Stock Market Today: Sensex, Nifty Extend Decline To Day 3 After Choppy Session
The NSE Nifty was 31.00 points or 0.14% higher at 22,963.45, and the S&P BSE Sensex was 100.87 points or 0.13% up at 75,491.37.
KEY HIGHLIGHTS
Rupee Weakens Against U.S. Dollar
The local currency weakened by 4 paise to close at 83.18 against the U.S dollar.
It closed at 83.14 on Monday.
Source: Bloomberg
Sensex, Nifty Extend Decline To Day 3 After Choppy Session: Market Wrap
India's benchmark indices ended lower for third day in a row tracking losses in shares of heavyweight Reliance Industries Ltd., and Bharti Airtel Ltd.
The NSE Nifty 50 settled 64.10 points or 0.28% lower at 22,868.35, and the S&P BSE Sensex ended 220.05 points or 0.29% down at 75,170.45.
Intraday, the NSE Nifty 50 index rose 0.29% to 22,998.55, and the S&P BSE Sensex rose 0.26% to 75,585.40.
The NSE Nifty 50index commenced the week on a jittery note, with sharp movement in the India VIX within the opening minutes on Monday. As the price action settled after the opening hour, it scaled to new life highs of 23,110, said Avdhut Bagkar technical and derivatives analyst from StoxBox.
The index is anticipated to continue to attract further bullish strength by decisively breaking out of the channel, he added.
The Asian market was narrowly mixed this morning as investors awaited a band of global inflation prints for direction. Indian market was seen opening a little changed on Tuesday as investors eagerly await the 2024 Lok Sabha election results, Bagkar said.
"A rangebound activity comes to an end on a negative note at 22,888.15 with a loss of 44.30 points. Pharma was the top performer among the sectors followed by Media while Realty and PSU banking corrected over 1%. Index up-move was mainly restricted by Broader markets as Mid and Smallcap segments witnessed a sharp profit booking correction. On the daily time frame, the Index has formed another bearish candle and with this, we hold our view of retesting a strong support of 22,780 while a level of 23,110 will be considered as immediate resistance," said Aditya Gaggar director, Progressive Shares.
Reliance Industries Ltd., Bharti Airtel Ltd., Infosys Ltd., ICICI Bank Ltd., NTPC Ltd. dragged the benchmark.
Asian Paints Ltd., SBI Life Insurance Co., Divi's Laboratories Ltd., Grasim Industries Ltd., HDFC Life Insurance Co. limited losses in the index.
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On NSE, eight sectors declined out of 12, one remained flat, and three advanced. The NSE Nifty Realty was the top loser sector, and the NSE Nifty Pharma was top gainer.
Broader markets underperformed. The S&P BSE Midcap ended 0.63% lower and the S&P BSE Smallcap ended 1.09% lower.
Except S&P BSE Healthcare, all sectoral indices on the BSE ended lower. S&P BSE Realty fell the most.
Market breadth was skewed in the favour of sellers. Around 2,501 stocks declined, 1,320 rose and 124 remained unchanged on the BSE.
Imagicaa World Board Approves Raising Up To Rs 600 Crore
Imagicaa World's board approved raising up to Rs 600 crore via QIP
Source: Exchange Filing
3M India Q4 Earnings Highlights (Consolidated, YoY)
Revenue up 4.6% at Rs 1,095 crore from Rs 1,046 crore
Net profit up 27.4% at Rs 173 crore from Rs 136 crore
Ebitda rose 10.3% to Rs 214 crore from Rs 194 crore
Margin rose 100 basis points to 19.6% from 18.6%
Board recommends final dividend of Rs 160 per share and special dividend of Rs 525 per share
RITES Q4 Earnings Highlights (Consolidated, YoY)
Revenue down at Rs 643 crore from Rs 687 crore
Ebitda down 8.1% at Rs 176 crore from Rs 192 crore
Margin fell 50 basis to 27.4% from 27.9%
Net profit down 1.6% to Rs 137 crore from Rs 139 crore
