Barometers trade with major losses, financial services shares decline

The key equity indices traded with steep losses in morning trade. The Nifty traded below the 21,800 level. Financial services shares extended losses for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 907.60 points or 1.24% to 72,221.17. The Nifty 50 index lost 251.60 points or 1.14% to 21,780.70.

In the broader market, the S&P BSE Mid-Cap index shed 0.48% and the S&P BSE Small-Cap index declined 0.20%.

The market breadth was negative. On the BSE, 1,522 shares rose and 2,007 shares fell. A total of 150 shares were unchanged.

Results Today:

Asian Paints (down 0.96%), LTIMindtree (down 0.07%), ICICI Prudential Life Insurance Company (down 0.06%), Happiest Minds Technologies (up 0.34%), Alok Industries (up 2.90%), Oracle Financial Services Software (up 1.77%), IIFL Finance (up 1.37%), Som Distilleries & Breweries (down 0.41%), Steel Strips Wheels (down 0.81%), Star Housing Finance (down 0.33%) and Moschip Technologies (up 1.81%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Financial Services index declined 2.50% to 20,910.90. The index fell 2.56% in two trading sessions.

HDFC Bank (down 5.77%), Indian Energy Exchange (down 4.54%), Axis Bank (down 1.79%), Kotak Mahindra Bank (down 1.68%) and HDFC Asset Management Company (down 1.47%), ICICI Bank (down 0.97%), Bajaj Finserv (down 0.81%), Shriram Finance (down 0.66%), SBI Life Insurance Company (down 0.65%) and Muthoot Finance (down 0.63%).

On the other hand, ICICI Lombard General Insurance Company (up 3.47%), Cholamandalam Investment & Finance Company (up 0.05%) edge higher.

HDFC Bank slipped 5.77% and the US-listed ADRs tumbled 6.7% overnight after the private lender reported December quarter earnings post Indian markets closing on Tuesday.

India`s largest private bank�s net profit increased 33.55% to Rs 16,372.54 crore on 59.58% jump in total income to Rs 81,719.65 crore in Q3 FY24 over Q3 FY23. Sequentially, the lender�s net profit rose 2.48% and total income grew by 4.23%.

Stocks in Spotlight:

Godrej Properties rose 0.14%. The Company has acquired an additional approximately 1 (one) acre of land parcel in Yeshwanthpur, Bengaluru having a developable potential of approximately 1.40 lakh square feet saleable area, through an outright purchase for the development of premium residential apartments.

Karnataka Bank declined 2.52%. Karnataka Bank and Clix Capital have entered into a strategic digital co-lending partnership through Yubi Co.lend Platform. This partnership is focused on providing loans to the Indian MSME sector.

DCB Bank rose 0.03%. The private lender on Tuesday announced that the Reserve Bank of India (RBI) has approved the appointment of Praveen Achuthan Kutty as managing director and chief executive officer (MD & CEO) of the bank.

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