Bechmarks trim losses; consumer durables shares slip

The domestic equity indices pared some losses in mid-morning trade. The Nifty traded above the 21,450 mark after hitting the day`s low of 21,285.55 in morning trade. Consumer durables shares declined for the second day in a row.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 247.65 points or 0.35% to 71,253.11. The Nifty 50 index lost 97.10 points or 0.45% to 21,474.85.

In the broader market, the S&P BSE Mid-Cap index declined 0.29% and the S&P BSE Small-Cap index shed 0.16%.

The market breadth was negative. On the BSE, 1,488 shares rose and 2,135 shares fell. A total of 145 shares were unchanged.

Buzzing Index:

The Nifty Consumer Durables index declined 1.12% to 31,892.65. The index fell 1.27% in two trading sessions.

Crompton Greaves Consumer Electricals (down 2.04%), Dixon Technologies (India) (down 2.02%), TTK Prestige (down 1.73%), Voltas (down 1.67%), Titan Company (down 1.19%), Rajesh Exports (down 1.13%), Relaxo Footwears (down 1.06%), Orient Electric (down 0.89%), Bata India (down 0.87%) and Havells India (down 0.68%) edged lower.

Stocks in Spotlight:

Happiest Minds Technologies declined 3.31%. The IT company`s consolidated net profit rose 2% to Rs 59.62 crore in Q3 FY24 as against Rs 58.46 crore recorded in Q2 FY24. Compared to Q2 FY24, revenue from operations rose marginally to Rs 406.62 crore in Q3 FY24. On a year on year basis, the company`s net profit increased 3.5% while revenue jumped by 11.7% in Q3 FY24 over Q3 FY23.

Zaggle Prepaid Ocean Services advanced 2.32% after the company announced that it has entered into an agreement with Torrent Gas for implementing close loop fleet program.

Oracle Financial Services Software surged 19.36% after the company reported robust Q3FY24 earnings. On a consolidated basis, revenue for the quarter was Rs 1,824 crore, up 26% year-over-year. Operating income for the quarter was Rs 840 crore, up 45% year-over-year. Net income for the quarter was Rs 741 crore, up 69% year-over-year.

Global Markets:

Asian markets traded mixed on Thursday, despite a fall in the US stocks, weak China data and a strong rise in global bond yields. Data showed China�s economy expanded by 5.2% in the fourth quarter of 2023, missing estimates.

Wall Street stocks finished lower on Wednesday after upbeat December US retail sales data eroded expectations the Federal Reserve will kick off its rate-cut campaign as early as March.

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