Nifty 50 closed at 21,717.95 (-212.6, -1.0%), BSE Sensex closed at 71,567.84 (-584.2, -0.8%) while the broader Nifty 500 closed at 19,987.55 (-122, -0.6%), of the 2,018 stocks traded today, 762 showed gains, and 1,240 showed losses.
Indian indices extended their losses from the afternoon session and closed in the red. The Indian volatility index, Nifty VIX, rose 2.1% and closed at 15.8 points. The Monetary Policy Committee (MPC) kept the policy repo rate unchanged at 6.5% after its meeting. However, RBI Governor Shaktikanta Das said that the RBI is prepared to undertake appropriate policy actions, as warranted.
Nifty Smallcap 100 closed in the red, while the Nifty Midcap 100 closed flat. Nifty Media and Nifty Energy closed higher than their Wednesday levels. According to Trendlyne’s sector dashboard, Retailing emerged as the top-performing sector of the day, with a rise of 1.7%.
Major Asian indices closed in the green, except for India’s BSE Sensex and Hong Kong’s Hang Seng closing in the red. Japan's Nikkei 225 index closed at its highest level in 34 years after a high-ranking Bank of Japan (BOJ) official signaled that any policy tightening would be gradual. European indices traded in the green, while the US index futures traded flat. Brent crude oil futures traded flat after closing in the green for three straight days.
Money flow index (MFI) indicates that stocks like Indian Overseas Bank, Cummins India, EIH and Torrent Power are in the overbought zone.
BEML falls as its Q3FY24 net profit decreases by 27.3% YoY to Rs 48.2 crore. However, its revenue rises by 0.9% YoY and EBITDA margins contract by 328 bps YoY on higher raw material expenses.
Power Grid Corp rises as its Q3FY24 net profit grows by 10.5% YoY to Rs 4,028.2 crore. Its revenue increases by 2.5% YoY, helped by rising income from the transmission segment. The company's EBITDA margin expands by 57 bps YoY due to lower finance expenses.
Star Health and Allied Insurance Co. declines more than 2% as reports suggest that 10.5 lakh shares (0.2% equity), amounting to Rs 59.8 crore, change hands in a large trade.
Rashi Peripherals' Rs 600 crore IPO gets bids for 2.4X the available 1.4 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 2.8X the available 71.2 lakh shares on offer.
Jana Small Finance Bank's Rs 570 crore IPO gets bids for 1.4X the available 1 crore shares on offer on the second day of bidding. The retail investor quota gets bids for 1.9X the available 49.1 lakh shares on offer.
Capital Small Finance Bank's Rs 523.1 crore IPO gets bids for 1X the available 81.5 lakh shares on offer on the second day of bidding. The retail investor quota gets bids for 1.1X the available 40.9 lakh shares on offer.
Mutual Funds' net equity inflow surges by 28% MoM to Rs 21,749 crore in January, according to data released by the Association of Mutual Funds in India (AMFI). Total AUM stands at Rs 52.7 lakh crore during the same period.
PSU bank stocks like Indian Bank, State Bank of India, Bank of Indiaand Canara Banksurge more than 3% in trade. The broader Nifty PSU Bankindex also rise over 2%, helping it touch its all-time high of 6,931.8.
Cummins Indiarises to an all-time high of Rs 2,648.8 as its Q3FY24 net profit grows by 20.6% YoY to Rs 498.9 crore. Its revenue increases by 16.3% YoY, helped by rising income from the engines segment. Its EBITDA margin also improves by 281 bps YoY on lower raw material and inventory expenses.
RBI Governor Shaktikanta Das says that the regulatory action against One97 Communications(Paytm) resulted from the company's continued non-compliance with demands for corrective actions in its payment bank business. Previously, the RBI had barred Paytm's payment bank from conducting operations starting after February 29.
TCS hits a new 52-week high of Rs 4,158 following its multi-year partnership with Enento Group to modernize Enento's IT infrastructure and digital workplace.
According to a report from the International Energy Agency, India's oil demand is expected to increase by 1.2 million barrels per day by 2030, accounting for about one-third of the global demand. As of 2023, the country has become the world's second-largest net importer of crude oil.
Apollo Tyres rises to its all-time high of Rs 557.9 as its net profit grows by 78.1% YoY to Rs 496.6 crore in Q3FY24 on the back of lower raw material and finance costs. Revenue increases by 2.7% YoY, driven by the APMEA and Europe segments. It shows up in a screener of stocks with improving return on equity (RoE) over the past two years.
Inox Wind hits a new 52-week high of Rs 578.8 following an agreement with CESC to install and supply equipment for 1,500 MW of wind capacity over 3-4 years.
Sobha is falling sharply as its net profit declines by 52.6% YoY to Rs 15.1 crore in Q3FY24 due to higher raw material and employee benefit expenses. Revenue falls by 21.1% YoY, impacted by the real estate and contractual & manufacturing segments. It appears in a screener of stocks with declining net profit and profit margin (YoY).
The RBI raises its projection for India's GDP growth to 7.3% in FY24 and sets FY25 growth at 7%. RBI's MPC retains its FY24 CPI inflation forecast at 5.4%, and projects 4.5% for FY25.
Borosil Renewablesfalls as it reports a net loss of Rs 15.6 crore in Q3FY24, as against a net profit of Rs 5.2 crore in Q3FY23 due to higher raw material and employee benefit expenses. Revenue rises 30.7% YoY to Rs 333.8 crore. The company appears in a screenerfor stocks with zero promoter pledge.
General Insurance Corpof India rises to an all-time high of Rs 460.9 as its Q3FY24 net profit grows by 34.9% YoY to Rs 1,518 crore due to lower employee benefit expenses. However, its gross premium income falls by 13.1% YoY, impacted by declines in fire, agriculture and marine insurance segments.
Tata Consumer Products' Q3FY24 net profit falls 20.7% YoY to Rs 278.9 crore, while revenue rises 9.7% YoY. Profit falls due to higher costs from acquisitions, past service, and business restructuring. The company appears in a screener for stocks with low debt.
- The RBI decides to keep the policy repo rate unchanged at 6.5% during the Monetary Policy Committee meeting.
Ashoka Buildcon plunges sharply as its net profit declines by 21.2% YoY to Rs 107.3 crore in Q3FY24 due to increased expenses for raw materials, construction, employee benefits, and finance. Revenue grows by 38.4% YoY, driven by the construction & contract segment. Its order book also declines by 18.4% YoY to Rs 13,167 crore.
KEC International rises as it bags orders worth Rs 1,175 crore for its transmission & distribution, civil and solar businesses from Indian and American clients. The orders involve a 765 kV transmission for Power Grid Corp, transmission hardware supply to American clients, and construction of a residential building and solar power plant in India.
Artisan International Value Fund sells a 1.2% stake in Indus Towers for approx Rs 717.3 crore in a bulk deal on Wednesday.
Lupin rises as its Q3FY24 net profit grows 4x to Rs 613.1 crore on lower inventory and finance expenses. Its revenue increases by 20.4% YoY, helped by growing income from North America, India, Europe, the Middle-East and African regions. It appears in a screener of stocks with high TTM EPS growth.
Riding High:
Largecap and midcap gainers today include General Insurance Corporation of India (441.10, 9.20%), Cummins India Ltd. (2,585.25, 7.71%) and Trent Ltd. (3,841.95, 6.50%).
Downers:
Largecap and midcap losers today include One97 Communications Ltd. (446.65, -9.99%), UCO Bank (63.30, -7.46%) and Indian Overseas Bank (74.00, -7.09%).
Crowd Puller Stocks
26 stocks in BSE 500 are trading on high volumes today.
Top high volume gainers on BSE included The New India Assurance Company Ltd. (304.40, 11.56%), General Insurance Corporation of India (441.10, 9.20%) and Bharat Dynamics Ltd. (1,912.65, 9.00%).
Top high volume losers on BSE were ITC Ltd. (414.55, -3.99%), Manappuram Finance Ltd. (182.80, -3.87%) and Thermax Ltd. (3,208.75, -2.33%).
Just Dial Ltd. (893.60, 7.95%) was trading at 22.2 times of weekly average. Zydus Wellness Ltd. (1,636.95, 0.51%) and Cummins India Ltd. (2,585.25, 7.71%) were trading with volumes 7.8 and 7.5 times weekly average respectively on BSE at the time of posting this article.
BSE 500: highs, lows and moving averages
77 stocks took off, crossing 52 week highs, while 2 stocks tanked below their 52 week lows.
Stocks touching their year highs included - Abbott India Ltd. (28,278.00, -1.56%), Apollo Tyres Ltd. (538.80, -2.43%) and Bajaj Holdings & Investment Ltd. (8,658.00, 0.54%).
Stocks making new 52 weeks lows included - UPL Ltd. (464.85, -2.71%) and Vinati Organics Ltd. (1,674.00, -0.45%).
5 stocks climbed above their 200 day SMA including EPL Ltd. (196.15, 2.06%) and Indigo Paints Ltd. (1,442.30, 0.41%). 18 stocks slipped below their 200 SMA including Timken India Ltd. (2,961.50, -3.61%) and Dalmia Bharat Ltd. (2,100.35, -3.25%).