Market Commentary - Quick Review
The domestic equity indices ended with substantial losses on Tuesday. The Nifty settled below 21,550 level after hitting day?s high of 21,813.05 in early trade. PSU bank, media and realty stocks advanced while consumer durables, FMCG and pharma shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex down 801.67 points or 1.11% to 71,139.90. The Nifty 50 index lost 215.50 points or 0.99% to 21,522.10.
In the broader market, The S&P BSE Mid-Cap index shed 0.53% and the S&P BSE Small-Cap index rose 0.18%.
The market breadth was positive. On the BSE, 1,961 shares rose and 1,853 shares fell. A total of 93 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 3.65% to 16.25.
New listing:
Shares of EPACK Durable were closed at Rs 207.70 at 15.33 IST on the BSE, representing a discount of 9.70% as compared with the issue price of Rs 230.
The scrip was listed at Rs 225, exhibiting a discount of 8.32% to the issue price.
The stock has hit a high of 225 and a low of 205.70. On the BSE, over 12.76 lakh shares of the company were traded in the counter.
Buzzing Index:
The Nifty Consumer Durables declined 1.61% to 31,074.65. The index rose 1.72% in the past trading session.
Titan Company (down 3.26%), Voltas (down 2.66%), Crompton Greaves Consumer Electricals (down 2.09%), Havells India (down 1.96%), Whirlpool of India (down 1.74%), Orient Electric (down 1.32%), V-Guard Industries (down 0.55%) and Dixon Technologies (India) (down 0.15%) declined.
On the other hand, Blue Star (up 3.12%), Amber Enterprises India (up 2.69%) and Rajesh Exports (up 0.87%) advanced.
Stocks in Spotlight:
Bajaj Finance dropped 5.04%. The non-banking financial company (NBFC) reported 22.4% increase in consolidated net profit to Rs 3,638.95 crore on a 31.3% jump in total income to Rs 14,165.98 crore in Q3 FY24 as compared with Q3 FY23.
Adani Energy Solutions slipped 2.30% after the company's consolidated net profit declined 31.56% to Rs 324.90 crore in Q3 FY24 as compared with Rs 474.72 crore in Q3 FY23. Revenue from operations rose 16.7% to Rs 3,824.43 crore in Q3 FY24 as compared with Rs 3,277.03 crore in Q3 FY23, on account of the newly commissioned transmission projects and higher energy consumption in the distribution business.
Piramal Enterprises rose 1.56%. The NBFC reported a consolidated net loss of Rs 2,377.59 in Q3 FY24 as against a net profit of Rs 3,545.37 crore recorded in Q3 FY23. Revenue from operations stood at Rs 2,475.65 crore in Q3 FY24, down 11.94% from Rs 2,811.24 crore in Q3 FY23.
Larsen & Toubro (L&T) declined 1.90%. The firm said that the Renewable EPC arm of its power transmission & distribution business has been chosen as the turnkey engineering, procurement and construction contractor to establish a 1800MWac solar photovoltaic plant in Dubai, UAE
Punjab National Bank rose 1.65% after the bank announced a plan to raise equity capital for upto Rs 7500 crore in one or more tranches during FY 2024-25 through qualified institutions placement (QIP) or follow-on public offer.
UTI Asset Management Company advanced 2.99% after the company?s consolidated net profit in Q3 FY24 nearly tripled to Rs 186 crore, compared to Rs 60 crore in the same period last year.
ITC declined 2.66%. The company reported consolidated net profit of Rs 5406.52 crore in Q3 FY24 as compared to net profit of Rs 5080.25 crore in Q3 FY23. Total income stood at Rs 20141.33 crore in Q3 FY24 as compared to Rs 19616.08 crore in Q3 FY23. The board of directors of the company have declared an interim dividend of Rs 6.25 per share. The record date is 8th February 2024.
NTPC fell 2.77%. The company reported consolidated net profit of Rs 5208.87 crore in Q3 FY24 as compared to net profit of Rs 4854.36 crore in Q3 FY23. Total income stood at Rs 42820.38 crore in Q3 FY24 as compared to Rs 44601.84 crore in Q3 FY23.
Servotech Power Systems was locked in 5% upper circuit at Rs 86.30 after the company said that it has bagged a major order of 1,800 DC fast EV chargers from Bharat Petroleum Corporation (BPCL).
Global Markets:
European shares advanced while Asian stocks traded mixed on Tuesday as market participants looked forward to the rate decision by the Federal Reserve, scheduled for release on Wednesday.
US stocks advanced on Monday as market participants looked ahead to this week's slew of megacap earnings, economic data and the Federal Reserve's monetary policy meeting.
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