Benchmarks end with modest cuts; UPL drops over 11%

The domestic equity barometers ended with moderate losses on Monday. The Nifty closed below 21,800 level after hitting day high of 21,964.30 in morning trade. Pharma, healthcare and oil & gas shares were in demand. On the other hand, consumer durables, FMCG and financial services stocks corrected.

As per provisional closing data, the S&P BSE Sensex tumbled 354.21 points or 0.49% to 71,731.42. The Nifty 50 index declined 82.10 points or 0.38% to 21,771.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.02% and the S&P BSE Small-Cap index shed 0.23%.

The market breadth was negative. On the BSE, 1,832 shares rose and 2,118 shares fell. A total of 147 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 6.25% to 15.62.

The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled from 6 February to 8 February 2024.

IPO Update:

The initial public offer (IPO) of Apeejay Surrendra Park Hotels received bids for 7,22,61,600 shares as against 3,47,61,903 shares on offer, according to stock exchange data at 15:40 IST on Monday (5 February 2024). The issue was subscribed 2.08 times.

The issue opened for bidding on Monday (5 February 2024) and it will close on Wednesday (7 February 2024). The price band of the IPO is fixed at Rs 147-155 per share. An investor can bid for a minimum of 96 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index declined 1.35% to 31,005.50. The index gained 0.31% in the past trading sessions.

Voltas (down 3.23%), Kajaria Ceramics (down 2.7%), Titan Company (down 1.77%), Amber Enterprises India (down 1.44%), Bata India (down 1.25%), Orient Electric (down 1%), Blue Star (down 0.92%), Crompton Greaves Consumer Electricals (down 0.77%), Rajesh Exports (down 0.71%) and Havells India (down 0.07%) slipped.

Stocks in Spotlight:

UPL tumbled 11.12% after the pesticides maker reported a consolidated net loss of Rs 1,217 crore in Q3 FY24 as against a net profit of Rs 1,087 crore recorded in Q3 FY23. Revenue from operations declined 27.72% YoY to Rs 9,887 crore in the quarter ended 31 December 2023.

Tata Motors advanced 5.83% after the company reported a consolidated net profit of Rs 7,145.43 crore in Q3 FY24, steeply higher from Rs 3,043.15 crore posted in Q3 FY23. Total revenue from operations jumped 24.96% YoY to Rs 11,05,77.14 crore in the quarter ended 31 December 2023.

InterGlobe Aviation (Indigo) rose 1.79% after the company reported 110.75% surge in consolidated net profit to Rs 2,998.12 crore in Q3 FY24 from Rs 1,422.60 crore posted in Q3 FY23. Revenue from operations jumped 30.26% year on year to Rs 19,452.15 crore in the quarter ended 31 December 2023.

Mahindra Lifespace Developers soared 6.57% after the real estate developers consolidated net profit jumped 50.6% to Rs 50 crore in Q3 FY24 as against Rs 33.2 crore recorded in Q3 FY23. Revenue from operations tumbled 56.13% to Rs 81.99 crore in Q3 FY24 from Rs 186.90 crore posted in the corresponding quarter previous year.

SMC Global Securities jumped 16.12% after the company reported 63% rise in consolidated net profit to Rs 52.02 crore on a 35% increase in total revenue from operations to Rs 427.86 crore in Q3 FY24 over Q3 FY23.

State Bank of India (SBI) shed 1.18%. The PSU banks standalone net profit slipped 35.49% to Rs 9,163.96 crore in Q3 FY24 as against Rs 14,205.34 crore posted in Q3 FY23. Profit after tax for the December 2023 quarter includes provisions of Rs 7,100 crore on account of one-time increase in pension liabilities at uniform rate of 50% and dearness relief neutralization. Total income increased 20.5% year on year (YoY) to Rs 1,18,192.68 crore in the quarter ended 31 December 2023.

Unichem Laboratories was locked in an upper circuit of 20% after the company reported consolidated net profit of Rs 83.99 crore in Q3 FY24 as against net loss of Rs 63.93 crore in Q3 FY23. Revenue from operations jumped 43.6% year on year (YoY) to Rs 434.38 crore in the quarter ended 31 March 2023.

Global Markets:

The Dow Jones index futures were down 106 points, indicating a negative opening in the US stocks today.

European shares traded mixed while most of the Asian stocks ended lower on Monday after a robust US jobs report dashed any expectations of a near-term interest rate cut from the Federal Reserve.

US stocks ended sharply higher on Friday with the S&P 500 registering an all-time closing high as strong earnings and a blowout January employment report boosted confidence in the economy.

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