Stock Market Today: Sensex, Nifty Trade Flat Amid Volatility; FMCG Gains, Banks Under Pressure
by Sandip Das on 24 January 2024, 5 min read
The Indian stock market was trading flat intraday on January 24, 2024, amid volatility. At 12:44 PM, Sensex shed 67 points at 70,302 while Nifty added 5 points and was trading at the 21,253 mark.
Around 1376 stocks advanced and 973 declined while 97 stocks remained unchanged in the stock market.
Among the sectors, metal, and FMCG space were up 1 percent each. On the other hand, selling was seen in Bank Nifty and the realty sector.
Top FMCG Gainers
- Radico Khaitan: 3.2%
- Godrej Consumer Products: 2.63%
- Hindustan Unilever: 2.17%
Top Metal Gainers
- NALCO: 6.15%
- Hindustan Copper: 4.21%
- SAIL: 3.86%
Top Nifty50 Gainers
| Company Name | Last Traded Price (Rs) | % Change |
| Hindalco Industries | 564.85 | 4.33 |
| Dr Reddy’s Labs | 5856.25 | 3.20 |
| Power Grid | 245.2 | 3.05 |
| Tata Steel | 133.6 | 2.69 |
| Hindustan Unilever | 2429.55 | 2.27 |
Top Nifty50 Losers
| Company Name | Last Traded Price (Rs) | % Change |
| Axis Bank | 1044.8 | -4.08 |
| ICICI Bank | 998.85 | -2.93 |
| Asian Paints | 2989.9 | -2.12 |
| Hero MotoCorp | 4368 | -1.71 |
| HDFC Life Insurance | 578.6 | -1.29 |
Stock on The Move in The Stock Market
Axis Bank: Down 3.94%
The share price of Axis Bank declined 4 percent intraday on January 24, 2024, a day after the company declared its Q3 earnings. Axis Bank Q3 FY24 net profit grew 4 percent on-year to Rs 6,071 crore due to AIF-related provisioning, while the net interest income (NII) grew 9 percent on-year to Rs 12,532 crore, led by a healthy credit growth.
According to an exchange filing, Axis Bank said that margin pressure will continue till Q1 FY25. Higher cost of funds, however, contracted NIMs to 4.01 percent in Q3FY24 from 4.26 percent in Q3FY23. The cost of funds jumped to 5.35 percent Q3FY24 as compared to 4.34 percent a year ago, it said.
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. Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
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