As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 523 points or 0.73% to 71,072.49. The Nifty 50 index declined 166.45 points or 0.76% to 21,616.05.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 2.62% and the S&P BSE Small-Cap index slipped 3.16%.
The market breadth was skewed in favour of sellers. On the BSE, 1,001 shares rose and 2,990 shares fell. A total of 88 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 3.98% to 16.06.
Economy:
Indias forex reserves jumped $5.736 billion to $622.469 billion for the week ended February 2, according to the latest RBI data. In the previous week, the overall reserves had increased by $591 million to $616.733 billion.
For the week ended February 2, the foreign currency assets, a major component of the reserves, increased by $5.186 billion to $55.331 billion, as per the data of RBI.
Gold reserves increased by $608 million to $48.088 billion during the week. Special drawing rights (SDRs) were down by $58 million to $18.19 billion, the central bank said.
New Listing:
Shares of Apeejay Surrendra Park Hotels settled at Rs 204.90 on the BSE, representing a premium of 32.19% as compared with the issue price of Rs 155.
The scrip was listed at Rs 187, exhibiting a premium of 20.65% to the issue price. The stock has hit a high of 223.50 and a low of 170.15. On the BSE, over 49.03 lakh shares of the company were traded in the counter today.
IPO Update:
The initial public offer (IPO) of Entero Healthcare Solutions received bids for 12,50,656 shares as against 71,50,100 shares on offer, according to stock exchange data at 15:30 IST on Monday (12 February 2024). The issue was subscribed 0.17 times.
The issue opened for bidding on Friday (9 February 2024) and it will close on Tuesday (13 February 2024). The price band of the IPO is fixed at Rs 1,195-1,258 per share. An investor can bid for a minimum of 10 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index slumped 4.46% to 2,094.05. The index slipped 4.71% in two trading sessions.
Dish TV India (down 11.39%), Zee Entertainment Enterprises (down 7.82%), Hathway Cable & Datacom (down 7.36%), D B Corp (down 6.67%), TV18 Broadcast (down 3.75%), PVR Inox (down 2.52%), Saregama India (down 2.42%), Sun TV Network (down 2.39%) and Network 18 Media & Investments (down 2.17%) tumbled.
Earnings Imapct:
Hero MotoCorp dropped 4.47%. The company reported 51% jump in standalone net profit to Rs 1,073 crore on a 21% increase in revenue to Rs 9,724 crore in Q3 FY24 as compared with Q3 FY23.
Oil and Natural Gas Corporation's (ONGC) slipped 3.33% after the companys standalone net profit dropped 13.66% to Rs 9,535.67 crore in Q3 FY24 as compared with Rs 11,044.73 crore posted in Q3 FY23. Revenue from operations declined 9.83% year on year (YoY) to Rs 34,788.07 crore in the quarter ended 31 December 2023.
Tata Power Company tumbled 7.80%. The company reported 2.28% jump in consolidated net profit to Rs 1076.12 crore in Q3 FY24 as compared with Rs 1052.14 crore in Q3 FY23. Revenue from operations increased 3.69% to Rs 14,651 crore in Q3 FY24 from Rs 14,129.12 crore in Q3 FY23.
NHPC slumped 15.32% after the power generation company reported 26.76% decline in consolidated net profit to Rs 491.90 crore on 20.41% slide in revenue from operations to Rs 2,055.50 crore in Q3 FY24 over Q3 FY23.
Multi Commodity Exchange of India (MCX) slipped 9.10% after the company reported net loss of Rs 5.35 crore in Q3 FY24 as compared with net profit of Rs 38.79 crore in Q3 FY23. Revenue from operations jumped 33.41% YoY to Rs 191.53 crore in Q3 FY24.
Godrej Industries fell 4.12% after the diversified companys consolidated net profit tumbled 66.17% to Rs 160.41 crore on 6.57% decline in revenue from operations to Rs 3,590.08 crore in Q3 FY24 over Q3 FY23.
Shipping Corporation of India slipped 9.34% after the companys consolidated net profit slumped 49.61% to Rs 134.35 crore in Q3 FY24 as against Rs 266.63 crore posted in Q3 FY23. Revenue from operations declined 10.4% year on year (YoY) to Rs 1,340.68 crore in December 2023 quarter.
India Tourism Development Corporation (ITDC) was locked in lower circuit of 10% after the company reported 29.89% decline in consolidated net profit to Rs 15.94 crore in Q3 FY24 as compared with Rs 22.73 crore in Q3 FY23. Revenue from operations jumped 14.31% to Rs 134.93 crore during the quarter as compared with Rs 118.04 crore posted in corresponding quarter last year.
Indian Railway Finance Corporation (IRFC) slumped 13.47% after the company reported 1.79% fall in consolidated net profit to Rs 1,604.22 crore in Q3 FY24 as compared with Rs 1,633.4 crore in Q3 FY23. Revenue from operations increased 8.43% year on year (YoY) to Rs 6,741.86 crore in the third quarter of FY24.
SJVN was locked in a lower circuit of 20% after the company reported 51.65% decline in consolidated net profit to Rs 138.97 crore in Q3 FY24 as compared with Rs 287.42 crore in Q3 FY23. Revenue from operations fell 1.57% to Rs 543.31 crore during the quarter as compared with Rs 551.99 crore posted in corresponding quarter last year.
Global Markets:
Most of the European stocks edged higher on Monday as investors continued to monitor the interest rate outlook.
Asian markets ended higher on Monday, starting a holiday-shortened week for most markets, while China remains shut for the week. Many major stock markets in Asia-Pacific were closed Monday including Hong Kong, Taiwan and South Korea.
Wall Street ended higher on Friday after Decembers revised inflation reading came in lower than first reported. The benchmark S&P 500 closed above the key 5,000 level for the first time ever.
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