F&O expiry: Nifty ends Jan series near 21,350; Sensex drops 360 pts

Stock market highlights on January 25, 2024: The frontlines were dragged by Tech M, Axis Bank, Bharti Airtel, HCL Tech, Kotak Bank, HDFC Bank, Wipro, Asian Paints

3:51 PM

Tech View :: 'Nifty consolidating between 21,520 and 21,220'

Nifty50

On the daily charts, we can observe that the counter trend rally faced resistance at the zone of 21,520 – 21,550. On the downside, 21,240 – 21,220 zone acted as a support zone where the 40-day moving average is placed.

Thus, the Nifty is consolidating within these two parameters. A breach of this range shall lead to a move in that direction.

The hourly momentum indicator has a positive crossover which is a buy signal and hence there can be a minor degree bounce up to 21,520 – 21,550 before it resumes next leg of the fall.

 

Bank Nifty

Bank Nifty has witnessed a sharp pullback from intraday lows though closed marginally in the red. On the hourly charts, we can observe that there is a positive divergence and a positive crossover which indicates loss of momentum on the downside and indicates that there can be a relief rally going ahead till 45,500- 45,700. On the downside, 44,600 – 44,500 is the crucial support zone.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas 

3:43 PM

Currency check :: Rupee ends at 83.11/$ vs Wednesday's close of 83.13/$

3:42 PM

Broader markets :: SmallCap index outperforms peers, rises 0.5%

3:41 PM

Broader markets :: MidCap index erases gains, dips 0.36%

3:39 PM

NIFTY HEATMAP :: Tech M sinks 6% post Q3; Cipla, Airtel, LTIMindtree other drags

3:37 PM

CLOSING BELL :: Nifty ends near 21.350 amid selling in IT, pharma stocks

3:36 PM

CLOSING BELL :: Sensex resumes selling, ends 360 pts lower

3:30 PM

ALERT :: Zomato Payments gets RBI's nod to operate as payments aggregator

>> Zomato Payments Private Limited, a wholly-owned subsidiary of Zomato Limited, has been granted certificate of authorization to carry out the business, inter alia, as payment aggregator and issuer of pre-paid payment instruments from the Reserve Bank of India 

3:21 PM

Q3 results :: JSW Steel reports net profit of Rs 2,415 crore

>> Ebitda at Rs 7,180 crore vs Rs 4,547 crore Y-o-Y

>> Ebitda margin at 17.12% vs 11.62% Y-o-Y

>> Lowers Capex to Rs 1,800 crore vs Rs 2,000 crore

3:14 PM

Punjab National Bank Q3 profit jumps over three-fold to Rs 2,223 cr

Its total income increased to Rs 29,962 crore during the quarter under review against Rs 25,722 crore in the same period last year, PNB said in a regulatory filing. READ MORE

3:00 PM

SBI Life falls 3% as Q3 profit declines over last quarter

Net profit falls to Rs 322 crore in Q3 from Rs 380 crore in Q2. In the year-ago quarter, its profit was Rs 304 crore. 

2:49 PM

HDFC Bank sees period of consolidation as it absorbs mega merger: Report

HDFC Bank, India's largest private sector lender, will take 4-5 years to fully digest its merger with its parent last July but expects to restore a key financial metric to pre-merger levels at the end of that period, two sources familiar with the bank's thinking said. Read

2:37 PM

Q&A | Canara Bank has increased lending rates for NBFCs by 15-50 bps: CEO

Canara Bank will not sacrifice margins for growth and it will be conscious about the cost, be it for lending or raising funds, K SATYANARAYANA RAJU, managing director and chief executive officer of the public sector lender, tells Business Standard. Read

2:25 PM

Dhanlaxmi Bank at 9-yr high, hits 10% upper circuit; zooms 69% in two weeks

Shares of Dhanlaxmi Bank (DBL) surged 10 per cent on BSE to hit the highest level in over nine years on Thursday. The stock was locked in the 10 per cent upper circuit at Rs 51.20, its highest level since August 2014. Read

2:13 PM

Hindenburg report anniversary: We have emerged stronger, says Gautam Adani

A year after a damning report by a US short seller ripped through his apples-to-airport conglomerate, billionaire Gautam Adani on Thursday said the "trials and tribulations" of the past year have made the Adani group stronger as it continued on growth path, improving asset base and launching key projects, including the Dharavi redevelopment. Read

1:57 PM

DLF sales bookings jump 2-fold to Rs 13,316 cr in Apr-Dec on high demand

Realty major DLF Ltd's sales bookings jumped two times annually to Rs 13,316 crore during the first nine months of this fiscal, mainly on high demand for its luxury housing properties in Gurugram.
 

During the April-December period of the previous fiscal, the company's sales bookings stood at Rs 6,599 crore. Read 

1:48 PM

Brookfield planning $1.2 billion of debt to buy India assets: Reports

Brookfield Asset Management is planning to raise about $1.2 billion of debt to fund the acquisition of American Tower Corp’s assets in India with the deal likely closing this year itself, according to people familiar with the matter. Read

1:35 PM

HPCL sinks 5% on weak Q3 results

Q3 profit comes at Rs 529 crore, down from Rs 5,118 crore in Q2. 

1:17 PM

One year of Hindenburg: Adani group up, recouping market cap losses

A year after the publication of a damaging report by US-based Hindenburg Research against the Gautam Adani-group, the conglomerate is up and running—recouping most of the market capitalisation losses, attracting investments from the world’s leading money managers, and almost escaping unscathed from the regulator. Read

1:06 PM

Sterlite Tech reports loss of Rs 57 crore; stock dips 5%

Net loss comes at Rs 57 cr from profit of Rs 34 crore in Q3FY24. 

 

Revenue falls 12% to Rs 1,322 cr QoQ

12:50 PM

Stock from Madhuri Madhusudan Kela's portfolio has zoomed 54% in 2 months

Shares of Sangam (India) surged 7 per cent on BSE to hit a record high of Rs 491 in Thursday’s otherwise weak market amid heavy volumes.
 

The stock of the textiles and apparel company surpassed its previous high of Rs 488.40 touched on January 8. In the past two months, the stock has zoomed 54 per cent. Read

12:37 PM

Premji gifts 10 mn equity shares of Wipro worth over Rs 480 cr to his sons

Wipro founder Azim Premji has transferred 10.2 million equity shares of Wipro held by him to his two sons --Rishad Premji and Tariq Premji-- as 'gift', according to exchange filing.
 

The Wipro scrip is currently valued at Rs 472.9 per share, and at roughly this value, the transferred shares will amount to a whopping Rs 483 crore. Tech magnate Azim Premji's son Rishad Premji currently helms Wipro as its Executive Chairman, and is a prominent face of the IT industry. Read

12:28 PM

Chart view: Which sectors did foreign investors pour money into in 2023?

Foreign portfolio investors invested heavily in financial and industrial stocks in December 2023, followed by consumer discretionary and IT stocks, shows data analysed by Kotak Institutional Equities. In the calendar year 2023, financials saw FPI net flows of $6012 million and industrial stocks saw flows of $7127 million. Read

 

12:11 PM

A game of bluff scuttled Sony-Zee's plans to create $10 bn media giant

In November, Sony Group Corp.’s lawyers got a nasty surprise during a routine call from the legal team of Zee Enterprises Entertainment Ltd.  

Nearly two years into tortuous merger negotiations to create a $10 billion Indian entertainment giant, Zee wanted the Japanese company to agree to a so-called “hold harmless” clause for its Chief Executive Officer, Punit Goenka, just weeks before the Dec. 21 deal deadline. Read

11:58 AM

Budget 2024: Key announcements made in previous interim budget in 2019

Budget 2024: Finance Minister Nirmala Sitharaman will announce her sixth Budget on February 1. However, this will be an interim Budget, and a full-fledged one will be presented after the Lok Sabha elections later this year. Read

11:44 AM

Bajaj Auto hits new peak, gains 4% in weak market on healthy Q3 results

Shares of Bajaj Auto hit a new peak of Rs 7,499, up 4 per cent on the BSE in Thursday’s intra-day trade after the two-wheeler major reported its highest-ever quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) at Rs 2,430 crore, up 37 per cent year-on-year (YoY) in December quarter (Q3FY24). Read

11:31 AM

US growth likely slowed last quarter but still exhibited resilience

The nation's economy was supposed to have sunk into recession by now, dragged down by the highest interest rates in two decades and a resulting slump in borrowing and spending. Read

11:18 AM

Market Check: Sensex sinks 570 pts to day's low

11:06 AM

Indian Bk up 8%, hits new high on solid Q3 nos; Motilal expects more upside

Shares of Indian Bank hit a record high of Rs 478.60, as they surged 8 per cent on the BSE in Thursday’s intra-day trade backed by heavy volumes in an otherwise weak market owing to strong December quarter (Q3FY24) results. The bank's net profit jumped 52 per cent to Rs 2,119 crore, on the back of improvements in core income and a reduction in bad loans. It had posted profit of Rs 1,396 crore in a year ago quarter. Read

10:52 AM

Tech Mahindra slips 6% as investors book profit post Q3FY24 results

Shares of Tech Mahindra slipped 6 per cent to Rs 1,322 on the BSE in Thursday's intraday trade as investors booked profit in the shares after the company reported a 60.6 per cent year-on-year (Y-o-Y) decline in net profit to Rs 510.4 crore for the December quarter (Q3FY24). Read