Sensex soars 690 pts, Nifty ends above 21,450, VIX drops to 14.38

The domestic stock market showed resilience today, with both benchmark indices recovering from yesterday`s losses to close higher amid volatile trading. The market experienced fluctuations throughout the session but saw a surge in the final hour due to increased buying activity. The Nifty settled above the 21,450 mark after hitting the day`s low of 21,137.20 in early trade. Sectors such as metal, energy, and IT performed well, while banks and realty remained subdued.

The barometer index, the S&P BSE Sensex gained 689.76 points or 0.98% to 71,060.31. The Nifty 50 index added 215.15 points or 1.01% to 21,453.95.

HDFC Bank (down 1.98%), Infosys (down 1.97%) and Reliance Industries (down 1.23%) boosted the indices.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index added 1.71% and the S&P BSE Small-Cap index advanced 1.72%.

The market breadth was strong. On the BSE, 2,445 shares rose and 1,341 shares fell. A total of 88 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, slipped 3.21% to 14.38.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.07% to 7.179 as compared with previous close 7.174.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1350, compared with its close of 83.07 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement added 0.27% to Rs 62,135.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.49% to 103.11.

The United States 10-year bond yield declined 0.85% to 4.109.

In the commodities market, Brent crude for March 2024 settlement rose 5 cents or 0.06% to $79.60 a barrel.

Global Markets:

The Dow Jones index futures were up 82 points, indicating a positive opening in the US stocks today.

Markets in Europe advanced on Wednesday as investors look ahead to preliminary purchasing managers� index (PMI) data from the euro zone in January.

Asian stocks settled on a mixed note as investors were also assessing economic data out of Japan, as well as factory activity data from Australia.

US stock ended on a mixed note on Tuesday. The S&P 500 climbed to a record high close as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week.

Stocks in Spotlight:

Axis Bank slipped 2.77% after the bank reported 4% rise in net profit to Rs 6071 crore on a 25% increase in total income to Rs 33,516 crore in Q3 FY24 as compared with Q3 FY23.

Canara Bank shed 0.45%. The public lender reported 26.88% rise in net profit to Rs 3,656.12 crore on 23.33% increase in total income to Rs 32,333.93 crore in Q3 FY24 over Q3 FY23.

L&T Finance Holdings advanced 0.88% after the company reported 41.12% jump in consolidated net profit to Rs 640.18 crore in Q3 FY24 from Rs 453.64 crore in Q3 FY23. Total income rose 2.58% to Rs 3,581.26 crore in Q3 FY24 as compared with Rs 3491.01 crore recorded in the same period last year.

Indus Towers jumped 5.78% after the company`s consolidated net profit stood at Rs 1541 crore in Q3 FY24 as compared with net loss of Rs 708 crore posted in Q3 FY23. Total revenue rose 6% to Rs 7199 crore in Q3 FY24 from Rs 6765 crore recorded in Q3 FY23.

United Spirts rose 0.33%. The company`s net profit rose to Rs 348 crore in Q3 FY24 as compared with net profit of Rs 111 crore posted in Q3 FY23. Net sales rose to Rs 2989 crore in Q3 FY24 from Rs 2781 crore recorded in Q3 FY23.

Tata Elxsi dropped 5.21%. The design led technology service provider reported 6.04% rise in net profit to Rs 206.43 crore on 11.8% increase in revenue from operations to Rs 914.23 crore in Q3 FY24 over Q3 FY23.

JSW Energy rose 0.72%. The company�s consolidated net profit jumped 24.37% to Rs 232.24 crore in Q3 FY24 as compared with Rs 186.74 crore in Q3 FY23. Total revenue increased 13.26% YoY to Rs 2661.41 crore in Q3 FY24.

IPO Update:

The initial public offer (IPO) of Nova Agritech received bids for 85,96,22,815 shares as against 2,54,14,746 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (24 January 2024). The issue was subscribed 33.82 times.

The issue opened for bidding on Tuesday (23 January 2024) and it will close on Thursday (25 Thursday 2024). The price band of the IPO is fixed at Rs 39-41 per share. An investor can bid for a minimum of 365 equity shares and in multiples thereof.

EPACK Durable`s IPO received bids for 32,70,86,630 shares as against 1,99,77,615 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (24 January 2024). The issue was subscribed 16.37 times.

The issue opened for bidding on Friday (19 January 2024) and it will close on Wednesday (24 Thursday 2024). The price band of the IPO is fixed at Rs 218-230 per share. An investor can bid for a minimum of 65 equity shares and in multiples thereof.

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