Sensex, Nifty rebound in early trade after three days of fall
Business | January 19, 2024 10:29 ISTThe BSE Sensex rose 657.45 points to 71,844.31, while the Nifty climbed 194.75 points to 21,657.
The BSE Sensex rose 657.45 points to 71,844.31, while the Nifty climbed 194.75 points to 21,657.
NTPC, Asian Paints, PowerGrid, IndusInd Bank, Titan Company, Maruti Suzuki, Bajaj Finance, JSW Steel, and Nestle India were the top laggards in the Sensex.
The company's growth was due to consistently low raw material prices, resulting in the highest gross margin in the last 11 quarters, reaching 43.6 per cent.
The bank's American Depository Receipts fell over 15 per cent in the last two days, resulting in a more than 10 per cent slump in the domestic HDFC Bank stock.
Asian Paints, Wipro, HDFC Bank, HCL Technologies, IndusInd Bank, NTPC, and JSW Steel were the laggards, while Axis Bank, Bharti Airtel, UltraTech Cement, Tata Motors, and Reliance Industries were the major gainers on the Sensex.
The fall in the Sensex and Nifty was primarily triggered by a substantial fall in HDFC Bank's share price.
Banking shares faced significant selling pressure as all 12 Nifty Bank index constituents traded with cuts. The selling activity was triggered by negative commentary on HDFC Bank's below-par third quarter figures, impacting sentiment across the sector.
HDFC Bank reported a net profit of Rs 16,372 crore compared to Rs 15,976 crore in the quarter-ago period on a standalone basis.
The stock market witnessed a sharp decline as it opened in negative, with the Sensex plummeting more than 1,300 points to 71,757.54 in early trade. The overall market sentiment seemed to be impacted by HDFC Bank's decline, signaling a broader market correction.
The BSE Sensex was down 199.17 points at 73,128.77, while the Nifty fell by 65.15 points to 22,032.30.
The initial public offering of Jyoti CNC Automation consisted entirely of a fresh issue of equity shares worth up to Rs 1,000 crore, with a price band of Rs 315-331 per share.
Jio Financial Services' net profit during the nine-month period rose from Rs 32.25 crore to Rs 1,293.92 crore, while revenue increased from Rs 41.63 crore during the year ending March 2023 to Rs 1,435.78 crore in December 2023.
Stock markets: In the early trade, the 30-share BSE Sensex fell around 227 points to 73,101.01. Meanwhile, the Nifty also saw a decline of 68 points to begin on a quiet note.
The BSE Sensex rose by 1.05 per cent, reaching 73,327.94, while the Nifty was 202 points, or 0.93 per cent higher at 22,097.50. The market breadth reflected this movement, with 1787 shares advancing, 1609 shares declining, and 78 shares remaining unchanged.
Wipro's revenue from its IT business fell by 1 per cent and stood at Rs 22,151 crore, while its earnings before interest and tax margin for its IT business stood at 16 per cent.
Stock market indices achieved new milestones on Monday, with the BSE Sensex reaching a record high and the NSE Nifty surpassing the 22,000 mark for the first time.
The consolidated revenue for Wipro in the third quarter stood at Rs 22,205 crore, a 4.40 percent year-on-year (YoY) decline.
The Sensex rallied by 847.27 points to end the session at a record high of 72,568.45, while the Nifty rose by 247.35 points to an all-time high of 21,894.55.
The stock rose by 4.21 per cent to Rs 3,893.70 on the BSE and 4.24 per cent to Rs 3,894 per share on the NSE. The company's revenue rose by 4 per cent to Rs 60,583 crore, with strong double-digit growth in emerging markets for the third quarter.
The second-largest IT services company in the country reported a 7.3 per cent decrease in net profit for the December quarter, citing sluggish client demand as the primary factor.
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