Equity benchmark indices recorded losses for the second consecutive day and settled at the lowest level in over a month, dragged down by index heavyweights HDFC Bank, Reliance Industries, and SBI amid escalating tensions in the Middle East.
The BSE Sensex fell 1,053.10 points or 1.47 per cent to settle at 70,370.55. The NSE Nifty also declined 330.15 points or 1.53 per cent to close at 21,241.65.
Except for Pharma all sectors witnessing selling pressure with Media being the biggest loser of 13 per cent on the back of the Zee-Sony deal being called off. PSU Banks, Railways, and Power Utilities were some of the sectors that saw profit booking after witnessing sharp run-up in the recent past.
“Global sentiments turned cautious after Fitch Group's statement that South Asian economies would be most affected, amid rising hostilities in the Red Sea due to Houthi attacks and India’s economic forecast faces a significant risk on account of a prolonged spell of disruptions. Further BoJ followed China and kept interest rates unchanged. Now investors are awaiting US GDP data due late today along with ECB rate decision due later this week,” said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
“On the domestic front, this week is a truncated week with just three trading days. Given weak global cues and mixed set of earnings released so far, the market is likely to consolidate and may drop a little further till the next set of fresh positive triggers,” he added.
Here are the top stocks to watch on 24 January:
The private sector lender reported a consolidated net profit of Rs 6,493.36 crore compared to Rs 6,209.37 in the year-ago period. The net non-performing asset (NPA) was flat at 0.36 per cent quarter-on-quarter (QoQ). Gross NPA declined to 1.58 per cent from 1.73 per cent QoQ. Net interest income during the quarter rose 9.4 per cent YoY to Rs 12,532 crore.
L&T Finance Holdings
The non-banking finance company (NBFC) has reported a consolidated net profit of Rs 640 crore for the December quarter of FY24, increasing 41 per cent over the year-ago period. Net interest income grew by 8 per cent YoY to Rs 1,833 crore in the reported quarter. The company has appointed Sudipta Roy as the Managing Director and Chief Executive Officer of the company for five years, with effect from 24 January.
The power generation company has reported a 24.4 per cent growth in consolidated net profit at Rs 232.2 crore in the December quarter compared to Rs 186.7 crore in the year-ago period, backed by robust operating performance and a fall in fuel costs. Revenue from operations increased 13.1 per cent YoY to Rs 2,543.8 crore from Rs 2,248.1 crore.
The Competition Commission of India approved the acquisition of 5.27 per cent of a total issued and outstanding stake through an open market transaction by the Burman Family. The acquisition includes an open offer for up to 26 per cent of the total expanded voting stake.
Glenmark Life Sciences
The pharma company has posted 13.1 per cent year-on-year growth on net profit at Rs 118.8 crore for the October-December quarter, on the back of healthy operative performance. Revenue from operations for the period grew 5.9 per cent to Rs 572.8 crore compared to the year-ago period.