Stock Market Today: GIFT Nifty Indicates a Cautious Start; HDFC Bank, Bharti Airtel in Focus

As indices closed deep in the red, bears took control of Dalal Street on January 23, 2024. At close, Sensex was down 1053 points at 70,370. Nifty declined 333 points and ended the session at the 21,238 mark.

Around 504 stocks advanced and 2,106 stocks declined while 70 stocks remained unchanged.

Barring the pharma index, all other sectoral indices ended in the red, down up to 12 percent.

GIFT Nifty

Trends in the GIFT Nifty indicate a flat start for the broader index in India, with a loss of 9 points or 0.04 percent.

US Markets

According to a Reuters report, the S&P 500 climbed to a record-high close on Tuesday 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.

The S&P 500 climbed 0.29% to end the session at 4,864.59 points. The Nasdaq gained 0.43% to 15,425.94 points, while the Dow Jones Industrial Average declined 0.25% to 37,905.45 points.

Asian Markets

Hong Kong’s Hang Seng index surged almost 2%, powered by tech stocks as other Asia-Pacific markets mostly fell. In Australia, the S&P/ASX 200 inched up marginally after the announcement, extending its three-day winning streak. Japan’s Nikkei 225 slid 0.26%, extending its losses from Tuesday, while the Topix saw a smaller loss of 0.15%. South Korea’s Kospi fell 0.43%.

Also read: India Pips Hong Kong, Becomes 4th Largest Stock Market in The World

FII and DII data

Foreign institutional investors (FIIs) continued to be net sellers for five days in a row, selling shares worth Rs 3,115.39 crore, while domestic institutional investors (DIIs) bought Rs 214.40 crore worth of stocks on January 23, provisional data from the NSE showed.

Results today

Bajaj Auto, Tata Steel, Tech Mahindra, TVS Motor Company, Canara Bank, DLF, Indian Oil Corporation, Aarti Drugs, Balkrishna Industries, Bharat Dynamics, CARE Ratings, Container Corporation of India, Dalmia Bharat, DCB Bank, Exide Industries, Indian Bank, Motilal Oswal Financial Services, PNB Housing Finance, RailTel Corporation of India, UCO Bank, and Ujjivan Small Finance Bank.

Stocks in the news

• Bharti Airtel: The telecom firm announced that it would be prepaying Rs 8,325 crores to the Department of Telecom (Government of India) towards spectrum dues.
• HDFC Bank: The bank said it was now the first lender in India to achieve the milestone of 20 million credit cards in force. The lender had forayed into the credit card business in 2001 and hit the 10-million mark in 2017.
• Lupin: The firm received tentative approval from USFDA for its abbreviated new drug application for Rivaroxaban tablets to market in the US.
• AU Small Finance Bank: The Competition Commission of India has approved the amalgamation of Fincare Small Finance Bank into and with AU Small Finance Bank. The said amalgamation is subject to the approval of the Reserve Bank of India.

Bulk Deals

• Medi Assist Health Services: Canara Robeco Mutual Fund bought 20,01,000 shares at Rs 489.02. Also, Goldman Sachs Funds – Goldman Sachs India Equity Portfolio bought 15,34,472 shares at Rs 468.65. Tntbc As The Trustee Of Nomura India Stock Mother Fund bought 5,00,000 shares at Rs 465.56. BNP Paribas Arbitrage bought 3,65,126 shares at Rs 462.28.
• Grasim Industries: Societe Generale bought 1,35,820 shares at Rs 316.6.

Stocks under F&O ban on NSE

A total of 5 stocks are on the F&O ban list for January 24. The NSE has retained Balrampur Chini Mills, IRCTC, National Aluminium Company, Oracle Financial Services Software, and RBL Bank to the said list.

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