The Indian stock market witnessed its steepest decline in two years, with both the benchmark indices, Sensex and Nifty, plummeting by 2%. The Nifty Bank, in particular, faced a severe setback, recording its most substantial fall since February 2022, sliding more than 4%.
The leading cause behind today's market turmoil was the dismal performance of HDFC Bank, which experienced its worst day in three years. The banking giant's shares nosedived by over 8% following disappointing earnings, contributing to more than 50% of the overall decline in both Nifty and Nifty Bank. HDFC Bank's market cap witnessed a staggering erosion of Rs 1 lakh crore.
Meanwhile, large cap company from the Defence sector Cochin Shipyard Ltd shares today hit second consecutive 52-week high in trade on BSE. Last trading price of Cochin Shipyard share on BSE is Rs 882.65 per share with intraday rally of 11.47% till 11:58 am on Wednesday.
Indian stock market stepped into a bloodbath in the early trade with Sensex erasing its psychological 73,000 mark. Nifty even slipped below 21,700 levels. Broad-based selling has been recorded with HDFC Bank being recording the most selling after its Q3 results. Bank Nifty was down by 2.5%, emerging as the top loser, while Nifty Metal (-2%) and Nifty Financial Services (-2%) further dragged the market significantly.
Overall, in the early trade, Sensex dipped by 1,371.23 points by hitting an intraday low of 71,757.54. While Nifty 50 shed as much as 395.35 points to hit the day's low of 21,636.95
HDFC Bank slipped by nearly 6% after its net interest income (NII) missed estimates in Q3FY24, while net profit were upbeat. Other stocks like Axis Bank, Tata Steel, Kotak Bank, ICICI Bank, and Tata Motors were top bears.
Meanwhile, stocks like TCS, Reliance Industries, Infosys, Tech Mahindra and HCL Tech were top gainers.
Also, companies that are set to declare Q3 earnings on January 17 are - Asian Paints, LTIMindtree, ICICI Prudential Life Insurance Company, Happiest Minds Technologies, Star Housing Finance, Ganesh Housing Corporation, Moschip Technologies, Alok Industries, Oracle Financial Services Software, Hindustan Media Ventures, IIFL Finance, Speciality Restaurants, Som Distilleries & Breweries, and Steel Strips Wheels.
In the early trade, Gift Nifty traded flat but in green. After a holiday due to Martin Luther King Day, the US market saw a bearish tone. After mixed earnings in big banks, Wall Street settled in red.
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Jan 17, 2024, 4:01 pm IST
Market Closes With Deep Cuts, Sensex And Nifty Post Biggest Decline In 2 Years
The Indian stock market witnessed its steepest decline in two years, with both the benchmark indices, Sensex and Nifty, plummeting by 2%. The Nifty Bank, in particular, faced a severe setback, recording its most substantial fall since February 2022, sliding more than 4%.
Jan 17, 2024, 1:53 pm IST
MCX India Appoints Harvinder Singh As Head Of Inspection And Audit
Harvinder Singh has been appointed as Head of Inspection and Audit of MCX India, effective from January 16. He is also a crucial managerial personnel at Vice President level.
Meanwhile, Multi Commodity Exchange Of India Ltd shares fell 0.60% to 3147.35 apiece at 1:53 pm.
Jan 17, 2024, 1:24 pm IST
Godrej Properties Acquires Additional 1 Acre Land In Bengaluru, Shares Rally
Godrej Properties acquired an additional approximately one acre of land parcel in Yeshwanthpur, Bengaluru. The land has a developable capacity of nearly 1.40 lakh square feet saleable area, through an outright purchase for the development of premium residential apartments.
Godrej Properties gained nearly 0.60% to trade at 2317.20 apiece on BSE AT 1:23 PM.
Jan 17, 2024, 12:33 pm IST
Organic Recycling Systems Inks MoU With Walchand Institute, Shares Gain 2.56%
Organic Recycling Systems shares witnessed a rally of 2.56% in trade on Wednesday after it informed via BSE filing about inking an MoU with Walchand Institute of Technology (WIT), Solapur. Last trading price of Organic Recycling Systems share on BSE is Rs 240.00 per share. As per the BSE filing issued today, “ORSL , announces the signing of a Memorandum of Understanding (MoU) with the prestigious Walchand Institute Of Technology (WIT), Solapur. This collaboration aims to foster joint research, academic initiatives, and workshops in diverse scientific and technological domains.”
Both parties, recognizing the need for collaborative efforts to address multidisciplinary scientific and technological challenges of national importance, have formalized this partnership.
Jan 17, 2024, 12:17 pm IST
Bonus Issue, Stock Split On Jan 27: Capri Global Capital Zooms 22% In 1-Week
Mid cap company Capri Global Capital Limited scheduled its meeting of Board of Directors for January 27, 2024 to consider issuance of bonus share and sub-division/stock split of equity shares of the company. Capri Global Capital shares gained 22% in last 1-week only and zoomed 102% in last 2-years. Earlier on January 16, Capri Global Capital shares rallied 13.82% on plans to develop insurance platform. Last trading price of Capri Global Capital share on BSE is Rs 1023.90 apiece. The company has a market capitalisation of Rs 21,159.71 crore.
As per the BSE filing of the company dated January 17, “Further to our letters dated December 26, 2023 and January 5, 2024, intimating the exchange about the Board Meeting to be held on January 27, 2024, we further wish to inform that the Board would also consider the following items:
1. Issuance of Bonus shares subject to approval of the shareholders
2. Approval of Sub-Division /Split of the Equity Shares of the Company subject to approval of the shareholders.”
Jan 17, 2024, 11:56 am IST
Shares of Cochin Shipyard Surge Over 11% Today
Shares of Cochin Shipyard were up 11.39% at Rs 882.05 per share at 882.05 per share at 11:51 am IST on Wednesday. The surge in shares of State-run shipbuilding and ship repair company Cochin Shipyard's was seen after there was news that Prime Minister Narendra Modi will inaugurate projects worth more than Rs 4,000 crore in Kochi around noon in a major boost to the country's ports, shipping, and waterways sector.
Jan 17, 2024, 11:30 am IST
Infosys Block Deal| Over 25 Lakh Shares Swap hands
A block deal happened in Infosys shares on Wednesday where over 25 lakh shares exchanged hands. The stock was trading 0.79% higher at Rs 1,644.40 per share on NSE at 11:26 am IST today.
Jan 17, 2024, 11:05 am IST
Google Layoff Update: Sundar Pichai Led Company Announces Jobcuts; Email Sent To 1,000 Employees
Tech giant Google has reportedly confirmed that it is eliminating "a few hundred" positions from its global ad team, amidst a push to deploy artificial intelligence (AI) for efficiency and creativity. According to some reports, Sundar Pichai-led Google has fired 1,000 employees in the fresh round of layoffs.
LIC Shares Hit New 52 Week High, Up 40% In 3 Months
Shares of Life Insurance Corporation of India (LIC) which overtook State Bank of India (SBI) on Wednesday to become India's most valuable state-owned company in terms of market capitalisation. LIC shares traded at a new 52 Week High value of 919.45 in the intraday trading on Wednesday (January 17). The share price of Life Insurance Corporation of India gained 2.02% at Rs 910.55 at 10:22 am IST today
Jan 17, 2024, 9:45 am IST
HDFC Bank Share Price
HDFC Bank slipped by nearly 6% after its net interest income (NII) missed estimates in Q3FY24, while net profit were upbeat.
Jan 17, 2024, 9:45 am IST
Nifty Price In Opening Bell
Nifty nosedived sharply by more than 1% in the early trade. The 50-scrip benchmark traded at 21,771.15, down by 261.15 points or 1.19. The index ranged from 21,851.50 to 21,636.95 so far.
Jan 17, 2024, 9:44 am IST
Sensex Price In Opening Bell
Sensex saw huge selling pressure, pushing the benchmark to erase its 73,000 mark. Sensex has dropped by more than 1,371 points in the opening bell. Currently, the 30-scrip benchmark traded at 72,279.74, down by 849.03 points or 1.2%. The index ranged from 72,484.80 to 71,757.54 levels.
Jan 17, 2024, 9:44 am IST
Rupee Price Trajectory
Anand James, Chief Market Strategist, Geojit Financial Services said: Inability to slip beyond the 82.78 region finally forced bears to withdraw, but the 83.17 region emerged again as a stiff resistance. Expect renewed attempts to break past this region today, but such attempts will fizzle out, if we slip back again below 83.
Jan 17, 2024, 9:44 am IST
Derivatives Outlook
Anand James, Chief Market Strategist, Geojit Financial Services on derivatives market today: Nifty weekly contract has highest open interest at 22500 for Calls and 22000 for Puts while monthly contracts have highest open interest at 22000 for Calls and 21000 for Puts. Highest new OI addition was seen at 22100 for Calls and 21300 for Puts in weekly and at 22200 for Calls and 21750 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 0.67%, increased future index shorts by 1.10% and in index options by 20.15% increase in Call longs, 4.40% increase in Call short, 16.12% increase in Put longs and 15.27% decrease in Put shorts.
Jan 17, 2024, 9:44 am IST
Nifty Outlook
Anand James, Chief Market Strategist, Geojit Financial Services on Nifty today: Slippage past 22013 has taken away the near term upside momentum, exposing 21835/790. While we hope this region to hold initially, inability to reclaim 22058 on the bounce, or direct slippage past 21760 could bring in 21200 as the likely downside objective.
Jan 17, 2024, 9:02 am IST
Morning Market Outlook By Aditya Gaggar, Director of Progressive Shares
Profit booking led correction dragged the Index lower but managed to defend the psychological support of 22,000 and ended the 16th January trade at 22,032.30. On the daily chart, Index has formed a spinning top candlestick pattern with a probability of a bearish divergence. For the time being, level of 22,120 will act as resistance while the immediate support is placed at 21,930 but an early indication from GIFT Nifty suggests a gap-down opening below the same, and the next strong support is positioned at 21,800. The direction of BankNifty depends upon how the market participant decode the Q3 earnings of giant HDFC Bank. The higher side seems to be capped at 48,300 while on the downside strong support comes at 47,560. The technical set-up of housing finance stocks is improving, one should keep an eye on the same from the domain, we have technical coverage on LIC Housing Finance and PNB Housing Finance. The Auto and Energy sectors are in a primary uptrend with overbought readings and today's correction will ease the situation. As anticipated, profit booking correction was seen in the Realty space, some more downside can be seen from hereon as well.
Jan 17, 2024, 8:50 am IST
Intraday Picks
Prashanth Tapse, Senior VP (Research), Mehta Equities: Preferred trades: Nifty (22032) - Buy at 21800-21825, Stop at 21501, Targets 22151/22251. Bank Nifty (48125) - Buy at 47250-47400, Stop at 47011, Targets 48301/48636. Bullish on APOLLO TYRES, MAZGAON DOCK, TATA POWER, and INDIAN BANK. Stock recommendation: INDIAN BANK (CMP 440) - Buy at current price and dips between 375-380, Targets 461/501, Aggressive: 651, Stop below 347
Jan 17, 2024, 8:48 am IST
Day Trade Guide Today
Prashanth Tapse, Senior VP (Research), Mehta Equities: This Wednesday, HDFC Bank ADR faces a 6.7% dip post-Q3 results, coupled with uncertainties about Federal Reserve rate cuts and Middle East tensions impacting shipping. On a positive note, FIIs were net buyers, and US inflation concerns eased. Nifty may show a negative bias due to mild profit booking. Fitch Ratings is optimistic about India's growth, while technicals suggest Nifty's support at 21807 and resistance at 22126.
Jan 17, 2024, 8:29 am IST
Stocks In Focus
Stocks that will be in focus on Wednesday are HDFC Bank, L&T Technology Services, TV18 Broadcast, ICICI Securities, Adani Energy Solutions, Federal Bank, ICICI Lombard General Insurance Company, Network 18, and others.
Jan 17, 2024, 8:28 am IST
Q3 Earnings Today
Companies that are set to declare Q3 earnings on January 17 are - Asian Paints, LTIMindtree, ICICI Prudential Life Insurance Company, Happiest Minds Technologies, Star Housing Finance, Ganesh Housing Corporation, Moschip Technologies, Alok Industries, Oracle Financial Services Software, Hindustan Media Ventures, IIFL Finance, Speciality Restaurants, Som Distilleries & Breweries, and Steel Strips Wheels.
Jan 17, 2024, 8:27 am IST
Market Previous Session:
Sensex ended at 73,128.77, down by 199.17 points or 0.27%. While Nifty closed at 22,032.30, below 65.15 points or 0.29% on Tuesday.
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