Sensex drops 379 pts, Nifty nears 21,650 amid Covid scare; pharma stocks up

Closing Bell on January 2, 2024: Among sectors, the Nifty Pharma index zoomed 2.5 per cent, followed by the Nifty Media index (0.43 per cent), and the Metal index (0.26 per cent)

SI Reporter New Delhi

BSE, NSE, Sensex, Nifty, stock markets

10:55 AM

Sector check :: IT, Auto stocks lead losses; Pharma outperforms

10:43 AM

Market Check :: Sensex at day's low

10:38 AM

Lemon Tree Hotels surges 9% to record high on strong earnings expectations

LTHL operates across the upscale, upper-midscale, midscale and economy segments, and delivers differentiated yet superior service offerings, with a compelling value proposition. According to the management, the outlook for LTHL remains promising with healthy occupancy rates and higher average room rates (ARRs). READ MORE

10:20 AM

HUL receives Rs 447.5 cr GST demands and penalties, firm to make assessment

In a regulatory filing, HUL -- which owns brands such as Lux, Lifebuoy, Surf Excel, Rin, Pond's and Dove -- said these "orders are currently appealable" and it will make an assessment. READ MORE

10:04 AM

Market watch: Sudden dip in Sensex, drops 400 pts

9:55 AM

Comment :: 'There are warning signs that there can be bouts of big selling.at higher levels'

The 1,000-point rally in the Nifty in the last one month has imparted momentum to the market. Retail investors, encouraged by the excellent returns of 2023, have turned exuberant and are chasing stocks, unmindful of the high valuations, particularly in the mid and small cap segments.

Investors should not fall into the trap of 'recency bias' and chase low grade stocks in the broader market.

Declining dollar and US bond yields provide a favourable global context for equities. FII inflows in 2024 are likely to be huge and have the potential to lift high quality large-caps, particularly in segments like banking where valuations are fair.

An important trend to watch is the spike in the volatility index VIX to 14.5 which indicates that high volatility is round the corner. Yesterday’s sell off in the last 30 minutes is a warning that at higher levels there can be bouts of big selling.

Views by: V K Vijayakumar, Chief Investment Strategist,Geojit Financial Services

9:46 AM

Dhanlaxmi Bank advances 4% post Q3 biz update

>> During the third-quarter business update, the lender said its total business grew 11.5 per cent Y-o-Y to Rs 24,657 crore.

9:43 AM

Gensol Engineering gains 2% on fund raising plan

>> The company has approved raising up to Rs 300 crore via qualified institutional placement (QIP).

9:40 AM

South Indian Bank gains over 1% on healthy Q3 update

>> Gross advances of the bank grew 10.83 per cent Y-o-Y during the December quarter to Rs 77,713 crore, while deposits grew 9.4 per cent Y-o-Y to Rs 99,164 crore.

9:37 AM

Tata Motors ekes out tepid gains on record PV sales in December

>> Tata Motors has clocked its highest-ever passenger vehicle (PV) volume in a calendar year (CY) in 2023, beating the previous best record, set in 2022.

>> The auto major posted a domestic PV volume of 550,838 units in CY23, witnessing a growth of 4.56 per cen Y-o-Y.

9:34 AM

Eicher Motors slips on profit booking post December auto sales data

>> Eicher Motors reported an 11.1 per cent Y-o-Y increase in its total sales for December sales of commercial vehicles, selling 8,026 units.

9:31 AM

Vedanta in green amid reports of interest payment on NCDs

>> The compay has reportedly made interest payment on non-convertible debentures (NCDs) worth Rs 1,000 crore.

9:29 AM

BHEL rises over 1.5%; Co clarifies on NLC order

>> BHEL has clarified that it has not bagged the order worth Rs 19,400 crore from NLC India Ltd.

>> While the company has submitted a price bid for the order, "submission of bid does not result into automatic bagging of an order," it said in an exchange filing.

9:26 AM