Nifty  22519.40  -234.40  (-1.03%)

Sensex  74244.90  -793.25  (-1.06%)

USDINR  83.38  0.15  (0.18%)

Market snaps 6-day gaining streak; Sensex slides 434 pts; Nifty settles above 22,100
(15:54, 21 Feb 2024)
The domestic equity indices ended with significant losses on Wednesday, snapping a six-day rising streak. The The Nifty settled below the 22,100 level after hitting the day?s high of 22,249.40 in the morning trade. Realty, PSU bank and metal stocks were in demand while media, IT and oil gas shares witnessed selling pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex, tumbled 434.31 points or 0.59% to 72,623.09. The Nifty 50 index declined 141.90 points or 0.64% to 22,055.05.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 1.27% and the S&P BSE Small-Cap index lost 0.84%.

The market breadth was weak. On the BSE, 1,463 shares rose and 2,378 shares fell. A total of 96 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Juniper Hotels received bids for 29,61,040 shares as against 2,89,47,367 shares on offer, according to stock exchange data at 15:45 IST on Wednesday (21 February 2024). The issue was subscribed 0.10 times.

The issue opened for bidding on Wednesday (21 February 2024) and it will closed on Friday (23 February 2024). The price band of the IPO is fixed at Rs 342 to Rs 360 per share. An investor can bid for a minimum of 40 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index slipped 4.91% to 2,113.95. The index witnessed profit booking after advancing 3.70% in the past three trading sessions.

Zee Entertainment Enterprises (down 14.56%), Dish TV India (down 6.67%), Nazara Technologies (down 3.68%), Network 18 Media & Investments (down 3.24%), Hathway Cable & Datacom (down 3.02%), D B Corp (down 2.26%), Sun TV Network (down 1.74%), TV18 Broadcast (down 1.71%), Saregama India (down 0.18%) declined.

Zee Entertainment Enterprises tumbled 14.56% after the company clarified that it is not involved in any negotiations in relation to the Sony merger deal.

Stocks in Spotlight:

Hindalco Industries shed 0.16% The company?s fully owned subsidiary, Novelis Inc. announced that it has confidentially submitted a filing for initial public offering (IPO) with the US Securities and Exchange Commission (SEC).

Tata Power Company shed 0.94%. The company announced that its wholly-owned subsidiary, Tata Power Trading Company (TPTCL) has collaborated with BluSmart for sourcing green power.

Varun Beverages added 1.69% after the company announced the signing of an exclusive deal with PepsiCo to manufacture and package 'Cheetos? in Morocco.

ABB India surged 10.33% after the company?s net profit (from continuing operations) grew by 12.8% to Rs 345.20 crore in Q4 CY23 as compared with Rs 305.91 crore recorded in Q4 CY22. The company?s total revenue from operation increased 13.62% to Rs 2,757 crore for the fourth quarter of CY23 as compared to Rs 2,426.91 recorded in corresponding quarter last year, seamless execution of a strong backlog, revenue mix, services focus and capacity utilization led to increased revenue across almost all businesses and divisions.

Thermax rose 1.13% after the company has entered into license and technical assistance agreement with Flowtech Co, South Korea (Licensor) to manufacture poly carboxylate ether products.

Zen Technologies declined 1.16%. The Hyderabad-based company announced that it has secured an order worth Rs 93 crore from Ministry of Defence, Government of India for tactical training simulators.

G R Infraprojects rose 0.56%. The company has entered into share purchase agreement (SPA) with Bharat Highways InvIT for sale of its entire investment in equity share of seven wholly owned subsidiary companies.

Union Bank of India rallied 3.95% after the company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 142.78 per share.

ONGC shed 1.36%. The board approved a joint venture for compressed biogas plants with a seed equity contribution worth up to Rs 10 crore.

Global Markets:

Markets in Europe and Asia traded mixed on Wednesday, as traders weighed big tech prospects ahead of Nvidia Corp.'s hotly anticipated earnings that dragged Wall Street away from its all-time highs.

In January, Japanese exports surpassed expectations, growing by 11.9% year-on-year due to increased overseas demand for automobiles and electronics. This exceeded the anticipated 9.5% rise and marked Japan's fastest export growth since November 2022. Conversely, imports experienced a larger-than-expected decline of 9.6%, compared to the predicted 8.4% drop, reflecting sluggish domestic demand. Consequently, Japan's trade balance unexpectedly shifted to a surplus of 240 billion yen ($1.60 billion) from a deficit of 410 billion yen in December.

The US Dow Jones index futures is currently down by 57points, signaling a negative opening for US stocks today. Traders awaited more cues on monetary policy from the minutes of the Federal Reserve?s late-January meeting.

In the US, the Nasdaq 100 dropped almost 1% while the S&P 500 fell below 5,000 in the last session. Nvidia's stock also fell more than 4% ahead of its scheduled earnings announcement on Wednesday. Traders are keenly observing its result, seeking confirmation that the chipmaker can meet the high expectations associated with the artificial-intelligence boom.

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