16, 2024, 2:40 pm IST

Kotak Mahindra Bank To Consider Raising Funds Via NCDs During FY25

Kotak Mahindra Bank announced on Tuesday that it is contemplating the possibility of raising capital through non-convertible debentures (NCDs) in one or multiple installments throughout the financial year 2024-2025.

Jan 16, 2024, 1:48 pm IST

Newgen Software Tech Q3 Results: PAT Soars 43% QoQ, Shares Hit Upper Circuit

Shares of Newgen Software hit 5% upper circuit in trade today after it reported a jump of 43% QoQ in its PAT. The company reported a rise of 10.4% in its revenue. Last trading price of Newgen Software share on BSE is Rs 898.60 apiece. Newgen Software shares traded ex-bonus on January 12, 2023 in the ratio of 1:1.

Jan 16, 2024, 12:49 pm IST

M&M Financial Services Gives Nod To Allotment Of Subordinated Debentures Worth Rs 300 Cr

M&M Financial Services has given nod to allotment of subordinated debentures worth Rs 300 Crores on a private placement basis. Current market price of Mahindra & Mahindra Financial Services Ltd share on BSE is Rs 282.80 per share with intraday gain of 0.07%. According to the BSE filing of the company, “we hereby inform you that basis the successful bidding done at the BSE Bond-EBP Platform, the Committee of Directors has today approved the allotment of 8.35%, 30,000 Unsecured, Rated, Listed, Redeemable Non-convertible Subordinated (Tier II) Debentures (“Debentures”) of Rs. 100,000 each for cash at par, aggregating to Rs. 300 Crores, on private placement basis to the identified investors. The Debentures are proposed to be listed on the Wholesale Debt Market Segment of BSE Limited.”

Jan 16, 2024, 12:27 pm IST

Motilal Oswal Recommends Buy Call To Tata Consumer Products, Target Price Rs 1330

Motilal Oswal has recommended investors to buy large cap Tata Group stock, Tata Consumer Products Ltd with target price of Rs 1330 apiece. Current market price of Tata Consumer Products share on BSE is Rs 1157.00 apiece with intraday gain of 0.53%. If you buy Tata Consumer Products shares now at current market price of Rs 1157 apiece, you can fetch potential gain of 14.95%. Tata Consumer Products stock offered shareholders return of 21% in last 1-month and rallied 28% in last 3-months.

Jan 16, 2024, 12:26 pm IST

Capri Global Capital Soars 13.82% Intraday On Plans To Develop Insurance Platform

Mid cap company Capri Global Capital Limited share today zoomed 13.82% till 10:33 am on plans to develop insurance platform. Last trading price of Capri Global Capital share on BSE is Rs 911.00 apiece. The company has a market capitalisation of Rs 19,111.80 crore. Capri Global Capital shares gained 28% in last 1-year and soared 180% in last 3-years. According to the company’s media release dated January 16, 2024, “Capri Global Capital Limited (CGCL) received a composite Corporate Agency license from the Insurance Regulatory and Development Authority of India (IRDAI) in December 2023 to distribute life, general, and health insurance products. CGCL is planning to leverage technology to revolutionize the way insurance products and services are delivered to customers.”

Jan 16, 2024, 11:54 am IST

Shares Of Capri Global Capital Limited Soar 12.61% On Plans To Develop Insurance Platform

The share price of Capri Global Capital Limited soared 12.61% at Rs 916.90 per share at 11:46 am IST on Tuesday after the company informed that it received a composite Corporate Ageny license from IRDAI to distribute life, general, and health insurance products.

Jan 16, 2024, 11:26 am IST

L&T Wins Mega Contract, Shares Up 1%

Larsen And Toubro Ltd shares traded higher on Tuesday after the company informed that The Railways Strategic Business Group of L&T Construction has secured a Mega Contract from an authorised Japanese agency to construct 508 Route Km of High-Speed Electrification System Works (Package No: EW 1) for the Mumbai-Ahmedabad High-Speed Rail (MAHSR) Project, popularly referred to as the Bullet Train Project. L&T shares were up 1% at Rs 3577.85 per share at 11:22 am IST Today.

Jan 16, 2024, 10:32 am IST

Shakti Pumps (India) Shares Trade In Green After This Update

The share price of Shakti Pumps (India) traded 0.92% higher at Rs 1080 per share at 10:28 am IST per on January 16 after the company said the board of directors will be meeting on January 18 to consider the raising of funds through issuance of securities by way of a preferential allotment or a private placement (including one or more qualified institutions placements (QIP) or further public issue of equity shares).

Jan 16, 2024, 9:57 am IST

Nifty Price

Nifty traded at 22,099.65, marginally up. The benchmark ranged from 22,107.90 to 22,029.20. On the previous day, the 50-scrip index hit new record high of 22,115.55.

Jan 16, 2024, 9:56 am IST

Sensex Price

Sensex traded at 73,335.79, marginally up. The benchmark ranged from 73,370.94 to 73,101.01. On Monday, the 30-scrip index touched a new lifetime high of 73,402.16.

Jan 16, 2024, 9:28 am IST

Rupee Outlook Today

Rahul Kalantri, VP Commodities, Mehta Equities: USD-INR's 29th January futures contract continued its decline, reaching and testing the 82.85 levels. Upon analyzing the daily technical chart, it is evident that the pair is trading below its moving average trend-line support at 83.06, and the MACD is indicating negative divergence. The RSI is currently below 40, further confirming the bearish sentiment, with the pair having tested the 82.85 levels. Notably, the pair finds support at the 82.80-82.66 range, while resistance is positioned at 83.05-83.22. With a breach below the critical support level of 83.06, the chart indicates weakness, suggesting a potential trading range of 82.54-83.40 for the upcoming week.

Jan 16, 2024, 8:46 am IST

Trade Guide Today

Prashanth Tapse, Senior VP (Research), Mehta Equities said: Wall Street remained closed for Martin Luther King Jr. Day, and Gift Nifty suggests a cautious start. Despite this, 2024 is shaping up to be a positive year for Dalal Street, with expectations of Nifty reaching a fresh record high supported by favorable economic and geopolitical factors. Bank Nifty is also anticipated to join the upward trend, targeting its all-time high at 48636. Positive catalysts include FIIs being net buyers, optimism about renewed Fed rate cuts, easing fears of stubborn US inflation, and a growing likelihood of a 25-basis-points interest rate cut in March. From a technical standpoint, Nifty is expected to have aggressive upside targets at 22500, while Bank Nifty is likely to outperform with targets at 48636. The Nifty options data indicates a trading range of 21300-21700. Q3 corporate earnings include HDFC Bank, ICICI Lombard, LTTS, Federal Bank, Bank of Maharashtra, ICICI Securities, Jindal Saw, and Network18. Preferred trades include buying Nifty at CMP with targets at 22151/22251 and Bank Nifty at CMP with targets at 48636. The chart of the day is bullish on INDIGO, APOLLO TYRES, MAZGAON DOCK, COFORGE, TATA POWER, and INDIAN BANK. CEINSYS TECH is recommended as a buy with a holding period of 12-15 months, targeting 500/589 and aggressive targets at 750, with a stop below 279.

Jan 16, 2024, 8:17 am IST

Q3 Results Today

These companies will announce Q3 results today -- HDFC Bank, ICICI Lombard General Insurance Company, L&T Technology Services, Lotus Chocolate, Bank of Maharashtra, C E Info Systems, Credo Brands Marketing, Network18 Media & Investments, Newgen Software Technologies, Federal Bank, Gallantt Ispat, Goa Carbon, Hathway Cable & Datacom, Himadri Speciality Chemical, ICICI Securities, Jindal Saw, and TV18 Broadcast.

Jan 16, 2024, 8:17 am IST

Stocks To Watch

Stocks like Angel One, HDFC Bank, Jio Financial Services, RVNL, Zomato, Patanjali Foods, Federal Bank, Polycab, Aster DM Healthcare, and Usha Martin will be in focus today.

Jan 16, 2024, 8:16 am IST

Market Previous Performance

On Monday, the Sensex ended at 73,327.94, up by 759.49 points or 1.05%, and the of Nifty 50 closed at 22,097.45, higher by 202.90 points or 0.93%. In the trading session, the 30-scrip benchmark touched a fresh historic high of 73,402.16, and Nifty a new lifetime high of 22,115.55.