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Saturday, January 18, 2025 | 03:15 AM ISTEN Hindi

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Market turns rangebound; HCL Tech drops over 8%

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The benchmark indices continued to trade in a narrow range with modest gains in afternoon trade, as investors viewed the recent correction as excessive. Positive sentiment was further supported by gains in markets across mainland China, South Korea, and Hong Kong, which helped boost domestic investor confidence. The Nifty hovered above the 23,150 mark. Metal, PSU bank and auto shares were in demand. On the other hand, IT and FMCG stocks dragged.

At 13:30 IST, the barometer index, the S&P BSE Sensex, gained 203.84 points or 0.27% to 76,533.85. The Nifty 50 index added 80.45 points or 0.35% to 23,166.40.

 

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rallied 1.53% and the S&P BSE Small-Cap index gained 1.04%.

The market breadth was strong. On the BSE, 2,709 shares rose and 1,174 shares fell. A total of 124 shares were unchanged.

Gainers & Losers:

Adani Enterprises (up 7.14%), Adani Ports and Special Economic Zone (up 5.36%), Hindalco Industries (up 4.06%), NTPC (up 3.79%) and Shriram Finance (up 3.40%) were the major Nifty gainers.

HCL Technologies (down 8.24%), Hindustan Unilever (down 2.90%), Apollo Hospitals Enterprise (down 1.78%), Infosys (down 1.46%) and Titan Company (down 1.42%) were the major Nifty losers.

HCL Technologies tanked 8.24%. The companys consolidated net profit jumped 8.41% to Rs 4,591 crore on 3.56% increase in net sales to Rs 29,890 crore in Q3 FY25 over Q2 FY25.

Meanwhile, the board has declared an interim dividend of Rs 18 per equity share for FY25. This includes a special dividend of Rs 6 per share. The record date for the payment of the aforesaid interim dividend shall be January 17, 2025, and the payment date of the said interim dividend shall be January 24, 2025.

Stocks in Spotlight:

Angel One fell 2.83%. The company reported 8.1% increase in consolidated net profit to Rs 281.47 crore on 19.1% jump in total income to Rs 1,263.80 crore in Q3 FY25 over Q3 FY24.

Meanwhile, the companys board declared first interim dividend for FY25 of Rs 11 per share and the record date is fixed as Tuesday, 21 January 2025. The dividend will be paid on or before 12 February 2025.

Further, the companys board has appointed Ambarish Kenghe as the group chief executive officer and key managerial personnel, effective on or before 6 March 2025.

Lotus Chocolate Company was locked in lower circuit of 5% after the companys standalone net profit dropped 29% to Rs 3.72 crore in Q3 FY25 as against Rs 5.24 crore posted in Q2 FY25. However, revenue from operations rose 14.34% quarter on quarter (QoQ) to Rs 146.69 crore in the quarter ended 31 December 2024.

Indobell Insulations hit an upper circuit of 5% after the company has secured an order for supply and application of hot lagging worth Rs 11.01 crore from Cochin Shipyard.

JSW Energy jumped 5.40% after the company said it has received letter of intent (LoI) for its resolution plan for KSK Mahanadi Power Company (KMPCL) under the Insolvency and Bankruptcy Code, 2016.

Global Markets:

U.S. stock futures signal a positive open on Tuesday, with Dow Jones Industrial Average futures trading 82 points higher. Concerns over the potential impact of disruptive trade tariffs under the incoming Trump administration have eased slightly, following reports that his team is considering a gradual increase in import duties.

European and Asian shares traded mixed on Tuesday, with investor sentiment dampened by ongoing concerns about the tight monetary conditions in the United States.

U.S. indices partially recovered from their initial losses on Monday, resulting in a mixed close. The S&P 500 saw a modest 0.16% gain, while the Dow Jones Industrial Average rebounded from a two-month low with a robust 0.86% increase. The NASDAQ Composite lagged behind, experiencing a 0.38% decline.

This week, investor attention will be firmly focused on the release of December's Consumer Price Index (CPI) inflation data on Wednesday. Additionally, the earnings season is set to commence in earnest on Wednesday, with several major Wall Street banks scheduled to report their financial results.

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First Published: Jan 14 2025 | 1:37 PM IST

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