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Overseas investors remained net sellers of Indian equities for the second consecutive session on Thursday.
Foreign portfolio investors stayed net sellers and offloaded equities worth Rs 9,901.56 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors mopped up stocks worth Rs 5,977.12 crore, the NSE data showed.
Foreign institutions have been net sellers of Rs 3,852 crore worth of Indian equities so far in 2024, according to data from the National Securities Depository Ltd., updated till the previous trading day.
The yield on the 10-year bond closed flat at 7.18% on Thursday.
Source: Bloomberg
The local currency strengthened 2 paise to close at 83.12 against the U.S dollar on Thursday.
It closed at 83.14 on Wednesday.
Source: Bloomberg
Benchmark Indian indices continued their losing rally in the third consecutive day due to a fall in shares of HDFC Bank and LTIMindtree after their December quarter results.
In the last three days, both Nifty 50 and Sensex have lost nearly 3%. Today, the Nifty 50 closed at 21,465.25, down 106.70 points or 0.49% and the Sensex ended 313.90 points or 0.44% lower at 71,186.86.
"The Index has formed a spinning top candlestick pattern which indicates a reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at today's low i.e. 21,285," said Aditya Gaggar, director of Progressive Shares.
Benchmark Indian indices continued their losing rally in the third consecutive day due to a fall in shares of HDFC Bank and LTIMindtree after their December quarter results.
In the last three days, both Nifty 50 and Sensex have lost nearly 3%. Today, the Nifty 50 closed at 21,465.25, down 106.70 points or 0.49% and the Sensex ended 313.90 points or 0.44% lower at 71,186.86.
"The Index has formed a spinning top candlestick pattern which indicates a reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at today's low i.e. 21,285," said Aditya Gaggar, director of Progressive Shares.
Benchmark Indian indices continued their losing rally in the third consecutive day due to a fall in shares of HDFC Bank and LTIMindtree after their December quarter results.
In the last three days, both Nifty 50 and Sensex have lost nearly 3%. Today, the Nifty 50 closed at 21,465.25, down 106.70 points or 0.49% and the Sensex ended 313.90 points or 0.44% lower at 71,186.86.
"The Index has formed a spinning top candlestick pattern which indicates a reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at today's low i.e. 21,285," said Aditya Gaggar, director of Progressive Shares.
Benchmark Indian indices continued their losing rally in the third consecutive day due to a fall in shares of HDFC Bank and LTIMindtree after their December quarter results.
In the last three days, both Nifty 50 and Sensex have lost nearly 3%. Today, the Nifty 50 closed at 21,465.25, down 106.70 points or 0.49% and the Sensex ended 313.90 points or 0.44% lower at 71,186.86.
"The Index has formed a spinning top candlestick pattern which indicates a reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at today's low i.e. 21,285," said Aditya Gaggar, director of Progressive Shares.
Benchmark Indian indices continued their losing rally in the third consecutive day due to a fall in shares of HDFC Bank and LTIMindtree after their December quarter results.
In the last three days, both Nifty 50 and Sensex have lost nearly 3%. Today, the Nifty 50 closed at 21,465.25, down 106.70 points or 0.49% and the Sensex ended 313.90 points or 0.44% lower at 71,186.86.
"The Index has formed a spinning top candlestick pattern which indicates a reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at today's low i.e. 21,285," said Aditya Gaggar, director of Progressive Shares.
Benchmark Indian indices continued their losing rally in the third consecutive day due to a fall in shares of HDFC Bank and LTIMindtree after their December quarter results.
In the last three days, both Nifty 50 and Sensex have lost nearly 3%. Today, the Nifty 50 closed at 21,465.25, down 106.70 points or 0.49% and the Sensex ended 313.90 points or 0.44% lower at 71,186.86.
"The Index has formed a spinning top candlestick pattern which indicates a reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at today's low i.e. 21,285," said Aditya Gaggar, director of Progressive Shares.
Benchmark Indian indices continued their losing rally in the third consecutive day due to a fall in shares of HDFC Bank and LTIMindtree after their December quarter results.
In the last three days, both Nifty 50 and Sensex have lost nearly 3%. Today, the Nifty 50 closed at 21,465.25, down 106.70 points or 0.49% and the Sensex ended 313.90 points or 0.44% lower at 71,186.86.
"The Index has formed a spinning top candlestick pattern which indicates a reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at today's low i.e. 21,285," said Aditya Gaggar, director of Progressive Shares.
Benchmark Indian indices continued their losing rally in the third consecutive day due to a fall in shares of HDFC Bank and LTIMindtree after their December quarter results.
In the last three days, both Nifty 50 and Sensex have lost nearly 3%. Today, the Nifty 50 closed at 21,465.25, down 106.70 points or 0.49% and the Sensex ended 313.90 points or 0.44% lower at 71,186.86.
"The Index has formed a spinning top candlestick pattern which indicates a reversal of trend and to confirm the same, the Index needs to breach the hurdle of 21,530 while the immediate support is placed at today's low i.e. 21,285," said Aditya Gaggar, director of Progressive Shares.
HDFC Bank Ltd, LTIMindtree Ltd, NTPC Ltd, Titan Co Ltd, and Asian Paints Ltd dragged the index.
Meanwhile, Sun Pharmaceutical Industries Ltd, ICICI Bank Ltd, Reliance Industries Ltdz, Larsen & Toubro Ltd, and Axis Bank Ltd contributed positively to the index.
Sectoral indices on the NSE were mixed at close. Nifty Pharma gained the most by over 1% and Nifty Financial Services closed 1% lower.
Broader indices outperformed. The BSE Midcap was down 0.08%, while the Smallcap was 0.02% lower. Twelve out of the 20 sectors compiled by BSE Ltd. declined, while eight advanced.
Market breadth was skewed in favour of sellers. Around 1906 stocks declined, 1898 stocks rose, and 106 remained unchanged on BSE.
Base issue size: Rs 2,000 crore; coupon at 8.34%
Received 108 bids worth Rs 5,294 crore
Source: SBI statement
Revenue at Rs 4,340.5 crore, up 16.83%
Ebitda at Rs 569.5 crore , up 13.01%
Margin at 13.12% vs 13.56%
Net profit at Rs 416.5 crore, up 15.37%
Revenue at Rs 9127.5 crore, up 0.71%
Ebitda at Rs 1246.1 crore, up 43.51%
Margin at 13.65% vs 9.58%
Net profit at Rs 691.2 crore, up 34.84%
The shares of Dynamatic Technologies Ltd. rose on Thursday after the company signed a long term contract for manufacturing and assembly with Dassaul Aviation Ltd.
The project is part of the make in India initiative and will include manufacturing and assembly of critical aero structure for Falcon 6X, which is Dassault's flagship aircraft, the company said in an exchange filing on Thursday.
The shares of Dynamatic Technologies Ltd. rose on Thursday after the company signed a long term contract for manufacturing and assembly with Dassaul Aviation Ltd.
The project is part of the make in India initiative and will include manufacturing and assembly of critical aero structure for Falcon 6X, which is Dassault's flagship aircraft, the company said in an exchange filing on Thursday.
The scrip rose as much as 13.31% to 5,950 apiece, to touch its life-time high. This is the highest level since Jan 16. It pared gains to trade 10.27% higher at Rs 5,790.25 apiece, as of 2:48 p.m. This compares to a 0.45% decline in the NSE Nifty 50 Index.
It has risen 50.06% in the last 12 months. Total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 74 indicating it was overbought.
Net profit at Rs 45.1 crore, down 79.6%
Revenue at Rs 5,633.3 crore, up 15.6%
Ebitda at Rs 1,134.3 crore, up 11.7%
Margin at 20.13% vs 20.84%
Exceptional loss of Rs 185.5 crore in Q3
Revenue at Rs 305.3 crore, up 21.43%
Ebitda at Rs 85.7 crore, up 22.07%
Margin at 28.07% vs 27.92%
Net profit at Rs 81.9 crore, down 27.39%
Ashok Kumar Yadav's term extended for 2 years effective Feb 11
Tajinder Pal Singh appointed as CFO for 3 years effective Jan 22
Source: Exchange Filing
Gets US FDA Goa plant EIR, successful closure of inspection
Alert: EIR stands for Establishment Inspection Report
Source: Exchange Filing
Shares of South Indian Bank Ltd., jumped after the company announced its third quarter results.
Net profit at Rs 305.4 crore vs Rs 102.8 crore YoY
Gross NPA at 4.74% vs 4.96% QoQ
Net NPA at 1.61% vs 1.70% QoQ
NII at Rs 819 crore, down 1% YoY
The scrip rose as much as 12.5% to Rs 31.95 apiece, the highest level since January 2018. It pared gains to trade 7.92% higher at Rs 30.65 apiece, as of 2:23 p.m. This compares to a 0.6% decline in the NSE Nifty 50 Index.
It has risen 67.40% in the last twelve months. Total traded volume so far in the day stood at 6.9 times its 30-day average. The relative strength index was at 70.59, indicating that the stock may be overbought.
Out of five analysts tracking the company, three maintain a 'buy' rating and two recommend a 'hold' according to Bloomberg data.
Shares of South Indian Bank Ltd., jumped after the company announced its third quarter results.
Net profit at Rs 305.4 crore vs Rs 102.8 crore YoY
Gross NPA at 4.74% vs 4.96% QoQ
Net NPA at 1.61% vs 1.70% QoQ
NII at Rs 819 crore, down 1% YoY
The scrip rose as much as 12.5% to Rs 31.95 apiece, the highest level since January 2018. It pared gains to trade 7.92% higher at Rs 30.65 apiece, as of 2:23 p.m. This compares to a 0.6% decline in the NSE Nifty 50 Index.
It has risen 67.40% in the last twelve months. Total traded volume so far in the day stood at 6.9 times its 30-day average. The relative strength index was at 70.59, indicating that the stock may be overbought.
Out of five analysts tracking the company, three maintain a 'buy' rating and two recommend a 'hold' according to Bloomberg data.
20.4 lakh shares changed hands in a large trade
0.02% equity changed hands at Rs 69.1 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Consolidated net profit at Rs 86.9 crore, up 42.4%
Consolidated revenue at Rs 1,057.8 crore, up 36.05%
Consolidated Ebitda at Rs 224.63 crore vs Rs 173 crore, up 29.8%
Consolidated Ebitda margin at 21.23% vs 22.25%
Consolidated revenue at Rs 1,057.8 cr vs Bloomberg estimate of Rs 991.3 crore
Consolidated net profit at Rs 86.9 crore vs Bloomberg estimate of Rs 82.9 crore
Consolidated net profit at Rs 77.7 crore, up 19%
Consolidated revenue at Rs 784.2 crore, up 2.4%
Consolidated Ebitda at Rs 111.6 crore, 9.3%
Consolidated Ebit margin at 14.23%, up 88 bps
Consolidated net profit at Rs 77.7 crore vs Bloomberg estimate of Rs 70.9 crore
Consolidated revenue at Rs 784.3 crore vs Bloomberg estimate of Rs 782.6 crore
Sugarcane State Advised Price
Uttar Pradesh increases Sugarcane SAP prices
Sugarcane SAP Prices increased by Rs 20 per quintal
Sugarcane SAP increased from Rs 340 per quintal to Rs 360 per quintal
(Source: AISTA Chairman)
Intellect Design Arena Ltd. announced inaugurating cutting-edge Artificial Intelligence led innovation centre in GIFT CITY.
The facility will host over 120 highly skilled Fintech Engineers.
The centre will connect fintech research engineers with 8 global hub cities of New York, London, Frankfurt, Toronto, Singapore, Melbourne, Chennai, and Mumbai.
Source: Exchange Filing
Consolidated net loss of Rs 62.39 crore vs loss of Rs 99.15 crore
Consolidated revenue at Rs 582.88 crore, up 43.2%
Consolidated Ebitda loss of Rs 16.18 crore vs Ebitda loss of Rs 63.81 crore
Gets order at a consideration of Rs 522 crore from Karnataka State Transport undertakings.
Source: Exchange Filing
43.9 lakh shares changed hands in a large trade
0.5% equity changed hands at Rs 712.55 apiece
Buyers and sellers not known immediately
Source: Bloomberg
Project expected to generate GDV of Rs 760 crore; both cos to hold 50% stake in project
Source: Exchange Filing
Indian benchmark indices traded lower through midday on Thursday, weighed by losses in HDFC Bank Ltd., LTIMindtree Ltd., and NTPC Ltd.
As of 11:52 a.m., the S&P BSE Sensex fell 284.77 points, or 0.40%, down to 71,215.99, and the NSE Nifty 50 declined 94.95 points, or 0.44%, lower to 21,477.00. The Nifty hit an intraday low of 21,285.55, and the Sensex fell to 70,665.50 so far in the day.
"The global scenario remained subdued, exacerbated by US Treasury yields reaching a 5-week high, deepening investor pessimism. This led to a third consecutive day of market declines," said Shrey Jain, founder and chief executive officer at SAS Online.
"In the context of today's expiry, there was a significant selloff in recent sessions, and we anticipate that the market's weakness will persist unless the Nifty can sustain levels above 21,700. Strong support is expected around the 21,150 and 21,250 levels," Jain said.
Indian benchmark indices traded lower through midday on Thursday, weighed by losses in HDFC Bank Ltd., LTIMindtree Ltd., and NTPC Ltd.
As of 11:52 a.m., the S&P BSE Sensex fell 284.77 points, or 0.40%, down to 71,215.99, and the NSE Nifty 50 declined 94.95 points, or 0.44%, lower to 21,477.00. The Nifty hit an intraday low of 21,285.55, and the Sensex fell to 70,665.50 so far in the day.
"The global scenario remained subdued, exacerbated by US Treasury yields reaching a 5-week high, deepening investor pessimism. This led to a third consecutive day of market declines," said Shrey Jain, founder and chief executive officer at SAS Online.
"In the context of today's expiry, there was a significant selloff in recent sessions, and we anticipate that the market's weakness will persist unless the Nifty can sustain levels above 21,700. Strong support is expected around the 21,150 and 21,250 levels," Jain said.
Indian benchmark indices traded lower through midday on Thursday, weighed by losses in HDFC Bank Ltd., LTIMindtree Ltd., and NTPC Ltd.
As of 11:52 a.m., the S&P BSE Sensex fell 284.77 points, or 0.40%, down to 71,215.99, and the NSE Nifty 50 declined 94.95 points, or 0.44%, lower to 21,477.00. The Nifty hit an intraday low of 21,285.55, and the Sensex fell to 70,665.50 so far in the day.
"The global scenario remained subdued, exacerbated by US Treasury yields reaching a 5-week high, deepening investor pessimism. This led to a third consecutive day of market declines," said Shrey Jain, founder and chief executive officer at SAS Online.
"In the context of today's expiry, there was a significant selloff in recent sessions, and we anticipate that the market's weakness will persist unless the Nifty can sustain levels above 21,700. Strong support is expected around the 21,150 and 21,250 levels," Jain said.
Indian benchmark indices traded lower through midday on Thursday, weighed by losses in HDFC Bank Ltd., LTIMindtree Ltd., and NTPC Ltd.
As of 11:52 a.m., the S&P BSE Sensex fell 284.77 points, or 0.40%, down to 71,215.99, and the NSE Nifty 50 declined 94.95 points, or 0.44%, lower to 21,477.00. The Nifty hit an intraday low of 21,285.55, and the Sensex fell to 70,665.50 so far in the day.
"The global scenario remained subdued, exacerbated by US Treasury yields reaching a 5-week high, deepening investor pessimism. This led to a third consecutive day of market declines," said Shrey Jain, founder and chief executive officer at SAS Online.
"In the context of today's expiry, there was a significant selloff in recent sessions, and we anticipate that the market's weakness will persist unless the Nifty can sustain levels above 21,700. Strong support is expected around the 21,150 and 21,250 levels," Jain said.
"Looking ahead, we foresee Bank Nifty slipping to around 45,200 for the day, given the aggressive addition of short open interest," Jain said.
Indian benchmark indices traded lower through midday on Thursday, weighed by losses in HDFC Bank Ltd., LTIMindtree Ltd., and NTPC Ltd.
As of 11:52 a.m., the S&P BSE Sensex fell 284.77 points, or 0.40%, down to 71,215.99, and the NSE Nifty 50 declined 94.95 points, or 0.44%, lower to 21,477.00. The Nifty hit an intraday low of 21,285.55, and the Sensex fell to 70,665.50 so far in the day.
"The global scenario remained subdued, exacerbated by US Treasury yields reaching a 5-week high, deepening investor pessimism. This led to a third consecutive day of market declines," said Shrey Jain, founder and chief executive officer at SAS Online.
"In the context of today's expiry, there was a significant selloff in recent sessions, and we anticipate that the market's weakness will persist unless the Nifty can sustain levels above 21,700. Strong support is expected around the 21,150 and 21,250 levels," Jain said.
Indian benchmark indices traded lower through midday on Thursday, weighed by losses in HDFC Bank Ltd., LTIMindtree Ltd., and NTPC Ltd.
As of 11:52 a.m., the S&P BSE Sensex fell 284.77 points, or 0.40%, down to 71,215.99, and the NSE Nifty 50 declined 94.95 points, or 0.44%, lower to 21,477.00. The Nifty hit an intraday low of 21,285.55, and the Sensex fell to 70,665.50 so far in the day.
"The global scenario remained subdued, exacerbated by US Treasury yields reaching a 5-week high, deepening investor pessimism. This led to a third consecutive day of market declines," said Shrey Jain, founder and chief executive officer at SAS Online.
"In the context of today's expiry, there was a significant selloff in recent sessions, and we anticipate that the market's weakness will persist unless the Nifty can sustain levels above 21,700. Strong support is expected around the 21,150 and 21,250 levels," Jain said.
Indian benchmark indices traded lower through midday on Thursday, weighed by losses in HDFC Bank Ltd., LTIMindtree Ltd., and NTPC Ltd.
As of 11:52 a.m., the S&P BSE Sensex fell 284.77 points, or 0.40%, down to 71,215.99, and the NSE Nifty 50 declined 94.95 points, or 0.44%, lower to 21,477.00. The Nifty hit an intraday low of 21,285.55, and the Sensex fell to 70,665.50 so far in the day.
"The global scenario remained subdued, exacerbated by US Treasury yields reaching a 5-week high, deepening investor pessimism. This led to a third consecutive day of market declines," said Shrey Jain, founder and chief executive officer at SAS Online.
"In the context of today's expiry, there was a significant selloff in recent sessions, and we anticipate that the market's weakness will persist unless the Nifty can sustain levels above 21,700. Strong support is expected around the 21,150 and 21,250 levels," Jain said.
Indian benchmark indices traded lower through midday on Thursday, weighed by losses in HDFC Bank Ltd., LTIMindtree Ltd., and NTPC Ltd.
As of 11:52 a.m., the S&P BSE Sensex fell 284.77 points, or 0.40%, down to 71,215.99, and the NSE Nifty 50 declined 94.95 points, or 0.44%, lower to 21,477.00. The Nifty hit an intraday low of 21,285.55, and the Sensex fell to 70,665.50 so far in the day.
"The global scenario remained subdued, exacerbated by US Treasury yields reaching a 5-week high, deepening investor pessimism. This led to a third consecutive day of market declines," said Shrey Jain, founder and chief executive officer at SAS Online.
"In the context of today's expiry, there was a significant selloff in recent sessions, and we anticipate that the market's weakness will persist unless the Nifty can sustain levels above 21,700. Strong support is expected around the 21,150 and 21,250 levels," Jain said.
"Looking ahead, we foresee Bank Nifty slipping to around 45,200 for the day, given the aggressive addition of short open interest," Jain said.
HDFC Bank Ltd, LTIMindtree Ltd, NTPC Ltd, Asian Paints Ltd, and Titan Co exerted pressure on the Nifty 50.
Axis Bank Ltd, ICICI Bank Ltd, Larsen & Toubro Ltd, Sun Pharmaceutical Ltd, and State Bank of India Ltd were contributing positively to the index.
On NSE, seven out of the 12 sectors declined, while five advances. Nifty IT fell 1.15% to become the top loser, while the Nifty Media rose 1.25% to become the top gainer.
Broader markets also declined in line with benchmark indices. The S&P BSE Smallcap Index declined 0.17%, whereas S&P BSE Midcap Index was 0.33% lower.
On BSE, 14 out of 20 sectors were trading in negative, while six traded in positive territory. The S&P BSE Power sector declined the most among sectoral indices to become the worst performer.
Market breadth was skewed in favour of sellers. Around 2,102 stocks declined, 1,522 shares rose, and 148 remained unchanged on BSE.
The scrip rose as much as 7.38% to Rs 264 apiece, the highest level since 10 January. It pared gains to trade 4.6% higher at Rs 257.25apiece, as of 12: 09 p.m. This compares to a 0.3% decline in the NSE Nifty 50 Index.
It has risen 11.93% in the last twelve months. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 46.64.
Out of 23 analysts tracking the company, 17 maintain a 'buy' rating, four recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside/upside of 25.5%.
The scrip rose as much as 7.38% to Rs 264 apiece, the highest level since 10 January. It pared gains to trade 4.6% higher at Rs 257.25apiece, as of 12: 09 p.m. This compares to a 0.3% decline in the NSE Nifty 50 Index.
It has risen 11.93% in the last twelve months. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 46.64.
Out of 23 analysts tracking the company, 17 maintain a 'buy' rating, four recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside/upside of 25.5%.
Q3 earnings beat on better GMs.
Decoratives volume growth of 12% YoY was in-line with expectations; Revenue tad below estimates.
Outlook remains steady - double digit volume growth and deflationary RM trends to sustain
Dynamics with Grasim's entry a key watchout
Reiterate Neutral, new TP of Rs 3,590.
Maintains "Neutral" at Rs 1,195 target
Decent revenue/cost synergies to flow from latest acquisitions
Deals not earning accretive till FY27 given valuation
Medium term upside already priced in
Execution is key, focus to be on driving growth
Distribution to be big driver for acquired companies
Maintained buy with target price of Rs 1,000
Tata Motors is top pick in four wheelers
Launches punch EV on new EV platform; expands right priced EV portfolio
Expects new launches to widen EV portfolio
Stands out on model cycle in FY25 with 6 launches
Capacity ramp up now in place with Ford plant upgraded which will add 300k capacity
PLI incentive and battery prices coming off help improve profitability
Oracle Financial Services Software Ltd jumped over 19% and touched a record high after the company posted 77.5% sequential growth in its net profit.
Oracle Financial Services Software Ltd jumped over 19% and touched a record high after the company posted 77.5% sequential growth in its net profit.
Oracle Financial Services Ltd rose as much as 19.89% to Rs 6,098.00 apiece, the highest level since its listing on Jun 28, 2002. It was trading 18.89% higher at Rs 6,046.95 apiece, as of 11:05 a.m. This compares to a 0.54% decline in the NSE Nifty 50 Index.
It has risen 94.11% in 12 months. Total traded volume so far in the day stood at 27 times its 30-day average. The relative strength index was at 84.324, which implied the stock is overbought.
One analyst tracking the company maintains a 'Buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.7%.
Birla Corporation at 13.59 times its 30 day average
Oracle Finserv at 8.33 times its 30 day average
Icici Prudential at 5.72 times its 30 day average
Mishra Dhatu Nigam at 4.12 times its 30 day average
LTIMindtree at 3.92 times its 30 day average
Ganesh Housing Corporation Ltd at 3.55 times its 30 day average
Co to raise Rs 200 Crore via QIP in one or more tranches.
Source: Exchange Filing
BIEL to acquire 10% stake in step-down arm; can also acquire additional 39% stake
Step-down arm to get technical assistance from BIEL
Source: Exchange Filing
Shares of Aarti Industries Ltd jumped nearly 9% on Thursday after the company told the exchanges it has secured a supply-deal with multinational conglomerate.
The stock rose as much as 8.65% to Rs 633.50 apiece, the highest level since Jan 5. It pared gains to trade 5.31% higher at Rs 614.00 apiece, as of 10:11 a.m. This compares to a 0.74% decline in the NSE Nifty 50 Index.
It has risen 5.55% in 12 months. Total traded volume so far in the day stood at 8.4 times its 30-day average. The relative strength index was at 53.25.
Out of 23 analysts tracking the company, seven maintain a 'buy' rating, six recommend a 'hold,' and 11 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.1%.
Shares of Aarti Industries Ltd jumped nearly 9% on Thursday after the company told the exchanges it has secured a supply-deal with multinational conglomerate.
The stock rose as much as 8.65% to Rs 633.50 apiece, the highest level since Jan 5. It pared gains to trade 5.31% higher at Rs 614.00 apiece, as of 10:11 a.m. This compares to a 0.74% decline in the NSE Nifty 50 Index.
It has risen 5.55% in 12 months. Total traded volume so far in the day stood at 8.4 times its 30-day average. The relative strength index was at 53.25.
Out of 23 analysts tracking the company, seven maintain a 'buy' rating, six recommend a 'hold,' and 11 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 10.1%.
18.1 lakh shares changed hands in a large trade
0.02% equity changed hands at Rs 123.5 apiece
Buyers and sellers not known immediately
Source: Bloomberg
The scrip fell as much as 13.77% to Rs 5,411.75 apiece, the lowest level since Nov 28, 2023. It pared losses trade 11.35% lower at Rs 5,563.50 apiece, as of 09:43 a.m. This compares to a 0.86% decline in the NSE Nifty 50 Index.
It has risen 30.56% on a year-to-date basis. Total traded volume so far in the day stood at 22 times its 30-day average. The relative strength index was at 39.05.
Out of 46 analysts tracking the company, 15 maintain a 'buy' rating, 11 recommend a 'hold,' and 16 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.5%.
The scrip fell as much as 13.77% to Rs 5,411.75 apiece, the lowest level since Nov 28, 2023. It pared losses trade 11.35% lower at Rs 5,563.50 apiece, as of 09:43 a.m. This compares to a 0.86% decline in the NSE Nifty 50 Index.
It has risen 30.56% on a year-to-date basis. Total traded volume so far in the day stood at 22 times its 30-day average. The relative strength index was at 39.05.
Out of 46 analysts tracking the company, 15 maintain a 'buy' rating, 11 recommend a 'hold,' and 16 suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.5%.
The scrip rose as much as 1.62% to Rs 818.60 apiece, its highest level. It pared gains to trade 0.5% higher at Rs 809.65 apiece, as of 09:43 a.m. This compares to a 0.9% decline in the NSE Nifty 50 Index.
It has risen 98.25% in the last twelve months. The relative strength index was at 68.
Out of 34 analysts tracking the company, 28 maintain a 'buy' rating, two recommend a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.3%.
The scrip rose as much as 1.62% to Rs 818.60 apiece, its highest level. It pared gains to trade 0.5% higher at Rs 809.65 apiece, as of 09:43 a.m. This compares to a 0.9% decline in the NSE Nifty 50 Index.
It has risen 98.25% in the last twelve months. The relative strength index was at 68.
Out of 34 analysts tracking the company, 28 maintain a 'buy' rating, two recommend a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.3%.
ICICI Prudential Life Insurance stock hit an lower circuit of 10% to Rs 463.45 apiece on the NSE. It was trading 8.19% lower at Rs 472.75 apiece, compared to a 0.55% decline in the benchmark Nifty 50 at 9:22 a.m.
The share price has fallen 4.90% in the last 12-months. The total traded volume so far in the day stood at 248 times its 30-day average. The relative strength index was at 18.66.
Of the 33 analysts tracking the company, 25 maintain a 'buy', six recommend a 'hold,' and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a upside of 33.5%
ICICI Prudential Life Insurance stock hit an lower circuit of 10% to Rs 463.45 apiece on the NSE. It was trading 8.19% lower at Rs 472.75 apiece, compared to a 0.55% decline in the benchmark Nifty 50 at 9:22 a.m.
The share price has fallen 4.90% in the last 12-months. The total traded volume so far in the day stood at 248 times its 30-day average. The relative strength index was at 18.66.
Of the 33 analysts tracking the company, 25 maintain a 'buy', six recommend a 'hold,' and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a upside of 33.5%
15.3 lakh shares or 0.02% equity changed hands in a large trade
Buyers and sellers not known immediately
Source: Bloomberg
32.65 lakh shares or 0.04% equity changed hands in multiple large trades
Buyers and sellers not known immediately
Source: Bloomberg
Indian benchmarks extended their losses in the third consecutive session today as shares of financial services and IT companies weighed on them.
At pre-open, the S&P BSE Sensex Index was down 481.90 points or 0.67% at 71,018.86 while the NSE Nifty 50 was down 157.75 points or 0.73% lower at 21,414.20.
Indian benchmarks extended their losses in the third consecutive session today as shares of financial services and IT companies weighed on them.
At pre-open, the S&P BSE Sensex Index was down 481.90 points or 0.67% at 71,018.86 while the NSE Nifty 50 was down 157.75 points or 0.73% lower at 21,414.20.
Indian benchmarks extended their losses in the third consecutive session today as shares of financial services and IT companies weighed on them.
At pre-open, the S&P BSE Sensex Index was down 481.90 points or 0.67% at 71,018.86 while the NSE Nifty 50 was down 157.75 points or 0.73% lower at 21,414.20.
Indian benchmarks extended their losses in the third consecutive session today as shares of financial services and IT companies weighed on them.
At pre-open, the S&P BSE Sensex Index was down 481.90 points or 0.67% at 71,018.86 while the NSE Nifty 50 was down 157.75 points or 0.73% lower at 21,414.20.
Indian benchmarks extended their losses in the third consecutive session today as shares of financial services and IT companies weighed on them.
At pre-open, the S&P BSE Sensex Index was down 481.90 points or 0.67% at 71,018.86 while the NSE Nifty 50 was down 157.75 points or 0.73% lower at 21,414.20.
Indian benchmarks extended their losses in the third consecutive session today as shares of financial services and IT companies weighed on them.
At pre-open, the S&P BSE Sensex Index was down 481.90 points or 0.67% at 71,018.86 while the NSE Nifty 50 was down 157.75 points or 0.73% lower at 21,414.20.
Indian benchmarks extended their losses in the third consecutive session today as shares of financial services and IT companies weighed on them.
At pre-open, the S&P BSE Sensex Index was down 481.90 points or 0.67% at 71,018.86 while the NSE Nifty 50 was down 157.75 points or 0.73% lower at 21,414.20.
Indian benchmarks extended their losses in the third consecutive session today as shares of financial services and IT companies weighed on them.
At pre-open, the S&P BSE Sensex Index was down 481.90 points or 0.67% at 71,018.86 while the NSE Nifty 50 was down 157.75 points or 0.73% lower at 21,414.20.
Shares of HDFC Bank Ltd. , LTIMindtree Ltd., Power Grid Corp of India Ltd., ICICI Bank Ltd., and Asian Paints Ltd. led the losses.
Meanwhile, those of Reliance Industries Ltd., Larsen & Toubro Ltd., Tata Consultancy Services Ltd., Adani Ports and Special Economic Zone Ltd., and Tata Motors Ltd., cushioned the losses.
"Technical analysis suggests Nifty's support at 21407 and hurdles at 21807, while options data indicate a potential 21100-22000 trading range, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
He pointed out six negative catalysts, including banking stock caution and global uncertainties that will weigh on market sentiment.
Nifty Oil & Gas, Nifty PSU Bank, Nifty Media, and Nifty Auto are the only sectoral indices that fell. Nifty Financial Services lost the most.
The broader markets were mixed. BSE MidCap fell 0.8%, while the BSE SmallCap was flat. Only S&P BSE Telecommunication rose out of the 20 sectors compiled by the BSE.
The market breadth was skewed in the favour of sellers. As many as 1,419 stocks advanced, 1,508 declined and 88 remained unchanged on the BSE.
18 lakh shares or 0.02% equity changed hands in a pre-market large trade
Buyers and sellers not known immediately
Source: Bloomberg
At pre-open, the S&P BSE Sensex Index was down 481.90 points or 0.67% at 71,018.86 while the NSE Nifty 50 was down 157.75 points or 0.73% lower at 21,414.20.
Gets contract worth over Rs 6,000 crore with multinational conglomerate
Source: Exchange Filing
The yield on the 10-year bond opened flat at 7.17% on Thursday.
Source: Bloomberg
The local currency weakened 3 paise to open at 83.17 against the U.S dollar on Thursday.
It closed at 83.14 on Wednesday.
Source: Bloomberg
Did not guide investors
Should have tempered investor expectations
Should have given right guidance to the market
Focus should have been away from NIMs
Time for the management to address issue
Talk to investors and clarify
Focus should be on RoE, not NIMs
Source: People in the know to NDTV Profit
Gets orders worth Rs 3,000 crore in Saudi Arabia
Source: Exchange Filing
Maintains "Buy" at Rs 3340 target
Revenue sluggish on price reductions, unfavorable mix
Estimate 21.5% margin for Fy25/26
Capex expected to reach Rs 2000 crore by FY24 end
Industry to see market share and cost shift on new player entries
Remain cautious as paints segments haven't enjoyed higher multiples in the past
Maintains "Buy" at Rs 1,350 target
Increamental TAM to increase to Rs 1 lakh crore with new acquisitions
Latest acquisitions have massive potential for synergies
Capital Foods, Organic India to contribute 9% to FY25 PAT
Expects 2% EPS dilution for FY25 assuming Rs 3500 crore rights issue
Expect revenue/ebitda/pat CAHR of 13%/18%/25% over FY23-26
Rate buy with price target of Rs 670
Q3 margin fell 11% YoY (Citi/consensus: 490/570 bps YoY fall)
Margin fell on higher ULIPs, higher par over non-par in non-linked savings
Bancassurance-led individual APE +2% YoY
Growth in non-ICICI Bank channels was weak at -5 to +5% YoY
Concerned on growth/cost trajectory due to slow growth in non-ICICI Bank channels
Maintain buy rating on benign valuation
Nomura
Maintain neutral with price target of Rs 1,625
Deposit growth lag loan growth, which is concerning
Deposits a significant constraint for growth going ahead
Cut deposit growth outlook to 17% CAGR over FY24-26 (vs 20% earlier)
Reduce loan growth forecast to 15% vs 17% earlier
Cut NIM estimates by ~15bp across FY25-26
Lower FY25-26 PAT est. by ~6%, RoA cut 10bp to 1.7%
Levers for NIM expansion appear limited; deposits a constraint for growth
Need deposit growth to significantly outpace loan growth for NIMs to pickup
Bernstein
Maintain outperform with price target of Rs 2,200
NIM remained unchanged QoQ despite no ICRR requirements, decline in excess liquidity
Unclear if NIM surprise was on rise in cost of funds or expensive liability sources
Peers' results should provide hints on the likely cause for NIM surprise
Continued weak deposit growth could limit loan growth and/or impact margins
FY25, FY26 earnings growth may decline if weak deposit growth continues
Confident of the bank's ability to see improvement in operating metrics
Q3 results increase uncertainty on time needed for improvement
CITI Research
Lowers FY24-26E estimates by 0-2%. New target price: Rs 5,300, 'Sell' rating
Management sounded cautious on demand; margin target of 17-18% pushed out.
Valuations expensive at 33x one-year forward with ~3% YoY cc revenue growth in 3Q
BFSI, Hi-tech, Retail/CPG declined QoQ, growth led by manufacturing and resources.
200 bps negative impact on margins due to furloughs, seasonality & higher pass through
Q4 will also see pass through revenues, some furlough impact in 4Q as well
Market may be overestimating the slope of the recovery of Indian IT sector. Valuations are expensive in that context.
Motilal Oswal
Maintains "Neutral" at Rs 6600 target
Q3 growth affected by continued slowdown in discretionary spending
Deals wins strong at $1.5 billion, up 15% QoQ
17% Ebit margin target by Q4FY25 to be delayed by few quarters
Expect sub-10% YoY growth rate in Fy25
Lowers FY24-26 estimates by 1-9% after revenue, net profit cuts
Expect 9.7% CAGR in USD revenue over FY23-26
Nirmal Bang
Reiterates ‘Sell’ with lower TP of Rs 4,035
EPS estimates cut for FY24-26
Guidance for Q4 FY24 weaker than expected
Indicated H2 to be better than H1, only to not deliver
Demand commentary more cautious than peers
Target of $10 bn revenue in 4-5 years needs to be reset
Long-term EBIT margin of 19-20% also in question now
Margin recovery from impact of furloughs to take time
U.S. Dollar Index at 103.25
U.S. 10-year bond yield at 4.09%
Brent crude up 0.24% at $78.07 per barrel
Nymex crude up 0.34% at $72.81 per barrel
GIFT Nifty down 45.5 points or 0.20% at 21,404 as of 7:40 a.m.
Bitcoin was down 0.29% at $42,515.25
U.S. Dollar Index at 103.25
U.S. 10-year bond yield at 4.09%
Brent crude up 0.24% at $78.07 per barrel
Nymex crude up 0.34% at $72.81 per barrel
GIFT Nifty down 45.5 points or 0.20% at 21,404 as of 7:40 a.m.
Bitcoin was down 0.29% at $42,515.25
Nifty January futures down by 2.01% to 21,589.55 at a premium of 17.6 points.
Nifty January futures open interest down by 8.55%.
Nifty Bank January futures down by 4.2% to 46,159.25 at a premium of 94.8 points.
Nifty Bank January futures open interest up by 19.75%.
Nifty Options Jan 18 Expiry: Maximum Call open interest at 21,800 and Maximum Put open interest at 21,0000.
Bank Nifty Options Jan 25 Expiry: Maximum Call Open Interest at 49,000 and Maximum Put open interest at 36,500.
Securities in the ban period: Aditya Birla Fashion and Retail, Ashok Leyland, Bandhan Bank, Chambal Fertilizers, Delta Corp, Hindustan Copper, Indian Energy Exchange, Metropolis Healthcare, National Aluminium, Polycab India, PVRINOX, SAIL, Zee Entertainment.
Nifty January futures down by 2.01% to 21,589.55 at a premium of 17.6 points.
Nifty January futures open interest down by 8.55%.
Nifty Bank January futures down by 4.2% to 46,159.25 at a premium of 94.8 points.
Nifty Bank January futures open interest up by 19.75%.
Nifty Options Jan 18 Expiry: Maximum Call open interest at 21,800 and Maximum Put open interest at 21,0000.
Bank Nifty Options Jan 25 Expiry: Maximum Call Open Interest at 49,000 and Maximum Put open interest at 36,500.
Securities in the ban period: Aditya Birla Fashion and Retail, Ashok Leyland, Bandhan Bank, Chambal Fertilizers, Delta Corp, Hindustan Copper, Indian Energy Exchange, Metropolis Healthcare, National Aluminium, Polycab India, PVRINOX, SAIL, Zee Entertainment.
Jindal Saw: Cresta Fund sold 18 lakh shares (0.56%), while Nippon India Mutual Fund - Small Cap Fund bought 10 lakh shares (0.31%), BNP Paribas Arbitrage bought 3.99 lakh shares (0.12%), Societe Generale bought 1.99 lakh shares (0.06%) at Rs 519 apiece.
Pricol: Minda Corp. sold 1.83 lakh shares (15.07%) for Rs 343.5 apiece. TNTBC as The Trustee of Nomura India Stock Mother Fund bought 30.97 lakh shares (2.54%), Fidelity Funds India Focus Fund bought 30.7 lakh shares (2.51%), Aditya Birla Sun Life Insurance bought 30.3 lakh shares (2.48%), ICICI Prudential Mutual Fund bought 17.5 lakh shares (1.43%), Tata Mutual Fund bought 17.49 lakh shares (1.43%), Goldman Sachs India bought 14.9 lakh shares (1.22%), and among others at Rs 343.5 apiece.
Tourism Finance Corp: Alpana Mundra sold 7.6 lakh shares (0.85%) at Rs 169.32 apiece and Vivek Mundra sold 9.3 lakh shares (1.03%) at Rs 172 apiece.
Hi-Tech Pipes: Ajay Kumar and Sons sold 11.13 lakh shares (0.85%) and Parveen Bansal sold 9 lakh shares (0.68%) at Rs 140.09 apiece.
Medi Assist Healthcare: The public issue was subscribed 16.25 times on day 3. The bids were led by institutional investors (40.14 times), non-institutional investors (14.85 times), and retail investors (3.19 times).
NHPC: The government will sell up to a 3.5% stake via an offer for sale on Jan. 18 and 19. The floor price of the offer for sale is set at Rs 66 per share, indicating a discount of 9.6% to the current market price.
Adani Enterprises: The company has signed a Memorandum of Understanding with the Maharashtra government to set up a 1-gigawatt hyperscale data centre at an investment of Rs 50,000 crore over the next 10 years.
Shriram Finance: The company raised $750 million through social bonds from international bond markets.
Nazara Tech: The company plans to raise up to Rs 250 crore via a preferential issue of shares at Rs 872.15 apiece. The company acquired a 10.77% stake in social influencer platform Kofluence Tech Pvt. for Rs 32.41 crore.
Indiabulls Housing Finance: The company approved raising up to Rs 5,000 crore via an equity issue.
Natco Pharma: The company invested $2 million in the Delhi-based biotech startup Cellogen Therapeutics.
Zaggle Prepaid Ocean Services: The company signed a contract worth Rs 200 crore with Torrent Gas for implementing a close-loop fleet programme.
Sundaram Finance: The company has exposure to alternate investment funds of Rs 270.28 crore as of Jan. 18.
RailTel Corp: The company received an order worth Rs 82.41 crore from South Central Railway in the Secunderabad Division.
Balaji Amines: The company received BIS certification for the product Morpholine from the Bureau of Indian Standards.
Intellect Design Arena: The company received approval to set up its branch office at GIFT City.
Manali Petrochemicals: The company has resumed operations at its Manali Plant.
OnMobile Technologies: The company has appointed Sreejith Chandrasekharan as Chief Technology Officer.
ZF Commercial Vehicle Control Systems India: RS Rajagopal Sastry has resigned from the position of CFO.
Avenue Supermarts: The company has opened two new stores in Tirupur (Tamil Nadu) and Sehore (Madhya Pradesh). The total number of stores as of today stands at 344.
Uniparts India: The company has been awarded an order of $1.2 million from Doosan Bobcat North America for the supply of construction equipment parts. The award is subject to the execution of the purchase order.
Keystone Realtors: The company will acquire 50% of the Ajmera Realty unit, Ajmera Luxe Realty, for Rs 50,000.
360 ONE WAM, Accelya Solutions India, Finolex Industries, Home First Finance, IndiaMART InterMESH, IndusInd Bank, Innova Captab, Jindal Stainless, Mastek, Metro Brands, Polycab India, Poonawalla Fincorp, Ramkrishna Forgings, Shoppers Stop, South Indian Bank, Supreme Petrochem, Sterling and Wilson Renewable Energy, and Tata Communications.
IIFL Finance Q3 FY24 (Consolidated, YoY)
Revenue at Rs 2,647.48 crore vs Rs 2,120.86 crore, up 24.83%.
Net profit at Rs 545.19 crore vs Rs 423.21 crore, up 28.82%.
Gross NPA: 1.71% vs 1.84% (QoQ).
Net NPA: 0.87% vs 1.02% (QoQ).
Announced an interim dividend of Rs 4 per equity share on record date of Jan. 25.
LTIMindtree Q3 FY24 (Consolidated, QoQ)
Revenue at Rs 9,016.6 crore vs Rs 8,905.4 crore, up 1.24% (Bloomberg estimate Rs 9,076.7 crore).
EBIT at Rs 1,385.9 crore vs Rs 1,423.1 crore, down 2.62% (Bloomberg estimate: Rs 1,458 crore).
Margin at 15.37% vs 15.98% (Bloomberg estimate: 15.9%).
Net profit up 0.6% at Rs 1,169.3 crore vs Rs 1,162.3 crore (Bloomberg estimate: Rs 1,191.3 crore)
Happiest Minds Q3 FY24 (Consolidated, QoQ)
Revenue at Rs 409.9 crore vs Rs 406.6 crore, up 0.8% (Bloomberg estimate: Rs 410.7 crore).
EBIT at Rs 66.1 crore vs Rs 68.1 crore, down 2.9% (Bloomberg estimate: Rs 69 crore).
Margin at 16.12% vs 16.74% (Bloomberg estimate: 16.8%).
Net profit at Rs 59.6 crore vs Rs 58.5 crore, up 1.9% (Bloomberg estimate: Rs 59.5 crore).
Alok Industries Q3 FY24 (Consolidated, YoY)
Revenue at Rs 1,253.03 crore vs Rs 1,717.6 crore, down 27.05%.
Ebitda loss at Rs 5.5 crore vs loss of Rs 42.4 crore.
Net loss at Rs 229.92 crore vs loss of Rs 249.83 crore.
ICICI Prudential Life Insurance Q3 FY24 (Consolidated, YoY)
Net premium income at Rs 9,928.8 crore vs Rs 9,464.5 crore, up 4.9%.
Net profit at Rs 226.92 crore vs Rs 221.56 crore, up 2.4%.
VNB at Rs 436 crore vs Rs 618 crore, down 29.4%.
VNB margin at 22.8% vs 33.9% YoY.
AUM at Rs 2.8 lakh crore vs Rs 2.5 lakh crore, up 12%.
Oracle Financial Services Software Q3 FY24 (Consolidated, QoQ)
Revenue at Rs 1,823.6 crore vs Rs 1,444.5 crore, up 26.2%.
EBIT at Rs 849.6 crore vs Rs 539.1 crore, up 57.6%.
Margin at 46.58% vs 37.32%, up 926 bps.
Net profit at Rs 740.8 crore vs Rs 417.4 crore, up 77.5%.
Asian markets were mixed in the early trade. Indices in Australia traded lower ahead of the unemployment number, scheduled for release later today. While those of Japan and South Korea edged higher.
Investors pulled back their rate-cut expectation from the U.S. Federal Reserve after the world's largest economy reported a better-than-expected retail sales number for December, which weighed on risk appetite.
The CME FedWatch tool showed that about 57% of traders of Fed fund futures are expecting the first rate cut in March 2024, compared to 63.1% of traders on Wednesday.
Retail sales in the U.S. increased 0.6% in December 2023, up from the 0.3% increase recorded in November. The numbers are higher than the 0.4% estimated by economists.
U.S. stocks joined losses in risk assets as bond yields climbed on bets. The Federal Reserve will be in no rush to cut rates as the economy shows signs of strength, according to Bloomberg.
Brent crude was trading up 0.24% at $78.07 per barrel. Gold rose by 0.28% to $2,011.82 an ounce.
The January futures contract of the GIFT Nifty traded 45.5 points or 0.20% lower at 21,404 as of 7:40 a.m.
India’s benchmark stock indices hit their biggest intraday fall in over a year on Wednesday due to panic selling in the shares of index heavyweight HDFC Bank Ltd.
The NSE Nifty 50 closed 460 points, or 2.09%, down at 21,571.95, while the S&P BSE Sensex fell 1,628 points, or 2.23%, to end at 71,500.76.
Foreign portfolio investors recorded their highest-ever single-day selloff on Wednesday as they turned net sellers of Indian equities after two days.
FPIs offloaded equities worth Rs 10,578.1 crore, according to provisional data from the National Stock Exchange. The previous highest-ever single-day selloff was Rs 9,691 crore on Nov. 3, 2017.
Domestic institutional investors stayed net buyers and mopped up equities worth Rs 4,006.4 crore, the NSE data showed.
The Indian rupee weakened 6 paise to close at Rs 83.14 against the U.S. dollar on Wednesday.
The January futures contract of the GIFT Nifty traded 45.5 points or 0.20% lower at 21,404 as of 7:40 a.m.
India’s benchmark stock indices hit their biggest intraday fall in over a year on Wednesday due to panic selling in the shares of index heavyweight HDFC Bank Ltd.
The NSE Nifty 50 closed 460 points, or 2.09%, down at 21,571.95, while the S&P BSE Sensex fell 1,628 points, or 2.23%, to end at 71,500.76.
Foreign portfolio investors recorded their highest-ever single-day selloff on Wednesday as they turned net sellers of Indian equities after two days.
FPIs offloaded equities worth Rs 10,578.1 crore, according to provisional data from the National Stock Exchange. The previous highest-ever single-day selloff was Rs 9,691 crore on Nov. 3, 2017.
Domestic institutional investors stayed net buyers and mopped up equities worth Rs 4,006.4 crore, the NSE data showed.
The Indian rupee weakened 6 paise to close at Rs 83.14 against the U.S. dollar on Wednesday.
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