Stock Market Today: Sensex, Nifty Slide; Oracle Financial Zooms, LTIMindtree Tumbles

The Indian stock market ended the session on January 18 in the red amid high volatility. At close, Sensex shed 313.90 points at 71,186 while Nifty shed 96.90 points and ended the session at the 21462 mark.

Among sectors, bank, FMCG, IT, metal, and power are down 0.3-1 percent, while auto, capital goods, healthcare, oil & gas, and realty are up 0.3-0.7 percent.

Around 1253 stocks advanced and 1288 declined while 93 stocks remained unchanged.

Top Nifty50 Gainers

Top Nifty50 Losers

Stocks that moved the most:

HDFC Bank: Down 3.09%

HDFC Bank’s share price shed over 3 percent falling for the second consecutive day. The bank’s December quarter earnings disappointed investors. HDFC Bank reported a key miss in net interest margins (NIM) in the third quarter of FY24 due to higher costs of funds. Higher provisions and decadal low earnings per share (EPS) growth in Q3 also contributed to the decline. HDFC Bank witnessed its non-performing assets (NPAs) increase to 1.26 percent in Q3 FY24, up from 1.23 percent in the last fiscal year.

Also read: Here’s Why LTIMindtree Tumbled, The Most in Last 3 Years

Oracle Financial Services Software: up 28.66%

Share price of Oracle Financial Services Software zoomed over 28 percent hitting a fresh record high after the company declared its Q3 earnings. On a consolidated basis, revenue for the quarter was Rs. 1,824 Crore, up 26 percent year-over-year. Operating income for the quarter was Rs 840 Crore, up 45 percent year-over-year. Net income for the quarter was Rs 741 crore, up 69 percent year-over-year.

LTI Mindtree: down 10.73%

LTIMindtree share price dipped over 10 percent after the company’s Q3 earnings missed the Street’s estimates on all major fronts. The company experienced a sequential increase of 0.6 percent in its net profit to Rs 1,169 crore in Q3, and the revenue saw a 1.2 percent rise on-quarter to Rs 9,016 crore. The operating margin contracted to 15.4 percent in Q3, compared to 16 percent last quarter, due to high furloughs and low discretionary spending. The company also postponed its ambition to achieve a 17-18 percent operating margin by a few quarters because of hiring delays.

Asian Markets End Mixed

Asian markets ended on a mixed note with Nikkei slipping 0.03 percent at 35,466 while Hang Seng gained 0.75 percent. Kospi added 0.17 percent at 2,440.04 level.

European markets edge higher

European stocks rose in early trading on January 18, 2024, recovering after traders lowered their expectations for major central banks to start cutting interest rates soon. FTSE added 0.04 percent at 7,449 while CAC advanced 0.49 percent at 7,354 mark. German DAX gained 0.25 percent and was trading at 16,472.

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.