Sensex drops 523 pts, Nifty tests 21,600 ahead of Jan CPI data; PSBs sink

Stock market highlights on February 12, 2024: The broader markets suffered deeper losses with the BSE MidCap index falling 2.6 per cent and the BSE SmallCap 3.16 per cent

Closing Bell on February 12, 2024: Equity markets turned lower on Monday amid profit booking by investors ahead of the January retail inflation and December IIP output data due later today.

The S&P BSE Sensex shed 523 points, or 0.73 per cent, to end at 71,072 levels, while the Nifty50 shut shop 166 points, or 0.76 per cent, lower at 21,616 levels.

The broader markets suffered deeper losses with the BSE MidCap index falling 2.6 per cent and the BSE SmallCap 3.16 per cent. 

Among sectors, defensive bets IT and Pharma indices rose 0.76 per cent and 0.28 per cent, respectively. All other indices, led by Nifty PSU Bank, Realty, Media, and Metal indices dropped up to 4.5 per cent.

Meanwhile, Apeejay Surrendra Park Hotels (ASPHL) made a good stock market debut on Monday, listing at a premium of 21 per cent versus its issue price of Rs 155. It opened at Rs 187 on the BSE, and ended at Rs 203.45 (up 31.2 per cent against issue price).

The stock opened at Rs 186 on the National Stock Exchange (NSE). The company is engaged in the hospitality business and runs hotels under its "The Park" brand.

Among other stocks, SJVN, India Tourism Development Corporation (ITDC), Housing & Urban Development Corporation (Hudco), NBCC (India), Hindustan Organic Chemicals (HOCL), and MMTC from the Central Public Sector Enterprises (CPSEs) pack were locked in their respective lower circuits, with only sellers being seen on these counter amid correction in equity markets. READ HERE

3:56 PM

Comment :: 'Will be challenging for broad market to sustain premium valuation'

An uptick in exchange margin requirements caused a decrease in positions, primarily in mid and small caps. Aside from the pharma and IT sectors, selling was widespread, with notable struggles seen in PSU banks.

The premium valuation gap between mid to large caps has notched to its all-time high.

Despite a robust economic forecast, corporate earnings are expected to slow due to moderated operating margins. It is going to be a challenge for the broad market to sustain the premium valuation. Large caps are predicted to excel amid consolidation.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:39 PM

Currency check :: Rupee ends 3 paise higher at 83/$

3:38 PM

Broader markets :: BSE SmallCap index tumbles over 3%

3:37 PM

Broader markets :: MidCap index slips 2.6%

3:37 PM

NIFTY HEATMAP :: Pharma, IT stocks frontrunners on index; DRL, Divis, Wipro, HCL Tech rally

3:35 PM

CLOSING BELL :: Nifty tests 21,600 mid near broad-based selling

3:34 PM

CLOSING BELL :: Sensex declines over 500 pts

3:29 PM

Sebi ups scrutiny of issue documents amid a rise in IPO in market: Reports

The regulator is particularly scrutinising what companies say they intend to use funds raised from the IPO for, these sources, directly familiar with the matter, said. The sources declined to be identified as they are not authorised to speak to the media. Sebi did not respond to an email. READ MORE

3:23 PM

Q3 result :: Mazagon Dock Shipbuilders posts PAT of Rs 627 cr vs Rs 354 cr YoY

>> Consol revenue at Rs 2,362 crore vs Rs 1,816 crore YoY

>> Ebitda at Rs 539 cr vs Rs 296 cr YoY

3:13 PM

Q3 result :: Samvardhana Motherson posts net profit of Rs 540 cr vs Rs 450 cr YoY

>> Ebitda at Rs 2,238 crore vs Rs 1,500 crore YoY

>> Ebitda margin at 8.71% vs 7.4% YoY

3:01 PM

Bharat Forge sinks 13% as growth concerns lead to profit booking

Shares of Bharat Forge slipped 13 per cent to Rs 1,148.80 on the BSE in Monday’s intra-day trade on heavy volumes led by profit booking.
 

Growth concerns were weighing on the stock as the management said it expects the momentum to moderate in both domestic & Export markets across industries going Q4 and FY25. Read

2:48 PM

NHPC cracks 15% as Q3 sinks 30% YoY

Net Profit down 30% YoY to Rs 546 crore

Revenue down 25% YoY to Rs 1,697 crore

2:30 PM

Market Check: Sensex off day's low of 70,922

2:17 PM

SJVN, ITDC, HUDCO, NBCC, MMTC and 513 other stocks freeze at lower circuits

SJVN, India Tourism Development Corporation (ITDC), Housing & Urban Development Corporation (Hudco), NBCC (India), Hindustan Organic Chemicals (HOCL), and MMTC from the Central Public Sector Enterprises (CPSEs) pack were locked in their respective lower circuits, with only sellers being seen on these counter amid correction in equity markets. Read

2:06 PM

Decoded: Into which mutual fund category is the money flowing?

In January 2024 too sectoral mutual funds saw the biggest inflows of Rs 4,805 crore, followed by smallcaps at Rs 3,257 crore and multicaps at Rs 3,038 crore, shows the latest data released by the Association of Mutual Funds in India (AMFI). READ MORE