Market Commentary - Quick Review
Indian equity indices ended with major losses on Tuesday, sliding for the second consecutive trading session. The Nifty settled below the 21,250 mark after hitting the day's high of 21,750.25 early trade. Pharma and healthcare shares were in demand while media, realty and PSU Bank stocks witnessed major selling pressure.
As per provisional closing data, the barometer index, the S&P BSE Sensex slumped 1,053.10 points or 1.47% to 70,370.55. The Nifty 50 index tumbled 333 points or 1.54% to 21,238.80.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 2.95% and the S&P BSE Small-Cap index shed 2.79%.
The market breadth was weak. On the BSE, 951 shares rose and 2,978 shares fell. A total of 138 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 7.60 % to 14.85.
New Listing:
Shares of Medi Assist Healthcare Services were closed at Rs 464.25 on the BSE, representing a premium of 11.06% as compared with the issue price of Rs 418.
The scrip was listed at Rs 465, exhibiting a premium of 11.24% to the issue price.
The stock has hit a high of 509.60 and a low of 446. On the BSE, over 8.52 lakh shares of the company were traded in the counter.
IPO Update:
The initial public offer (IPO) of Nova Agritech received bids for 18,24,70,070 shares as against 2,54,14,746 shares on offer, according to stock exchange data at 15:27 IST on Tuesday (23 January 2024). The issue was subscribed 7.18 times.
The issue opened for bidding on Tuesday (23 January 2024) and it will close on Thursday (25 Thursday 2024). The price band of the IPO is fixed at Rs 39-41 per share. An investor can bid for a minimum of 365 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index tumbled 12.87% to 2,067.30. The index rose 0.19% in the past trading sessions.
Zee Entertainment Enterprises (down 32.73%), Network 18 Media & Investments (down 9.99%), Dish TV India (down 8.29%), TV18 Broadcast (down 7.84%), Hathway Cable & Datacom (down 7.11%), Sun TV Network (down 7.04%), Saregama India (down 4.52%), PVR Inox (down 3.45%), D B Corp (down 3.39%) and Nazara Technologies (down 3.27%) slipped.
Zee Entertainment Enterprises (ZEEL) slumped 32.73% after the ZEEL in its board meeting took on record communications received from Culver Max Entertainment Pvt. Ltd. (formerly Sony Pictures Networks India) and Bangla Entertainment (BEPL), purporting to terminate the Merger Co-operation Agreement (MCA), and seeking a termination fee of $90,000,000 on account of alleged breaches by ZEEL of the terms of MCA, invoking arbitration and seeking interim reliefs against ZEEL. ZEEL categorically denied all the assertions raised by Culver Max and BEPL on the alleged breaches under the terms of the MCA, including their claims for the termination fee.
Stocks in Spotlight:
ICICI Bank advanced 2.10% after the bank reported 23.58% jump in net profit to Rs 10,271.54 crore on a 24.28% increase in total income to Rs 59,479.76 crore in Q3 FY24 as compared with Q3 FY23.
Cipla surged 7.35% after the company reported 31.83% jump in consolidated net profit to Rs 1,055.90 crore on 3.54% increase in revenue from operations to Rs 6,505.66 core in Q3 FY24 over Q3 FY23.
Bharti Airtel rallied 3.37% after the company informed that Bharti Airtel's subsidiary Bharti Hexacom has filed a draft red herring prospectus (DHRP) with the Securities and Exchange Board of India (SEBI) for a Initial Public Offering (IPO).
Indoco Remedies dropped 8.36% after the company?s standalone net profit declined 28.2% to Rs 20.01 crore in Q3 FY24 as against Rs 27.87 crore recorded in Q3 FY23. However, revenue from operations grew by 9.2% year on year to Rs 448.38 crore in the quarter ended 31 December 2023.
Mangalore Refinery & Petrochemicals dropped 2.57% after the company reported standalone net profit of Rs 387.06 crore in Q3 FY24 as compared with a net loss of Rs 187.96 crore in Q3 FY23. However, net revenue from operations declined 7.1% year over year (YoY) to Rs 24,676.91 crore during the period under review.
Chennai Petroleum Corporation tumbled 9.48% to after the company recorded 70% drop in standalone net profit to Rs 359.99 crore in Q3 FY24 from Rs 1,190.56 crore in Q2 FY24. Net revenue from operations rose by 5% quarter-over-quarter to Rs 17,375.90 crore during the period under review.
Global Markets:
Markets in Europe declined while most of the Asian stocks advanced on Tuesday.
Investors await interest rate decision from the Bank of Japan (BoJ) as it holds its first monetary policy of the year. Markets will also be influenced by the interest rate decisions of the BoJ and European Central Bank (ECB), along with US GDP data.
US stock market indices ended higher on Monday with the S&P 500 posting a second straight record high close led by a rally in tech stocks.
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