Business News Highlights: Stock Markets Close; Sensex Crashes Over 1000 Points; Nifty Settles Below 21,250
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The stock market observed a trading holiday on Monday to celebrate the occasion of the Ram Mandir consecration ceremony in Ayodhya. The regulators announced an additional trading day on Saturday to make up for the holiday. The stock market opened on Tuesday and continued the rally from the last week. The two key equity benchmarks, Sensex and Nifty, on Tuesday climbed in early trade. The BSE Sensex gained over 500 points to trade near 72,000, while the NSE Nifty50 rose over 150 points to cross 21,700 mark.
The government is also scheduled to release the Interim Budget on February 1, 2024. The market will also be looking forward to the quarterly results from the firms regarding the third quarter. As of January 19, 2024, the foreign investors offloaded domestic equities worth Rs 13,000 crore in the first three weeks of the month. This development took place due to high valuations of Indian stocks and increasing US bond yields. However, foreign investors have remained bullish on the debt market and added Rs 15,647 crore into it during the reviewing period, official data from the depositories showed.
Prior to this, FPIs remained investors in the preceding months and poured in Rs 66,134 crore in December and Rs 9,000 crore in November. Explaining the reasons behind the change, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, "There are two main reasons why FPIs turned sellers. One, the US bond yield started rising with the 10-year yield rising from the recent level of 3.9 per cent to 4.15 per cent triggering capital outflows from emerging markets. Second, since the valuations in India are high, FPIs used the excuse of less-than-expected results from HDFC Bank to press massive sales too."
According to analysts, domestic equity markets are likely to witness subdued activity amid low participation from global as well as domestic investors. "As the breadth of the market is very strong, we expect the stock-specific bullish trend is likely to continue. In the near term, Nifty could face resistance at 21,850, while support is seen at 21,500," Deepak Jasani, Head of Retail Research at HDFC Securities, said.
JSW Energy Q3 Results: Net Profit Rises 28% YoY, Revenue At Rs 2,661 Crore
JSW Energy reported an increase of 28 per cent in its consolidated net profit in its quarterly results for the third quarter in the current fiscal year released on Tuesday. The firm logged a net profit of Rs 231 crore in the quarter ended December 2023, against Rs 180 crore reported in the corresponding quarter a year earlier. The company's total revenue jumped 13 per cent on a year-on-year (YoY) basis to touch Rs 2,661 crore in Q3FY24, against Rs 2,350 crore registered in the same quarter in the preceding fiscal year. This growth was attributed to the incremental contribution from renewable portfolio and robust thermal performance, majorly driven by a buoyant merchant market, the company noted.
Axis Bank Q3 Results: Net Profit Rises 4% YoY, Asset Quality Improves
Axis Bank logged a 4 per cent increase in the standalone net profit in its third-quarter results released on Tuesday. The bank reported a standalone net profit of Rs 6,071 crore for the quarter ended December 2023, against Rs 5,853 crore logged in the corresponding quarter a year earlier. The gross non-performing asset (NPA) ratio of the bank improved to 1.58 per cent in Q3FY24, against 2.38 per cent seen in the same quarter in the preceding fiscal year. Similarly, the net NPA improved to 0.36 per cent in the reviewing period against 0.47 per cent logged in Q3FY23.
Markets Crash, Investors See Their Wealth Erode By Rs 8.50 Lakh Crore
Equity investors saw their wealth decline by Rs 8.50 lakh crore on Tuesday as markets crashed today and the benchmark Sensex plunged over 1,000 points. As such, the market capitalisation of the BSE-listed companies eroded by Rs 8,50,820.81 crore to touch Rs 3,65,97,915.97 crore.
Stock Markets Bleed, Sensex Ends Below 70,400, Nifty Closes At 21,239
The stock market ended trading in red on Tuesday after reversing its rally in the morning and continued falling till the session end. The two key equity benchmarks, Sensex and Nifty, plunged to touch one-month low after financial and FMCG stocks crashed during the day. The BSE Sensex fell over 1,000 points to settle at 70,371, while the NSE Nifty50 declined by 333 points to close at 21,239.
Rupee Depreciates 9 Paise To Settle At 83.16 Against US Dollar
The Indian rupee depreciated 9 paise to settle at 83.16 (provisional) against the US dollar, as surging crude oil prices and weak domestic equities impacted investor sentiments. Forex traders noted that foreign fund outflows also put pressure on the domestic currency, however, a weak US dollar globally helped cushion the downside.
At the interbank foreign exchange market, the Indian currency opened at 83.11 and finally closed at 83.16 (provisional) against the greenback, marking a fall of 9 paise from its previous close. During the day, the domestic unit logged an intraday high of 83.06 and a low of 83.17 against the American currency. In the last trading session on Friday, the rupee settled at 83.07 against the US dollar.
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