Stock Market Highlights: Nifty downhill trajectory suggests more pain. What traders
08:41:02 PM IST, 23 January 2024
CCI approves JSW’s buy of up to 38% of MG Motor India
08:40:18 PM IST, 23 January 2024
Axis Bank GDR down 2.06%
08:39:47 PM IST, 23 January 2024
CCI approves Religare stake acquisition by Burman Family: Agencies
08:14:41 PM IST, 23 January 2024
US stocks muted at open after recent rally; earnings in focus
The Dow Jones Industrial Average fell 42.02 points, or 0.11%, at the open to 37,959.79. The S&P 500 opened higher by 6.37 points, or 0.13%, at 4,856.80, while the Nasdaq Composite gained 31.13 points, or 0.20%, to 15,391.41 at the opening bell.
08:06:53 PM IST, 23 January 2024
FPIs net sellers for fifth straight day on Tuesday
Foreign portfolio investors offloaded equities worth Rs 3,115 crore on Tuesday. DIIs, meanwhile, invested Rs 214 crore.
07:30:53 PM IST, 23 January 2024
Bank of England set to start on path towards interest rate cuts
he Bank of England is expected to take a tentative first step towards cutting interest rates from their highest level in nearly 16 years next week after signs that the inflation crisis is abating. Governor Andrew Bailey and other top officials spent much of late 2023 dismissing speculation about rate cuts as premature and warning about the risks from strong wage growth.
07:22:22 PM IST, 23 January 2024
Havells Q3 Results: Key numbers
Cons revenue at Rs 4,414 crore vs Rs 4128 crore; up 6.9% YoY
07:22:03 PM IST, 23 January 2024
Havells Q3 Results
Cons PAT at Rs 288 crore vs Rs 284 crore; up 1.5% YoY
07:11:36 PM IST, 23 January 2024
J&J Q4 Results: Profit edges past Street view after deals delay Stelara competition
A key patent for Stelara expired in the US last year, but J&J struck deals with competitors to delay the launches of their biosimilars until 2025. Amgen will be the first to launch its near-copy, Wezlana, next year.
07:08:57 PM IST, 23 January 2024
Gulf markets end mixed on volatile oil, geopolitical tensions
06:59:12 PM IST, 23 January 2024
P&G cuts annual profit forecast on slowing price hikes, Gillette business writedown
Procter & Gamble cut its annual profit forecast on Tuesday as the boost from earlier price hikes fades in the U.S. and after writing down the value of its Gillette business in December. In December, P&G said it would record a $1.3 billion charge related to a drop in the book value of its Gillette business as volume growth slowed due to the hybrid post-pandemic work culture and a stronger dollar.
06:34:24 PM IST, 23 January 2024
Tata Elxsi Q3 Results: Profit rises 6% YoY on strength in transportation segment
Indian design and technology services company Tata Elxsi reported a 6% rise in third-quarter profit on Tuesday, helped by healthy demand in its transportation segment.
The company’s net profit rose to Rs 2.06 billion ($24.78 million) for the quarter ended Dec. 31 from Rs 1.95 billion a year ago. Revenue from operations rose to Rs 9.14 billion from Rs 8.18 billion a year ago.
06:30:02 PM IST, 23 January 2024
United Spirits Q3 Results: Profit climbs on premium liquor demand
A greater number of affluent Indians are choosing more expensive cars and consuming pricier food and liquor, unaffected by inflation.
This boosted the Diageo PLC-owned company’s profit before exceptional items and taxes by 51% to Rs 4.59 billion in the quarter ending December 31 from a year earlier.
06:22:10 PM IST, 23 January 2024
JSW Energy Q3 Results: Co posts higher profit on demand boost, lower fuel costs
India’s electricity generation rose 8.7% year-on-year in the December quarter, which analysts attributed to festive activities and strong industrial demand.
The country’s average peak demand during the quarter increased 13.8% year-on-year to 218 gigawatts (GW), analysts said.
05:18:06 PM IST, 23 January 2024
Nifty downhill trajectory suggests more pain. What traders should do on Wednesday
Nifty on Tuesday ended 333 points lower to form a long bear candle on the daily chart with analysts warning that one may expect more weakness from here to form a new lower bottom of the sequence. The short-term trend of Nifty is down and one may expect more weakness in the short term. The next important support zone to be watched is around 20950-20850 levels, which are coinciding with supports of previous up gap of 14th Dec, swing low of 21st Dec and also 38.2% Fibonacci retracement of Oct 23 bottom to Jan 24 top. Immediate resistance is at 21400 levels, said Nagaraj Shetti of HDFC Securities.
05:17:19 PM IST, 23 January 2024
Nifty Bank plunges over 1,000 points; experts suggest ‘sell on rise’ strategy
The Nifty PSU Bank index hit a record high, but pared gains to close in the red.
The fall in the Nifty Bank index was led by losses in IDFC First Bank, IndusInd Bank, Bank of Baroda, and SBI while some buying was seen in ICICI Bank post Q3 results.
Rupee opened positively but relinquished its gains in the afternoon as strong selling from FII’s, especially in the financial sector, led to profit booking across the broader market. The rupee reached a high of 83.06 but later dropped to 83.17, resulting in a range-bound session. Crude prices offered some support to the rupee as profit booking followed yesterday’s rise. However, the dollar index holding at 103$ continued to exert pressure on the rupee. The broad range for the rupee is anticipated between 82.70-82.80 as resistance and 83.25-83.40 as support.
– Jateen Trivedi, VP Research Analyst, LKP Securities
03:44:52 PM IST, 23 January 2024
Rupee ends lower weighed by foreign banks, oil cos’ dollar appetite
The rupee ended at 83.15 against the US dollar, down 0.1% compared to its previous close of 83.0650.
The dollar index was lower at 103.25 while most Asian currencies gained. The Japanese yen was up nearly 0.2% after the Bank of Japan maintained its ultra-easy monetary settings on Tuesday but gave hints that the policy might be tweaked at its next meeting.
03:37:56 PM IST, 23 January 2024
Top gainers & losers in closing trade
03:36:25 PM IST, 23 January 2024
Closing Bell: Sensex plunges over 1,660 pts from day’s high, ends 1053 pts lower; Nifty below 21,250; SBI, HUL tank 4% each
Sony has terminated its JV/merger/acquisition with Zee considering various issues regarding legal, leadership, compliance etc which got dragged for more than two and a half years now. This resulted in fall in share prices of Zee which were held for a long time hoping that this merger would propel the consolidated entity as the biggest media house in India….
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