Market Commentary - Quick Review
The domestic equity indices ended with major gains on Wednesday. The Nifty settled above the 21,450 mark after hitting the day's low of 21,137.20 in early trade. Barring the Nifty Private Bank index, all the sectoral indices on the NSE ended in red.
As per provisional closing data, the barometer index, the S&P BSE Sensex gained 689.76 points or 0.98% to 71,060.31. The Nifty 50 index added 215.15 points or 1.01% to 21,453.95.
The broader market outperformed the local indices. The S&P BSE Mid-Cap index added 1.71% and the S&P BSE Small-Cap index advanced 1.72%.
The market breadth was strong. On the BSE, 2,445 shares rose and 1,341 shares fell. A total of 88 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 3.21 % to 14.38.
IPO Update:
The initial public offer (IPO) of Nova Agritech received bids for 67,01,25,035 shares as against 2,54,14,746 shares on offer, according to stock exchange data at 15:39 IST on Wednesday (23 January 2024). The issue was subscribed 26.37 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.
The initial public offer (IPO) of EPACK Durable received bids for 31,52,81,850 shares as against 1,99,77,615 shares on offer, according to stock exchange data at 15:42 IST on Wednesday (23 January 2024). The issue was subscribed 15.78 times.
The issue opened for bidding on Friday (19 January 2024) and it will close on Wednesday (24 Thursday 2024). The price band of the IPO is fixed at Rs 218-230 per share. An investor can bid for a minimum of 65 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index rallied 3.06% to 2,130.65. The index tumbled 12.93% in the past trading sessions.
D B Corp (up 9.78%), Zee Entertainment Enterprises (up 6.25%), Network 18 Media & Investments (up 5.05%), TV18 Broadcast (up 4.44%), Sun TV Network (up 4.02%), Hathway Cable & Datacom (up 3.83%), Dish TV India (up 3.19%), Nazara Technologies (up 1.42%) rallied.
Stocks in Spotlight:
Axis Bank slipped 2.62% after the bank reported 4% rise in net profit to Rs 6071 crore on a 25% increase in total income to Rs 33,516 crore in Q3 FY24 as compared with Q3 FY23.
Canara Bank shed 0.30%. The public lender reported 26.88% rise in net profit to Rs 3,656.12 crore on 23.33% increase in total income to Rs 32,333.93 crore in Q3 FY24 over Q3 FY23.
L&T Finance Holdings advanced 1.38% after the company reported 41.12% jump in consolidated net profit to Rs 640.18 crore in Q3 FY24 from Rs 453.64 crore in Q3 FY23. Total income rose 2.58% to Rs 3,581.26 crore in Q3 FY24 as compared with Rs 3491.01 crore recorded in the same period last year.
Indus Towers jumped 5.78% after the company's consolidated net profit stood at Rs 1541 crore in Q3 FY24 as compared with net loss of Rs 708 crore posted in Q3 FY23. Total revenue rose 6% to Rs 7199 crore in Q3 FY24 from Rs 6765 crore recorded in Q3 FY23.
United Spirts rose 0.28%. The company's net profit rose to Rs 348 crore in Q3 FY24 as compared with net profit of Rs 111 crore posted in Q3 FY23. Net sales rose to Rs 2989 crore in Q3 FY24 from Rs 2781 crore recorded in Q3 FY23.
Tata Elxsi slipped 4.96%. The design led technology service provider reported 6.04% rise in net profit to Rs 206.43 crore on 11.8% increase in revenue from operations to Rs 914.23 crore in Q3 FY24 over Q3 FY23.
JSW Energy rose 0.61%. The company?s consolidated net profit jumped 24.37% to Rs 232.24 crore in Q3 FY24 as compared with Rs 186.74 crore in Q3 FY23. Total revenue increased 13.26% YoY to Rs 2661.41 crore in Q3 FY24.
Global Markets:
Markets in Europe advanced on Wednesday as investors look ahead to preliminary purchasing managers? index (PMI) data from the euro zone in January.
Asian stocks traded mixed as investors were also assessing economic data out of Japan, as well as factory activity data from Australia.
US stock ended on a mixed note on Tuesday. The S&P 500 climbed to a record high close as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week.
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