Stock Market At Close: Sensex, Nifty End in The Green Amid Volatility; Zee Tumbles

The Indian stock market ended flat amid volatility on January 9, 2024. At the close, Sensex added 31 points at the 71386 mark while Nifty gained 31 points and ended the session at the 21544 level. Around 1459 shares advanced and 1,085 declined while 111 remained unchanged.

Also read: Godrej Consumer Products Share Price Declines 5% After Disappointing Q3 Forecast

Among the sectors, except bank and FMCG, all other indices ended in the green in a volatile stock market. Auto, healthcare, capital goods, metal, power, and realty gained 0.5-2.5 percent each.

Top Nifty50 Gainers

Top Nifty50 Losers

Asian markets end up mixed

Stock market held their gains on Tuesday after a tech-led rally on Wall Street the day before and lower oil prices had boosted global stocks, while US benchmark treasury yields rose. Nikkei jumped 1.14 percent and closed at the 33763 mark. Kospi on the other hand shed 0.26 percent while Hang Seng slipped 0.21 percent, according to a Reuters report.

European markets trade weak

European equities slipped on January 9, 2024, weighed by the losses in technology and financial stocks, with investors anticipating more economic data to assess the European Central Bank’s monetary policy for the year. The pan-European STOXX 600 lost 0.2 percent.

FTSE was trading at the 7,695 mark while CAC shed 0.18 percent at 7,436 while German DAX shed 0.19 percent at the 16,684 level.

Stocks in the news:

Zee Entertainment: down 7.98%

Zee Entertainment‘s share price took an intraday tumble on January 9, 2024. It comes after reports suggesting Sony’s potential withdrawal from a USD 10 billion deal with Zee. As reported by Bloomberg.com, Sony Group Corp. is considering calling off the merger pact between its India unit and Zee Entertainment Enterprises Ltd. This marks the conclusion of two years filled with drama and delays in the formation of a $10 billion media powerhouse.

However, Zee Entertainment Enterprises on January 9 denied media reports of Sony calling off the mega $10 billion merger with the company. In a regulatory filing, Zee said, “Company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger.”

Tata Motors: up 1.51%

On January 9, Tata Motors reached a 52-week high of Rs 809 following Jaguar Land Rover’s (JLR) announcement of delivering the highest wholesale figures in 11 quarters during the October-December period. The stock surged by 2.5 percent after JLR, the company’s luxury car division, reporting a 27 percent increase in vehicle sales for the December quarter of FY24 compared to the year-ago period.

Polycab India: down 8.78%

Polycab India share price dipped almost 9 percent after reports of Rs 200 crore tax evasion. Sources said that the income tax department detected Rs 250-300 crore of transactions booked in the company’s promoter accounts. The company however denied the allegations.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.