Market slides for 3rd day, VIX drops 6.69%, LTIMindtree slumps 10.76%

Key equity benchmarks ended with moderate losses on Thursday, sliding for the third day in a row. The Nifty closed below the 21,500 level. Pharma, PSU bank and realty stocks advanced while consumer durables, financial services and metal shares witnessed a bit of a selling pressure. Trading was volatile due to expiry of weekly index options on the NSE.

As per provisional closing data, the barometer index, the S&P BSE Sensex down 313.90 points or 0.44% to 71,186.86. The Nifty 50 index lost 109.70 points or 0.51% to 21,462.25.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% and the S&P BSE Small-Cap index added 0.02%.

The market breadth was negative. On the BSE, 1,880 shares rose and 1,922 shares fell. A total of 108 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, tumbled 6.69% to 14.07.

Buzzing Index:

The Nifty Consumer Durables declined 1.70% to 31,703.50. The index fell 1.86% in two trading sessions.

Titan Company (down 2.61%), Havells India (down 2.55%), Crompton Greaves Consumer Electricals (down 2.38%), TTK Prestige (down 2.2%) and Voltas (down 1.72%), Bata India (down 1.71%), Blue Star (down 1.63%), Relaxo Footwears (down 1.47%), Rajesh Exports (down 1.45%) and Dixon Technologies (India) (down 1.09%) edged lower.

On the other hand, Amber Enterprises India (up 3.21%) and Whirlpool of India (up 0.07%) advanced.

Stocks in Spotlight:

LTIMindtree tumbled 10.76%. 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.

Happiest Minds Technologies declined 4.25%. 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.

Oracle Financial Services Software surged 27.35% 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.

Nazara Technologies declined 2.84%. The company said that its board has approved preferential allotment of equity shares to raise up to Rs 250 crore.

Indiabulls Housing Finance shed 0.92%. The firm announced that its board has approved raising of funds aggregating up to Rs 5,000 crore or its equivalent in USD.

Sobha surged 10.20% after the realtor informed that its board will meet on Monday, 22 January 2024 to consider the proposal of fund raising by way of equity shares through rights issue.

ICICI Prudential Life Insurance Company tumbled 5.39%. 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 rallied 5.05% 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).

RailTel Corporation of India shed 0.28%. The company has received the work order from South Central Railway for Works amounting to Rs. 82.41 crore (Including Tax).

Global Markets:

Most of the shares in Europe and Asia advanced on Thursday, as investors continue to monitor news and comments from the World Economic Forum in Davos, Switzerland.

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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