Indices trade with major losses; HDFC Bank tanks 7.27%; European shares slide

The headline equity indices continued to extend losses in the afternoon trade. The Nifty slipped below the 21,650 mark. Media, consumer durables and IT shares advanced while banking and financial services stocks declined.

At 13:26 IST, the barometer index, the S&P BSE Sensex tumbled 1,402.21 points or 1.92% to 71,726.56. The Nifty 50 index lost 385.30 points or 1.75% to 21,647.

In the broader market, the S&P BSE Mid-Cap index shed 0.80% and the S&P BSE Small-Cap index declined 0.71%.

The market breadth was weak. On the BSE, 1,255 shares rose and 2,501 shares fell. A total of 92 shares were unchanged.

Gainers & Losers:

SBI Life Insurance Company (up 1.90%), HCL Technologies (up 0.87%), Apollo Hospitals Enterprise (up 0.62%), Tata Consultancy Services (up 0.53%) and Infosys (up 0.48%) were major Nifty gainers.

HDFC Bank (down 7.27%), Kotak Mahindra Bank (down 3.73%), Tata Steel (down 3.06%), ICICI Bank (down 2.76%) and Bajaj Finserv (down 2.51%) were major Nifty losers.

HDFC Bank slipped 7.27% 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:

L&T Technology Services advanced 2.23% after the company`s consolidated net income rose 6.6% to Rs 336.2 crore in Q3 FY24 as compared with net profit of Rs 315.4 crore posted in Q2 FY24. Total revenue rose 1.5% to Rs 2421.8 crore in Q3 FY24 from Rs 2386.5 crore recorded in Q2 FY24.

UltraTech Cement shed 1.18% after the company has incorporated a wholly-owned subsidiary viz. �Letein Valley Cement� on 16 January 2024 to carry on the business of mining of limestone and other raw materials, manufacture and sale of cement.

Network18 Media & Investments locked in an upper circuit of 10%. The company said that its consolidated net loss widened to Rs 58 crore in Q3 FY24 as against a net loss of Rs 7.68 crore reported in Q3 FY23. Revenue from operations declined 4.11% to Rs 1,774 crore in the quarter ended 31 December 2023 from Rs 1,850 crore recorded in the quarter ended 31 December 2022.

Global Markets:

Markets in Europe and Asia tumbled on Wednesday, as focus remains on the World Economic Forum taking place this week in Davos, Switzerland.

China�s economy grew by 5.2% in the October to December period last year, China�s National Bureau of Statistics said Wednesday. GDP climbed 5.2% for the whole of 2023.

U.S. markets dropped on Tuesday as bond yields ticked higher and Wall Street pored through the latest batch of fourth-quarter earnings. Federal Reserve Governor Christopher Waller indicated in a speech that the central bank could ease monetary policy slower than anticipated.

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