Barometers turn rangebound, Sensex slides 678 pts, Nifty below 21,300

Indian equity indices traded in a narrow range with substantial losses in afternoon trade. The Nifty slipped below the 21,300 level. Barring the Nifty Realty index, all the sectoral indices on the NSE were trading in red. Trading was volatile due to January F&O series expiry today.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 678.15 points or 0.95% to 70,382.16. The Nifty 50 index lost 187.35 points or 0.87% to 21,266.60.

In the broader market, the S&P BSE Mid-Cap index slipped 0.79% and the S&P BSE Small-Cap index gained 0.21%.

The market breadth was positive. On the BSE, 2,019 shares rose and 1,709 shares fell. A total of 126 shares were unchanged.

Gainers & Losers:

Bajaj Auto (up 4.95%), Coal India (up 2.26%), NTPC (up 2.10%), BPCL (up 2.02%) and ONGC (up 0.87%) were major Nifty gainers.

Tech Mahindra (down 6.09%), Cipla (down 3.93%), Axis Bank (down 2.90%), SBI Life Insurance Company (down 2.52%) and ITC (down 2.17%) were major Nifty losers.

Bajaj Auto rallied 4.95% after the auto maker`s standalone net profit climbed 36.91% to Rs 2,041.88 crore on 30.04% increase in revenue from operations to Rs 12,113.51 crore in Q3 FY24 over Q3 FY23. On consolidated basis, the company`s net profit increased 38.02% to Rs 2,032.62 crore on 30.55% rise in revenue from operations to Rs 12,165.33 crore in Q3 FY24 over Q3 FY23.

Tech Mahindra tumbled 6.09%. The IT company`s consolidated net profit rose 3.34% to Rs 510.4 crore on 1.85% increase in revenue from operations to Rs 13,101.3 crore in Q3 FY24 over Q2 FY24. On a year on year (YoY) basis, Tech Mahindra`s net profit dropped 60.64% while revenue fell 4.61% in Q3 FY24.

Stocks in Spotlight:

Tata Steel shed 0.18%. Tata Steel reported net profit to Rs 522.14 crore in Q3 FY24 as against net loss of Rs 2,501.95 crore posted in Q3 FY23. Revenue from operations fell 3.1% to Rs 55,311.88 crore in Q2 FY24 as compared with Rs 57083.56 crore in Q3 FY23.

TVS Motor Company slipped 2.48% after the company reported 68% increase in standalone net profit to Rs 593 crore in Q3 FY24 as compared with Rs 353 crore posted in Q3 FY23. Revenue from operations jumped 26% YoY to Rs 8,245 crore in Q3 FY24.

DLF gained 1.36% after the company reported consolidated net profit of Rs 655.71 crore in Q3 FY24 as compared with net profit of Rs 517.94 crore posted in Q3 FY23. Total income rose to Rs 1,643.51 crore in Q3 FY24 from Rs 1559.66 crore recorded in Q3 FY23.

Global Markets:

Markets in Europe advanced on Thursday as investors keenly waiting for the latest monetary policy decision from the European Central Bank.

Most of the Asian stocks traded higher as markets respond to China�s central bank cutting reserve requirements for the country�s lenders.

The People�s Bank of China announced that it would reduce the amount of funds its banks are required to hold as reserves early next month in a bid to boost its struggling economy. Reserve ratio requirements for banks will be cut by 50 basis points from February 5, which will provide 1 trillion yuan ($139.8 billion) in long-term capital.

Shares of electric vehicle makers and suppliers of Tesla in Asia-Pacific fell after the U.S. EV leader warned of bleak volume growth. Tesla warned that vehicle volume growth in 2024 may be notably lower than last year.

Overnight in the U.S., the S&P 500 rose Wednesday as Netflix led a broader rally among technology names, pushing the broader market to new heights. Netflix shares surged more than 10% after the streamer said its total subscriber count hit an all-time high of 260.8 million. The broad-based index eked out a gain of 0.08% to clinch a new all-time closing high. The Nasdaq Composite rose 0.36% helped by the tech rally. In contrast, the Dow Jones Industrial Average fell 0.26%, to 37,806.39, dragged by Verizon and 3M a day after they reported earnings.

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