BSE Sensex declined 260 points or 0.36% to settle at 71,423 and Nifty 50 fell 50 points to 21,585 in trade on Friday. Nifty Bank gained 357 points to 46,058 and Nifty Midcap 100 jumped 246 points to 48,062. Shares of leading private lender IDBI Bank Ltd today surged 11.45% to end at 77.65 apiece after it announced a surge of 57.2% in its net profit to Rs 1458.18 crore for the October-December quarter of FY 2023-24.
Shares of Ircon International zoomed 17.48% to 267.45 apiece.
"The recent correction in the market has not changed the underlying uptrend in the market. FII selling is being countered by sustained DII and retail buying. And the strength of the economy is providing fundamental support to the market, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Stocks like HDFC Bank, Power Grid, Bajaj Finance, NTPC, Sun Pharma, and Kotak Bank are top gainers. While HUL, Ultratech Cement, Wipro, and Nesle were top laggards on Sensex.
RIL, HUL, Paytm and Ultratech Cement are in focus after their Q3 earnings.
Indian rupee gained momentum against US dollar in the early trade of Saturday as huge buying was recorded in domestic equities. Also, US dollar snapped its five straight sessions of upside, and inched lower on Friday. The greenback took a hit against basket of currencies including rupee as latest economic data and comments from US Fed officials has signalled for rapid rate cuts ahead, as early as March 2024.
As per the latest update, Gift Nifty surged by 0.7%. While in the previous session , Asian shares gained on the backdrop of an AI-fuelled outlook by TSMC that fuelling buying in tech stocks. However, the weekly performance of Asian cues is broadly in red due to weakness in China and the foggy outlook of rate cuts ahead in 2024.
Meanwhile, US stocks gained with the S&P 500 index closing at an all-time high on Friday with a 1.23% upside. While the Dow Jones Industrial Average and tech-heavy giant Nasdaq Composite advanced by 1.05% and 1.70%.
In the previous session, Sensex and Nifty halted their three-consecutive day selloff to rise by nearly 1% each driven by broad-based buying. Sensex ended at 71,683.23, up by 496.37 points or 0.70%, while Nifty 50 ended at 21,622.40 up by 160.15 points or 0.75%. Auto, financials, FMCG, metal, PSU banks, and oil & gas stocks were top gainers.
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Jan 20, 2024, 2:55 pm IST
Union Bank of India Q3 results: PAT Soars 60% to Rs 3,589.91 Cr, Shares Rally 4.41%
Leading State-owned lender Union Bank of India declared a rise of 60% in its standalone net profit at Rs 3,589.91 crore for Q3 FY 2024. Sequentially, net profit of the bank was up just 2.24%. In July-September quarter, Union Bank of India declared its net profit at Rs 3,511.42 crore. Union Bank’s gross non-performing asset (NPA) declared at 4.83%, down from 6.38% in the September quarter, the lender said today.
Union Bank of India shares surged 4.41% to 142.35 apiece at 2:52 pm today.
Jan 20, 2024, 2:48 pm IST
IDBI Bank Q3 Results: Net profit jumps 57.2% to Rs 1,458.18 Cr; Shares Up 11%
Leading private lender IDBI Bank Ltd today announced a surge of 57.2% in its net profit to Rs 1458.18 crore for the October-December quarter of FY 2023-24 as compared to Rs 927.27 crore in the corresponding quarter of last year, according to its BSE filing. Its gross non-performing asset (NPA) arrived at 4.69%, down from 13.82% declared in the similar quarter last year. Meanwhile, net NPA for the quarter declared at 0.34%, improving from 1.08% on a year-on-year basis.
Soon after the healthy quarter, IDBI Bank shares surged 11.24% on BSE. Last trading price of IDBI Bank share on BSE is quoted at Rs 77.50 apiece.
Jan 20, 2024, 2:29 pm IST
Rs 3/Share Dividend, 2:1 Bonus Share: MAS Financial Services Hits 52-Week High
Mid cap company operating in the NBFC industry, MAS Financial Services Ltd shares witnessed a surge of 7.15% intraday and hit fresh 52-week high. MAS Financial Services Ltd shares surged 20.15% in a span of just one-week and rose 36% in last 6-months. MAS Financial Services Ltd has a market capitalisation of Rs 5,736.23 crore. The NBFC company on January 17, 2024 recommended bonus shares in the proportion of 2:1. It implies shareholders will be entitled to receive 2 bonus shares for every 1 share held as on the record date. MAS Financial Services has yet to fix record date for bonus share. It has also recommended Rs 3 per share interim dividend on January 10, 2024.
Jan 20, 2024, 12:20 pm IST
NLC India Rises 8%
Power stock, NLC India share price gained by nearly 8% to touch an intraday high of Rs 250 apiece during the trading session of Saturday. Prabhudas Lilladher has set a target price of Rs 262-275.
Jan 20, 2024, 11:16 am IST
IRFC Share Hits Upper Circuit
Indian Railway Finance Corporation (IRFC) share price locked at 10% upper circuit on Saturday's trading session. The stock also touched a new all-time high of Rs 176.39 apiece.
Jan 20, 2024, 10:43 am IST
RVNL Share A Superstar
Rail Vikas Nigam (RVNL) has emerged as a superstar with its robust performance in post-pandemic. The stock has journeyed from Rs 10 to over Rs 320 levels. The stock ended the trading week from January 15-19 with over 50% upside. RVNL has more potential ahead. On Saturday, when the market is open for trading, RVNL shares hit a new 52-week high of Rs 320.75 apiece. The stock price jumped by nearly 10% on BSE in the early trade.
Jan 20, 2024, 10:41 am IST
HDFC Bank Share Price
India's largest bank, HDFC Bank emerged among the top gainers in Saturday's trading session. The private bank gained by 2% on BSE. This comes after HDFC Bank recorded its worst fall since the Covid-19 crash. With the latest upside, HDFC Bank halted its 3-consecutive days losing streak. There is a buying-on-dips opportunity in HDFC Bank shares for a target price of more than Rs 2000.
Jan 20, 2024, 10:02 am IST
Nifty Price
Nifty traded opened at 21,706.15, to touch an intraday high of 21,720.30.
Jan 20, 2024, 10:02 am IST
Sensex Price
Sensex opened at 72,008.30, and touched an intraday high of 72,026.26. Currently, the benchmark trades higher for second consecutive day.
Jan 20, 2024, 9:35 am IST
Rupee Appreciates Marginally Against Dollar
Indian rupee gained momentum against US dollar in the early trade of Saturday as huge buying was recorded in domestic equities. Also, US dollar snapped its five straight sessions of upside, and inched lower on Friday. The greenback took a hit against basket of currencies including rupee as latest economic data and comments from US Fed officials has signalled for rapid rate cuts ahead, as early as March 2024.
Jan 20, 2024, 9:12 am IST
Trade Guide Today
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said: The recent correction in the market has not changed the underlying uptrend in the market. FII selling is being countered by sustained DII and retail buying. And the strength of the economy is providing fundamental support to the market. Therefore, FII selling is not strong enough to pull down the market hugely, unlike in the past when FIIs used to call the shots. This feature of the market can be utilised by investors to buy quality stocks which come under short term pressure due to FII selling. It is important to buy high quality stocks in performing sectors since many unproven stocks in the broader market are flying high on hopes rather than on fundamentals or strong prospects. Hyper speculative/ trading activity has pushed many mid and small cap stocks to frothy valuations. Correction in these stocks is only a matter of time.
Jan 20, 2024, 8:33 am IST
Sensex, Nifty Previous Session
Sensex ended at 71,683.23, up by 496.37 points or 0.70%, while Nifty 50 ended at 21,622.40 up by 160.15 points or 0.75%. Auto, financials, FMCG, metal, PSU banks, and oil & gas stocks were top gainers.
Jan 20, 2024, 8:32 am IST
Global Market
As per the last update, as of January 20, 2.30 am, Gift Nifty was up by nearly 0.7%. Also, in the previous session, Asian shares gained on the backdrop of an AI-fuelled outlook by TSMC that propelled buying in tech stocks. However, the weekly performance of Asian cues is broadly in red due to weakness in China and the foggy outlook of rate cuts ahead in 2024.
Meanwhile, US stocks gained with the S&P 500 index closing at an all-time high on Friday with a 1.23% upside. While the Dow Jones Industrial Average and tech-heavy giant Nasdaq Composite advanced by 1.05% and 1.70%.
Jan 20, 2024, 8:31 am IST
Stock Market Open Today
NSE in its circular said, "Members are requested to note that Exchange shall be conducting regular trading sessions on Saturday, January 20, 2024, from the primary site in Equity and Equity Derivatives segments as per regular market timings."
Jan 20, 2024, 8:30 am IST
Why Market Is Open Today?
Owing to the Maharashtra government declaring a public holiday on January 22 on account of Ram Mandir's inauguration in Ayodhya, the stock exchanges have announced to conduct a regular trading session on Saturday, January 20, 2024, instead of a couple of hours of special session which was the case earlier.
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