Domestic equity benchmarks ended with decent gains on Wednesday, rising for the second day in a row. The Nifty settled above the 21,800 level after hitting the days low of 21,530.20 in morning trade. PSU bank, oil & gas and media stocks witnessed buying demand while IT, healthcare and pharma shares declined.
As per provisional closing data, the barometer index, the S&P BSE Sensex gained 267.64 points or 0.37% to 71,822.83. The Nifty 50 index added 96.80 points or 0.45% to 21,840.05.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 1.26% and the S&P BSE Small-Cap index gained 1.16%.
The market breadth was strong. On the BSE, 2,427 shares rose and 1,424 shares fell. A total of 87 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.35% to 15.44.
Economy:
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.27% (Provisional) for the month of January, 2024 (over January, 2023), according to data from Ministry of Commerce & Industry today. The inflation stood at 0.73% in December.
Positive rate of inflation in January, 2024 is primarily due to increase in prices of food articles, machinery & equipment, other manufacturing, minerals, other transport equipment etc. The month over month change in WPI index for the month of January, 2024 stood at -0.33 % as compared to December, 2023.
New Listing:
Shares of Rashi Peripherals closed at Rs 320.10 on the BSE, representing a premium of 2.93% as compared with the issue price of Rs 311.
The scrip was listed at Rs 335, exhibiting a premium of 7.72% to the issue price. So far, the stock has hit a high of 342.50 and a low of 317.80. On the BSE, over 14.07 lakh shares of the company were traded in the counter so far.
Shares of Capital Small Finance Bank (SFB) settled at Rs 436.05 on the BSE, representing a discount of 6.83% as compared with the issue price of Rs 468.
The scrip was listed at Rs 435, exhibiting a discount of 7.05% to the issue price. So far, the stock has hit a high of 462.95 and a low of 421.10. On the BSE, over 1.80 lakh shares of the company were traded in the counter so far.
Shares of Jana Small Finance Bank (SFB) ended at Rs 394.95 on the BSE, representing a discount of 11.06% as compared with the issue price of Rs 414.
The scrip was listed at Rs 396, exhibiting a discount of 4.35% to the issue price. So far, the stock has hit a high of 408.80 and a low of 365. On the BSE, over 2.95 lakh shares of the company were traded in the counter so far.
IPO Update:
The initial public offer (IPO) of Vibhor Steel Tubes received bids for 32,70,06,999 shares as against 35,92,445 shares on offer, according to stock exchange data at 15:57 IST on Wednesday (14 February 2024). The issue was subscribed 91.03 times.
The issue opened for bidding on Tuesday (13 February 2024) and it will close on Thursday (15 February 2024). The price band of the IPO is fixed at Rs 141-151 per share. An investor can bid for a minimum of 99 equity shares and in multiples thereof.
Buzzing Index:
The Nifty PSU Bank index rallied 3.24% to 6,934.15. The index jumped 4.48% in two trading sessions.
Indian Bank (up 6.14%), Punjab & Sind Bank (up 5.6%), State Bank of India (up 4.2%), UCO Bank (up 4.06%), Bank of India (up 3.74%), Central Bank of India (up 3.4%), Bank of Maharashtra (up 3.28%), Indian Overseas Bank (up 3.23%), Bank of Baroda (up 3.16%) and Canara Bank (up 2.58%) edged higher.
Stocks in Spotlight:
Mahindra & Mahindra rose 0.98%. The auto major's standalone net profit surged 60.59% to Rs 2,453.98 crore in Q3 FY24 as against Rs 1,528.06 crore recorded in Q3 FY23. Revenue from operations increased 16.7% year on year (YoY) to Rs 25,288.51 crore in the quarter ended 31 December 2023. Meanwhile, Income from Farm Equipment Sector (FES) came in at Rs 8,599.89 crore, marginally rose by 0.17% YoY during the quarter.
Indian Railway Catering and Tourism corporation (IRCTC) advanced 2.44% after the company reported 17.4% increase in net profit to Rs 299.99 crore in Q3 FY24 as compared with Rs 255.52 crore posted in Q3 FY23. Revenue from operations jumped 21.81% to Rs 1,118.30 crore in Q3 FY24 as compared with Rs 918.06 crore in Q3 FY23.
Oil India jumped 5.67% after the company reported a standalone net profit of Rs 1,584.28 in Q3 FY24, steeply higher than Rs 325.31 crore posted in Q2 FY24. Revenue from operations declined marginally to Rs 5,323.74 crore in Q3 FY24 as against Rs 5342.36 crore reported in Q2 FY24.
Zee Entertainment Enterprises surged 6.02% after the media majors consolidated net profit (from continuing operations) declined 6.47% to Rs 53.34 crore in Q3 FY24 as against Rs 57.03 crore recorded in Q3 FY23. Revenue from operations in Q3 FY24 was at Rs 2,045.7 crore, down 3% from Rs 2,108.8 crore posted in the same period a year ago.
MTAR Technologies tumbled 9.17% after the company's consolidated net profit declined 66.88% to Rs 10.4 crore in Q3 FY24 as compared with Rs 31.4 crore in Q3 FY23. Revenue from operations fell 26.09% to Rs 118.38 crore in Q3 FY24 as compared with Rs 160.16 crore in Q3 FY23.
NBCC (India) was locked in upper circuit of 5% after the companys consolidated net profit jumped 60.30% to Rs 110.74 crore on 13.65% increase in net sales to Rs 2,405.5 crore in Q3 FY24 over Q3 FY23.
Bharat Heavy Electricals (BHEL) rallied 4.99% after the company posted a standalone net loss of Rs 163 crore in Q3 FY24 as against a net profit of Rs 31 crore in Q3 FY23. The public sector undertakings income from operations rose by 7% YoY to Rs 5,273 crore in the third quarter.
JSW Steel shed 0.02%. The steel major said that its consolidated crude steel production for the month of January 2024 grew 7% to 23.62 lakh tonnes from 22.02 lakh tonnes steel produced in January 2023.
Prestige Estates Projects slipped 3.75% after the companys consolidated net profit decreased 9% to Rs 116.3 crore in Q3 FY24 as against Rs 127.8 crore reported in the same period last year. However, revenue from operations declined 22.49% year on year (YoY) to Rs 1,795.8 crore in the quarter ended 31 December 2023.
Nuvama Wealth Management surged 13.44% after the company reported consolidated net profit of Rs 176.33 crore in Q3 FY24, steeply higher than Rs 87.36 crore in Q3 FY23. Revenue from operations jumped 45.3% YoY to Rs 840.64 crore in Q3 FY24.
Global Markets:
Markets in Europe advanced on Wednesday as U.K. inflation held steady at 4% year-on-year in January on the back of easing prices for furniture and household goods, food and non-alcoholic beverages.
Meanwhile, Asian stocks ended mixed, as higher-than-expected U.S. CPI data pushed back traders' expectation of rate cuts by the Federal Reserve anytime soon. Mainland China's financial markets remain closed for the week.
Wall Street's main indices tumbled on Tuesday after a higher-than-expected consumer inflation reading pushed back market expectations of imminent interest rate cuts, driving US Treasury yields higher.
US Consumer Price Index rose by 3.1% for the 12 months ended in January, according to Bureau of Labor Statistics data released Tuesday. That marks a step back from December's 3.4% rate and a dramatic cooling from the 6.4% increase seen in January 2023. On a monthly basis, CPI rose by 0.3% in January.
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