Indices end almost flat, Nifty ends below 21,950; IT pivotals drag

The domestic equity indices concluded a turbulent session, hovering around the neutral position with a slightly negative tilt on Wednesday. Traders locked in gains leading up to the RBI`s monetary policy announcement on February 8th. While the Reserve Bank of India is anticipated to keep rates unchanged, market attention will be focused on its commentary for potential insights into the future rate-cut direction. The Nifty closed below the 21,950 level, with PSU banks, realty, and media shares experiencing demand, while IT and private banks faced selling.

The S&P BSE Sensex shed 34.09 points or 0.05% to 72,152. The Nifty 50 index rose 1.11 points or 0.01% to 21,930.50.

Infosys (down 2.06%), TCS (down 1.22%) and HDFC Bank (down 0.96%) were major drags.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 1.31% and the S&P BSE Small-Cap index rose 0.38%.

The market breadth was positive. On the BSE, 2,262 shares rose and 1,609 shares fell. A total of 88 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, shed 1.77% to 15.51.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.21% to 7.077 as compared with the previous close of 7.092.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9600, compared with its close of 83.0500 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement shed 0.22% to Rs 62,435.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.16% to 104.05.

The United States 10-year bond yield rose 0.64% to 4.120.

In the commodities market, Brent crude for March 2024 settlement rose 54 cents or 0.69% to $79.13 a barrel.

Global Markets:

European shares fell across the board while Asian stocks ended mixed on Wednesday, amid ongoing uncertainty over the rate cut outlook.

US stocks closed higher on Tuesday, as investors scrutinized a mixed bag of earnings at big U.S. companies and digested comments from Federal Reserve policy makers for clues about its first planned interest-rate cut.

Stocks in Spotlight:

Canara Bank jumped 6.24% as the bank will consider the proposal of a stock split on 26th February.

Max Financial Services gained 5.45% on receipt of IRDAI approval for capital infusion of Rs 1612 crore by Axis Bank into Max Life Insurance, the material subsidiary of the company.

IEX cracked 5% after the CERC asked Grid India to run a `shadow pilot` on market coupling. According to a notice issued on February 6 by the CERC, Grid India will develop the necessary software within the next two months to facilitate a shadow pilot for market coupling involving the three power exchanges - Indian Electricity Exchange (IEX), Power Exchange of India (PXIL), and Hindustan Power Exchange (HPX).

Trent surged 19% after the company reported consolidated net profit net profit soared to Rs 370.64 crore in Q3 FY24 as against Rs 154.81 crore posted in Q3 FY23. Revenue from operations jumped 50.5% year on year (YoY) to Rs 3,466.62 crore in the quarter ended 31 December 2023.

Nestle India added 1.68% after the FMCG major`s net profit increased 4.39% to Rs 655.61 crore on 8.07% rise in total revenue from operations to Rs 4,600.42 crore in Q4 CY23 over Q4 CY22.

Britannia Industries added 1.42%. The company reported 40.11% decline in consolidated net profit to Rs 556.39 crore in Q3 FY24 as compared with Rs 932.39 crore posted in Q3 FY23. Revenue from operations rose 2.2% to Rs 4,191.83 crore during the third quarter of FY24 from Rs 4,101.49 crore recorded in the corresponding quarter previous year.

Radico Khaitan advanced 1.34% after the liquor maker�s consolidated net profit rose 22.65% to Rs 75.15 crore on 46.55% increase in net revenue from operations to Rs 1,160.91 crore in Q3 FY24 over Q3 FY23.

Talbros Automotive Components was locked in upper circuit of 5% after the company�s net profit jumped 65.58% to Rs 22.75 crore in Q3 FY24 as compared to Rs 13.74 crore in Q3 FY23. Revenue from operations grew 25.36% year on year (YoY) to Rs 198.73 crore in the quarter ended 31 December 2023.

FSN E-Commerce Ventures (Nykaa) declined 2.43%. The company reported consolidated net profit of Rs 17.45 crore in Q3 FY24, steeply higher than Rs 8.48 crore posted in Q3 FY23. Revenue from operations increased 22.28% YoY to Rs 1,788.8 crore.

TRF hit an upper circuit of 20% after the company announced that its board has approved to cancel the scheme of amalgamation with Tata Steel, citing improvement in business performance since the merger talks had taken place.

In an exchange filing made during market hours today, the company said that, over the last few quarters, it has seen improvement in business performance owing to ongoing significant support from Tata Steel in the form of placement of order(s) and infusion of capital coupled with company�s efforts on enhanced debtor collections and, cost and asset optimization.

EIH surged 19.75% after the company�s consolidated net profit jumped 52.2% to Rs 229.94 crore in Q3 FY24 as compared with Rs 151.08 crore in Q3 FY23. Revenue from operations increased 26.41% YoY to Rs 741.26 crore in Q3 FY24.

IPO Update:

The initial public offer (IPO) of Apeejay Surrendra Park Hotels received bids for 2,07,38,23,392 shares as against 3,47,61,903 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (07 February 2024). The issue was subscribed 59.66 times.

The issue opened for bidding on Monday (5 February 2024) and it will close on Wednesday (07 February 2024). The price band of the IPO is fixed at Rs 147-155 per share. An investor can bid for a minimum of 96 equity shares and in multiples thereof.

The IPO of Capital Small Finance Bank received bids for 40,77,696 shares as against 81,47,373 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (07 February 2024). The issue was subscribed 50%.

The issue opened for bidding on Wednesday (7 February 2024) and it will close on Friday (9 February 2024). The price band of the IPO is fixed at Rs 445-468 per share. An investor can bid for a minimum of 32 equity shares and in multiples thereof.

The IPO of Jana Small Finance Bank received bids for 89,11,404 shares as against 1,01,16,284 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (07 February 2024). The issue was subscribed 88%.

The issue opened for bidding on Wednesday (7 February 2024) and it will close on Friday (9 February 2024). The price band of the IPO is fixed at Rs 393-414 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

The IPO of Rashi Peripherals received bids for 1,54,17,936 shares as against 1,42,37,289 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (07 February 2024). The issue was subscribed 1.08 times.

The issue opened for bidding on Wednesday (7 February 2024) and it will close on Friday (9 February 2024). The price band of the IPO is fixed at Rs 295-311 per share. An investor can bid for a minimum of 48 equity shares and in multiples thereof.

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