Indices trade with modest cuts; LTIMindtree drops over 10%

The domestic equity benchmarks continued to trade with moderate losses in afternoon trade. The Nifty traded below the 21,500 level. PSU bank, pharma and realty shares advanced while consumer durables, financial services and IT stocks declined.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was down 325.39 points or 0.46% to 71,175.37. The Nifty 50 index lost 115.30 points or 0.53% to 21,456.65.

In the broader market, the S&P BSE Mid-Cap index declined 0.14% and the S&P BSE Small-Cap index shed 0.02%.

The market breadth was negative. On the BSE, 1,723 shares rose and 2,016 shares fell. A total of 120 shares were unchanged.

Gainers & Losers:

Sun Pharmaceutical Industries (up 1.87%), Tech Mahindra (up 2.20%), Mahindra & Mahindra (up 1.43%), Axis Bank (up 1.50%) and Tata Motors (up 1.17%) were major Nifty gainers.

LTIMindtree (down 10.36%), NTPC (down 3.20%), HDFC Bank (down 2.78%), Asian Paints (down 2.43%) and Adani Enterprises (down 2.12%) were major Nifty losers.

LTIMindtree tumbled 10.36%. The company`s consolidated net profit rose marginally to Rs 1,169.3 crore in Q3 FY24 as against Rs 1,162.3 crore recorded in Q2 FY24. Revenue from operations increased by 1.2% quarter on quarter (QoQ) to Rs 9,016.6 crore in Q3 FY24.Rail Vikas Nigam (RVNL) rose 0.09%. The firm emerged as lowest bidder (L-1) for supply, installations, testing and commissioning of 11 KV Line in Maharashtra for Rs 251.05 crore.

Stocks in Spotlight:

ICICI Prudential Life Insurance Company tumbled 5.95%. The life insurer`s net profit jumped 3.10% to Rs 227.47 crore in Q3 FY24 as against Rs 220.63 crore posted in Q3 FY23. Total income jumped 51.97% YoY to Rs 26,647.77 crore in Q3 FY24.

Aarti Industries surged 4.96% after the company secured a four-year supply contract worth over Rs 6000 crore with a multinational conglomerate company.Shakti Pumps (India) shed 0.37%. The company on Monday announced that its board will meet on Thursday, 18 January 2024 to consider a proposal for fund raising through qualified institutional placements (QIP).

Oracle Financial Services Software surged 21.17% after the company reported robust Q3 FY24 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.

Happiest Minds Technologies declined 4.27%. 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.

Global Markets:

Most of the shares in Europe and Asia advanced 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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