Stock Market Updates: Sensex, Nifty End in Red Amid Volatility; PSU Banks Gain, FMCG Stocks Drag

The Indian stock market ended in the red on January 20, 2024 amid volatility. At close, Sensex shed 259 points at 71,423.65 while Nifty was down 50 points and ended the session at 21571 mark.

Around 1282 stocks advanced and 1190 declined while 108 remained unchanged in the stock market.

On the sectoral front, bank, metal and power indices added 0.5-1 percent each, while FMCG, Information Technology, pharma and realty sectors were down 0.4-1 percent each.

PSU Bank Gainers:

• Punjab & Sind Bank: 4.37%
• Union Bank: 4.34%
• Indian Bank: 2.86%

FMCG Losers:

• Hindustan Unilever: -3.72%
• Godrej Consumer Products: -2.72%
• Nestle India: -1.36%

Top Nifty50 Gainers

Top Nifty50 Losers

Stocks in news:

ICICI Bank: up 1.23%

On January 20, 2024, the share price of ICICI Bank closed in positive territory. The private sector lender announced a net profit of Rs 10,271.54 crore for the third quarter of the current financial year, marking a significant increase of 23.5 percent compared to Rs 8,312 crore in the corresponding period of the previous year. The reported net profit aligned with market estimates, which anticipated Rs 9,946 crore.

Also read: Coal India Share Price Jumps 4%, Hits 52-Week High After CCEA Approves Rs 5,607 cr Investments

ICICI Bank’s gross non-performing asset (NPA) registered at 2.30 percent, showcasing an improvement from 3.07 percent in the same quarter of the previous year. Additionally, the net NPA demonstrated positive trends, standing at 0.44 percent, an improvement from 0.55 percent in Q3FY23.

Coal India: up 4.11%

Coal India share price jumped 4 percent hitting new 52-week high after the government approved the company’s two thermal power plants on January 19, 2024. On January 18, the Cabinet Committee on Economic Affairs (CCEA) approved equity investments of Rs 5,607 crore for State-owned South Eastern Coalfields and Mahanadi Coalfields. The purpose of these investments is to establish two thermal power projects with a cumulative generation capacity of 2,260 MW. “Coal India Limited the largest coal mining company in the world, will set up two Pithead Thermal Power Plants, through its subsidiaries, with a view to provide cheaper power to the country,” the CCEA said in a press release.

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