Stock Market Updates: Sensex, Nifty Flat; Coal India, Zee Gain; HUL Falls

The Indian stock market was trading flat intraday on January 20, 2024, giving up morning gains. At 12:08 pm, Sensex added 61 points at 71744. Nifty was up 28 points and was trading at 21651 mark.

On January 19, 2024, the Bombay Stock Exchange (BSE) issued a circular stating that there would be a full trading session in the Indian stock market on Saturday, January 20, 2024. The exchange specified that the trading session would occur during regular hours in various segments. It includes equity, securities, lending and borrowing (SLB), and equity derivatives.

The circular also stated that trading across equities, debt, and money markets would be closed on Monday. This is due to a public holiday in the state of Maharashtra. The central government had declared a half-day closing until 2:30 p.m. IST on Monday in observance of the Ram Temple’s inauguration.

Originally, the stock market had planned to conduct two special sessions on Saturday. It was for testing a failsafe system for trading.

Around 1416 stocks advanced and 973 declined while 93 remained unchanged.

Buyers showed activity in the Bank Nifty and oil & gas sectors, while sellers were active in the realty, FMCG, and IT sectors. This indicates positive market sentiment in the former and a decline or profit-taking in the latter.

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

Top gainers from banking space:

• AU Small Finance Bank: up 2.57%
• Bandhan Bank: up 2.01%
• Punjab National Bank: up 1.37%
• Kotak Mahindra Bank: 1.36%
• HDFC Bank: 0.67%

Top losers from realty space:

• Phoenix Mills: – 2.27%
• DLF: -1.86%
• Godrej Properties: -1.76%
• Oberoi Realty: -1.26%

Stocks in action:

Zee Entertainment: up 0.43%

The share price of Zee Entertainment increased by half a percent after the media and entertainment company restated its dedication to the $10-billion merger with the Indian arm of Japan’s Sony. Zee communicated to the exchanges, “We wish to reiterate that the company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger and is engaging in good faith negotiations with Sony with a view to discuss the extension of the date required to make the Scheme effective, by a reasonable period of time.”

Coal India: up 4%

Stock price of Coal India jumped over 4 percent in the Indian stock market 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. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi on Thursday, an official statement said.

“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.

Hindustan Unilever: down 3.15%

Hindustan Unilever’s share price experienced a decline of over 3 percent, following the company’s announcement of its Q3 earnings. The company’s profit remained stagnant. For the December quarter of FY24, the FMCG major reported a standalone net profit of Rs 2,519 crore, reflecting a marginal increase of 0.55 percent from Rs 2,505 crore in the corresponding quarter of the previous financial year. Additionally, the company recorded a sequential decline in profit by 7.28 percent, dropping from Rs 2,717 crore in the previous quarter.

In a regulatory filing, the FMCG major disclosed that its total revenue stood at Rs 14,928 crore, marking a decrease of 0.38 percent compared to Rs 14,986 crore in the same quarter of the previous year. Furthermore, the company reported a sequential decline in revenue by 0.6 percent from Rs 15,027 crore in the previous quarter.

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