Sensex slides 260 pts; Nifty ends below 21,600, HUL slips 3.72%

Key equity benchmarks ended with minor losses on Saturday. The Nifty settled below the 21,600 level. Banking, financial services and oil & gas stocks advanced while FMCG, realty and pharma shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex down 259.58 points or 0.36% to 71,423.65. The Nifty 50 index shed 50.60 points or 0.23% to 21,571.80.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.46% and the S&P BSE Small-Cap index added 0.41%.

The market breadth was positive. On the BSE, 2,061 shares rose and 1,753 shares fell. A total of 94 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, declined 1.17% to 13.72.

Stock exchanges NSE and BSE on Friday said there will be normal trading session on Saturday, 20 January 2024 from the primary site in equity and equity derivatives segments as per regular market timings. Besides, it will be a trading holiday on Monday, 22 January 2024, with the Maharashtra government announcing a holiday in connection with the consecration of the Ram Temple in Ayodhya.

Buzzing Index:

The Nifty FMCG declined 1.20% to 55,960.55. The index advanced 1.23% in previous trading session.

Hindustan Unilever (down 3.73%), Godrej Consumer Products (down 2.02%), Radico Khaitan (down 1.45%), Nestle India (down 1.24%) and Marico (down 1.2%), Tata Consumer Products (down 0.99%), Dabur India (down 0.76%), ITC (down 0.65%), Varun Beverages (down 0.58%) and United Breweries (down 0.18%).

On the other hand, United Spirits (up 2.4%), Colgate-Palmolive (India) (up 1.63%) and Emami (up 0.97%) edge higher.

Stocks in Spotlight:

Reliance Industries (RIL) shed 0.72%. The company reported 10.9% rise in consolidated net profit to Rs 19641 crore on 3.2% rise in gross revenue to Rs 248160 crore in Q3 FY24 over Q3 FY23.

Hindustan Unilever (HUL) declined 3.72%. The FMCG major�s standalone net profit rose marginally to Rs 2,519 crore in Q3 FY24 as against Rs 2,505 crore recorded in Q3 FY23. Revenue from operations stood at Rs 14,928 crore in Q3 FY24 as against Rs 14,986 crore reported in the same period a year ago.

Tata Steel shed 0.19%. The steel major announced it will commence statutory consultation as part of its plan to transform and restructure its UK business. This plan is intended to reverse more than a decade of losses and transition from the legacy blast furnaces to a more sustainable, green steel business.

Kotak Mahindra bank advanced 2.33% after the private sector lender`s net profit rose 7.63% to Rs 3,005.01 crore on 28.77% increase in net total income to Rs 14,096.04 crore in Q3 FY24 over Q3 FY23

One 97 Communications (Paytm) rose 1.10% after the company reported a consolidated net loss of Rs 221.70 crore in Q3 FY24 as against a net loss of Rs 392.10 crore posted in Q3 FY23.

CreditAccess Grameen declined 1.04%. The micro finance lender�s standalone net profit surged 63.8% to Rs 353.42 crore on 42.38% jump in total income to Rs 1,295.23 crore in Q3 FY24 over Q3 FY23.

RBL Bank rose 1.24% after the bank�s standalone net profit grew by 11.54% to Rs 233.09 crore on 27.37% jump in total income to Rs 3968.95 crore in Q3 FY24 over Q3 FY23.

HFCL surged 12.11% after the company has received a purchase order aggregating to about Rs 623 crore for supply of indigenously manufactured Telecom Networking Equipment for 5G network of one of the domestic Telecom Service Provide.

Global Markets:

US stocks ended higher on Friday. The S&P 500 posted a record high close fuelled by a rally in chipmakers and other heavyweight technology stocks on optimism around artificial intelligence.

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