Sensex Today Tanks 750 Points; HDFC Bank Drops 5%

Asian stocks stumbled and the dollar was near a one-month high on Wednesday as hawkish rhetoric from central bankers beat back bets of early interest rate cuts.

The Nikkei index was trading 0.5% higher, while Hang Seng was trading 2.9% lower. Meanwhile, Shanghai index gained 0.8%.

US stocks retreated on Tuesday while the dollar gathered strength amid warnings that markets might have gotten ahead of themselves with respect to the timing and extent of central bank policy cuts.

Here's a table showing how US stocks performed on Tuesday:

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 144.08 -0.16 -0.11% 145.84 143.06 146.66 88.86
Apple 183.63 -2.29 -1.23% 184.26 180.93 199.62 133.77
Meta 367.46 -7.03 -1.88% 375.61 367.23 377.06 132.14
Tesla 219.91 1.02 0.47% 223.49 212.18 299.29 124.31
Netflix 481.24 -10.92 -2.22% 494.15 478.02 503.41 285.33
Amazon 153.16 -1.46 -0.94% 154.99 152.15 157.17 88.12
Microsoft 390.27 1.8 0.46% 394.03 387.62 394.03 230.68
Dow Jones 37361.12 -231.86 -0.62% 37543.18 37201.39 37825.27 31429.82
Nasdaq 16830.71 -2.21 -0.01% 16895.33 16726.59 16969.17 11251.94

Source: Equitymaster

At present, the BSE Sensex is down 777 points and NSE Nifty is trading 225 points lower.

TCS, HCL Tech, and Infosys are among the top gainers today.

HDFC Bank, Hindalco, and Axis Bank on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap is trading 0.2% lower and the BSE Small Cap index is trading flat.

Sectoral indices are trading on a positive note, with socks in the capital goods sector and energy sector witnessing the most buying. Meanwhile, stocks in the banking sector, the auto sector, and realty sector witnessed selling pressure.

The rupee is trading at Rs 82.1 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 61,990 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 71,870 per 1 kg.
 

UltraTech Cement Incorporates Subsidiary

The cement major has incorporated a wholly-owned subsidiary, namely Letein Valley Cement.

The new subsidiary will carry on the business of mining limestone and other raw materials, as well as the manufacture and sale of cement.

UltraTech Cement is the largest manufacturer of grey cement, ready-mix concrete (RMC), and one of the largest manufacturers of white cement in India.

Going forward, the company plans to increase its total green energy share threefold from current 22% to 60% by FY26. The company has been constantly scaling up the green energy mix in total power requirement over the years.

UltraTech targets to meet the entire electricity requirement through renewable sources by 2050, as part of its RE100 commitment.


Oil Prices Fall

Oil prices fell on Wednesday as a stronger US dollar limited demand for greenback-denominated crude, though the rising risks of supply disruptions amid the intensifying conflict in the Red Sea curbed the losses.

Global benchmark Brent crude futures fell 0.5% to US$ 77.93 a barrel by 0215 GMT. US West Texas Intermediate crude futures (WTI) fell 0.59% to US$ 71.97 a barrel.

Brent crude rose slightly on Tuesday while WTI fell as investors saw fundamentals weakening in the US, but the ongoing naval and air conflicts in the Red Sea increased concerns of tankers having to reroute to avoid the area, increasing costs and the amount of time for deliveries.

The US dollar hovered near a one-month high on Wednesday after comments from US Federal Reserve officials pushing back against aggressive interest rate cut expectations. The stronger dollar reduces demand for dollar-denominated oil for buyers paying in other currencies.

The US on Tuesday mounted fresh strikes against the Iran-aligned Houthi militants in Yemen after a Houthi missile hit a Greek vessel in the Red Sea.

British oil major Shell suspended shipments through the Red Sea after the US and UK strikes began, but US producer Chevron is maintaining its Red Sea routes.
 

ICICI Securities Q3 Results

ICICI Securities reported a standalone net profit of Rs 4.7 billion (bn) in the quarter ending December 2023, marking a jump of 67% compared to the year-ago period, as per the quarterly results declared on 16 January.

The company's standalone revenue from operations stood at Rs 13.2 bn during the quarter under review, which is 50% higher than the corresponding period of the previous fiscal.

The company is in the process of delisting. ICICI Securities said during the quarter, the company received no objection letters from the National Stock Exchange of India (NSE) and a letter from BSE Limited (BSE) on 28 November 2023.

This enables the company to file the scheme with the National Company Law Tribunal (NCLT). The Scheme is subject to receipt of requisite approvals from the company's and holding company's shareholders and creditors.

For the nine months ended December 2023, the company said its net profit margin was at 33.1%, in line with the margin for FY23. The operation margin for the 9MFY24 stood at 44.4%, largely in line again.


More By This Author:

Sensex Today Trades Flat; Wipro & Tech Mahindra Top Losers
Sensex Today Rallies 600 Points, Tops 73,000 Mark; Nifty Above 22,000
Sensex Today Trades Higher; Nifty Above 21,700

Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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