BENCHMARKS ERASE EARLY GAINS; MEDIA SHARES TUMBLE

The frontline indices erased early gains and slipped into the negative terrain in mid-morning trade. The Nifty traded near the 21,550 mark. Media shares slipped after rising in the past trading session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 71.25 points or 0.10% to 71,352.40. The Nifty 50 index lost 22.30 points or 0.01% to 21,549.50.

In the broader market, the S&P BSE Mid-Cap index decreased 0.86% and the S&P BSE Small-Cap index slipped 0.86%.

The market breadth was weak. On the BSE, 1,356 shares rose and 2,374 shares fell. A total of 175 shares were unchanged.

Earnings Today:

Axis Bank (down 1.39%), Indus Towers (up 4.20%), JSW Energy (down 3.53%), L&T Finance Holdings (down 2.99%), Havells India (down 3.28%), Karnataka Bank (down 1.22%), Mahanagar Gas (down 2.52%), REC (down 0.70%), Tata Elxsi (down 1.17%), United Spirits (up 1.143%), CG Power and Industrial Solutions (up 2.43%), Cyient DLM (down 0.75%), Gandhar Oil Refinery (down 1.95%), Glenmark Life Sciences (down 0.65%), Granules India (down 0.30%), ICRA (up 0.03%), Pidilite Industries (down 3.20%), Hitachi Energy India (down 3.39%), Rallis India (down 0.15%), Sona BLW Precision Forgings (down 1.64%), Tanla Platforms (down 2.63%), and Ugro Capital (down 0.25%) will announce their quarterly earnings later today.

New Listing:

Shares of Medi Assist Healthcare Services were currently trading at Rs 471.15 at 11:12 IST on the BSE, representing a premium of 12.72% as compared with the issue price of Rs 418.

The scrip was listed at Rs 465, exhibiting a premium of 11.24% to the issue price.

So far, the stock has hit a high of 509.60 and a low of 495.65. On the BSE, over 5.42 lakh shares of the company were traded in the counter so far.

IPO Update:

The initial public offer (IPO) of Nova Agritech received bids for 3,85,49,110 shares as against 2,54,14,746 shares on offer, according to stock exchange data at 11:36 IST on Tuesday (23 January 2024). The issue was subscribed 1.52 times.

The issue opened for bidding on Tuesday (23 January 2024) and it will close on Thursday (25 Thursday 2024). The price band of the IPO is fixed at Rs 39-41 per share. An investor can bid for a minimum of 365 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index slipped 6.02% to 2,229.85. The index rose 0.19% in past trading sessions.

Zee Entertainment Enterprises (down 9.98%), Dish TV India (down 7.32%), Hathway Cable & Datacom (down 3.35%), TV18 Broadcast (down 2.97%), Sun TV Network (down 2.93%), Network 18 Media & Investments (down 2.86%), Nazara Technologies (down 2.57%), D B Corp (down 1.75%), PVR Inox (down 1.11%) and Saregama India (down 0.84%) slipped.

Stocks in Spotlight:

IDFC First Bank tumbled 5.11% after the private bank`s standalone net profit increased 18.37% to Rs 715.68 crore on 33.01% jump in total income to Rs 9,395.95 crore in Q3 FY24 over Q3 FY23.

Tatva Chintan Pharma Chem slipped4.29% after the company reported 70.27% decline in consolidated net profit to Rs 34.55 crore in Q3 FY24 as compared with Rs 116.23 crore posted in Q3 FY23.

Lloyds Metals and Energy advanced 1.55% after the company reported 44.13% jump in consolidated net profit to Rs 33.15 crore on 91.9% rise in total income to Rs 1,923.61 crore in Q3 FY24 over Q3 FY23.

Global Markets:

Most of the Asian stocks were trading higher while investors await interest rate decision from the Bank of Japan (BoJ) as it holds its first monetary policy of the year. Markets will also be influenced by the interest rate decisions of the BoJ and European Central Bank (ECB), along with US GDP data.

US stock market indices ended higher on Monday with the S&P 500 posting a second straight record high close led by a rally in tech stocks.

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