Sensex slips for 3rd day, dips 314 pts; OFSS up 27%, LTIMindtree tanks 11%

Stock market highlights on January 18, 2024: HDFC Bank slipped 3 per cent after falling over 8 per cent Wednesday

3:56 PM

Tech View :: 'Counter trend pullback in Nifty may extend till 21,650'

Nifty50

Intraday, the Nifty witnessed a pullback from the support zone of 21,820 – 21,300, which is likely to continue over the next few trading sessions.

On the upside, the counter-trend pullback can extend till 21,600 – 21,650 where resistance in the form of the 20-day moving average is placed.

In terms of levels, 21,550 – 21,570 is the immediate hurdle zone while 21,350 – 21,300 is the crucial support zone.

Bank Nifty

Bank Nifty has reached the 161.82% Fibonacci extension level 45,768, which also coincides with the 20-week moving average making the zone of 45,800 – 45,600 a crucial support zone.

Until this is not breached on the downside, we can expect the recovery to continue. On the upside, the pullback can come till 46,400 – 46,600.

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

3:51 PM

Comment :: Here's all that happened in the markets today

The benchmark indices exhibited recovery from the day’s low and ended in red amid weak global cues, as investors are trimming bets on rapid FED cuts due to strong US retail sales and the resulting rise in global bond yields.

Furthermore, oil price advances and rate escalation risks have led to disruptions in global shipping and crude production.

The broader market continued its selling pressure given the elevated valuation and profit booking with an aim for sector rotation.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:41 PM

Currency check :: Rupee rises 2 paise at 83.12/$

3:39 PM

Broader markets :: MidCap, SmallCap indices end flat

3:39 PM

Nifty Heatmap :: Pharma, select IT stocks limit downside

3:37 PM

CLOSING BELL :: Nifty ends below 21,450

3:35 PM

CLOSING BELL :: Sensex sheds 314 pts

3:29 PM

ALERT :: Haldiram's may be eyeing majority stake in Prataap Snacks, reports Reuters

>> Indian snacks maker Haldiram's is in talks to acquire a majority stake in Prataap Snacks, which is valued at $350 million, to expand its presence in the potato chip market, two people with direct knowledge of the matter said.

>> The talks are at an early stage and a valuation has not been discussed, though it could be at a premium to Prataap's stock price.

>> Haldiram's is eyeing a majority stake of at least 51%, but a final number has not been decided, said the sources.

>> Prataap is best known for its Yellow Diamond brand of chips and competes with Pepsi's Lay's brand and other snack-makers in a market where local, unorganised food sellers still dominate the fried chips segment.

Source: Reuters
 

3:21 PM

Govt may support initiatives to retrofit old vehicles into EVs: Report

The government may look for providing incentives or supporting initiatives to retrofit old vehicles into electric vehicles instead of scrapping them, a report said on Thursday. READ MORE

3:17 PM

Ashok Leyland to make 1,225 buses for Karnataka state transport undertakings

Ashok Leyland said on Thursday it has won an order from the state transport corporations in Karnataka for 1225 Viking buses to be delivered by April 2024. READ MORE

3:05 PM

Global check:: US, UK stock futures marginally in green

Source: Investing.com

2:57 PM

South Indian Bank soars 13%, hits 6-year high on healthy Q3 results

The management said, during the period, the bank registered growth in all the desired segments with a focus on quality asset across all verticals. READ MORE

2:45 PM

ALERT:: Tata Communications Q3 conssolidated net dips 89%; stock up 2%

Tata Communications today reported a 88.6 per cent dip in Q3 consolidated net profit at Rs 45.05 crore when compared with Rs 395.15 crore in the corresponding quarter a year ago. Total income, however, was up 23.8 per cent YoY at Rs 5,644.74 crore from Rs 4,559.09 crore.

2:32 PM

Airbus signs agreement with Tata, Mahindra for aircraft components

Airbus on Thursday said it has signed contracts with Tata Advanced Systems Limited (TASL) and Mahindra Aerospace Structures Private Limited (MASPL) to procure commercial aircraft components. READ MORE

2:20 PM

Welspun Corp's arm EPIC bags Rs 3,000 cr orders in Saudi Arabia; stock jumps 5%

Homegrown Welspun Corp on Thursday said its associate company East Pipes Integrated Company for Industry (EPIC) has received orders worth around Rs 3,000 crore in Saudi Arabia. READ MORE

2:07 PM

UP raises state price for sugarcane by Rs 20 per quintal for 2023-24 season

With national elections round the corner, the Uttar Pradesh (UP) government has raised the state advised price (SAP) of all sugarcane varieties by Rs 20 per quintal for the 2023-24 (October to September) season to around Rs 370 for early sown varieties. READ MORE

1:54 PM

Sun Pharma to acquire remaining stake in Israeli firm Taro for Rs 2,982 cr

Merger would pave the way for Sun to consolidate its position in the US market, say analysts. READ MORE

1:40 PM

ALERT:: Suraj Q3 net jumps 69%; stock hits 10% upper limit

Suraj to reported a 68.9 per cent growth in Q3FY24 net profit at Rs 6.40 crore when compared with Rs 3.79 crore in Q3Fy23. Total income, however, was down 1.6 per cent YoY at Rs 93.83 crore.

 

The stock trades under Trade-to-Trade segment on the BSE

1:23 PM

Sobha jumps 10% on rights issue plan; stock zooms 48% thus far in January

The board of directors of Sobha are scheduled to meed on Monday, January 22, 2024, to consider the proposal of fund raising by way of equity shares through rights issue. READ MORE

1:09 PM

Market check:: SmallCaps outperform; Sobha, South Indian Bank zoom up to 14%

12:55 PM

Markets in a free fall. More pain ahead? Here's what charts suggest

The Nifty has declined over 3 per cent in the last two trading sessions, and is seen trading below its 20-DMA for the first time since November 07, 2023. READ MORE

12:41 PM

Q3 results :: South Indian Bank posts PAT of Rs 305 cr vs Rs 103 cr YoY

>> GNPA at 4.74% vs 4.96% QoQ

>> NNPA at 1.61% vs 1.7% QoQ

12:30 PM

Chart check: Bias turns negative for HDFC Bank as stock dips below 200-DMA

HDFC Bank

Current Price: Rs 1,507

Bias: To remain negative below Rs 1,610

Presently, the stock is trading below its key moving averages, including the all-important 200-DMA, which stands at Rs 1,610. The bias for the stock is likely to remain negative as long as the stock trades below the same. READ MORE

12:16 PM

ALERT :: Puravankara launches 'Wellness' themed plotted development project in Chennai

>> Purva Land has launched a new 'wellness' themed plotted development project in Guduvancheri, Chennai.

> Part of a ~120-acre development, this will be Purva Land’s largest project in the city.

>> The larger development will comprise more than ~2,200 plots ranging from ~600 Sq. Ft. to ~5,000 Sq. Ft. and has 35+ amenities.
 

12:05 PM

Air passenger traffic in India likely to reach 300 mn by 2030: Scindia

He noted that the domestic air passenger traffic witnessed 15 per cent growth CAGR while that of international 6.1 per cent in the last decade. READ MORE

11:49 AM

LTIMindtree sinks 13% as Q3FY24 earnings come weaker-than-expected

LTIMindtree’s earnings before interest and taxes (EBIT) margin contracted to 15.4 per cent from 16 per cent in the preceding quarter due to the impact of furloughs and a lower number of working days. READ MORE

11:41 AM

Commodity Corner :: Gold, Crude oil move higher on MCX

11:24 AM

Sector Watch :: Nifty PSU Bank index turns positive

11:10 AM

ALERT :: Madhuri Kela's name appears in Samhi Hotel's shareholders' list

>> Seen with 1.73% stake at the end of Q3FY24

10:56 AM

36% of taxpayers move from lower to higher income tax bracket during FY14-FY22

Individual income inequality has significantly declined during FY14-FY22 because of a “great migration” at the bottom of the pyramid, as individual’s weighted mean income rose from Rs 3.1 lakh to Rs 11.6 lakh during FY14-FY21. READ MORE