Market at day`s low; Nifty below 22,000; European shares slide

The benchmark indices traded with moderate losses in afternoon trade. The Nifty slipped below the 22,000 level after hitting the day`s high of 22,124.15 in mid-morning trade. Consumer durables and oil & gas shares advanced while realty, IT and pharma stocks declined.

At 13:33 IST, the barometer index, the S&P BSE Sensex, was down 240.94 points or 0.33% to 73,087. The Nifty 50 index lost 100.20 points or 0.45% to 21,997.25.

In the broader market, the S&P BSE Mid-Cap index declined 1.01% and the S&P BSE Small-Cap index shed 1.19%.

The market breadth was negative. On the BSE, 1,112 shares rose and 2,654 shares fell. A total of 107 shares were unchanged.

Economy:

India�s overall exports (Merchandise and Services combined) in December 2023 is estimated to be $66.33 billion, exhibiting a negative growth of 4.25% over December 2022. Meanwhile, overall imports in December 2023 are estimated to be $71.50 billion, exhibiting a negative growth of 7.18% over December 2022.

India�s overall exports (Merchandise and Services combined) in April-December 2023 is estimated to be $565.04 billion, exhibiting a negative growth of 1.87% over April-December 2022. Overall imports in April-December 2023 are estimated to be $634.39 billion, exhibiting a negative growth of 7.24% over April-December 2022.

Services exports are projected to grow positively at 3.52% during April-December 2023 over April-December 2022.

India�s trade deficit has shown considerable improvement in April-December 2023. Overall trade deficit for April-December 2023 is estimated at $69.34 billion as compared to the deficit of $108.13 billion during April-December 2022, registering a decline of 35.87%. The merchandise trade deficit during April-December 2023 is $188.02 billion compared to $212.34 billion during April-December 2022, registering a decline of 11.45%.

Gainers & Losers:

Bharat Petroleum Corporation (up 3.29%), Titan (up 1.76%), Asian Paints (up 1.04%), Tata Motors (up 1.01%) and Maruti Suzuki India (up 0.92%) were major Nifty gainers.

Wipro (down 2.65%), HCL Technologies (down 2.44%), Divi`s Laboratories (down 2.32%), NTPC (down 1.76%) and Tech Mahindra (down 1.76%) were major Nifty losers.

Stocks in Spotlight:

Angel One tumbled 12.72% after the company�s consolidated net profit declined 14.52% to Rs 260.3 crore in Q3 FY24 as against Rs 304.5 crore recorded in Q2 FY24. Total income rose marginally to Rs 1060.8 crore in Q3 FY24 from Rs 1,049.3 crore posted in Q2 FY24. On year on year basis, the brokerage firm�s net profit grew 14.17% and total income jumped 39.63% in Q3 FY24.

Jio Financial Services (JFSL) slipped 6.97% after the company reported 56.03% decline in consolidated net profit to Rs 293.82 crore in Q3 FY24, as compared with Rs 668.18 crore in Q2 FY24. Total income fell 31.86% to Rs 414.33 crore from Rs 608.04 crore posted in the previous quarter same fiscal.

Shakti Pumps (India) shed 0.37%. The company on Monday announced that its board will meet on Thursday, 18 January 2024 to consider a proposal for fund raising through qualified institutional placements (QIP).

Sarda Energy & Minerals rose 0.79%. The company has awarded a contract to Gensol Engineering for installation of solar power plant of 50 MW DC in Chhattisgarh for meeting the captive requirements of the company�s production and mining facilities.

Rail Vikas Nigam (RVNL) rose 0.09%. The firm emerged as lowest bidder (L-1) for supply, installations, testing and commissioning of 11 KV Line in Maharashtra for Rs 251.05 crore.

Global Markets:

European shares declined and most of the Asian stocks traded lower on Tuesday, as markets continue to focus on news and comments from the World Economic Forum in Davos, Switzerland.

U.S. markets were closed Monday due to the Martin Luther King holiday. Investors are looking ahead to U.S. December retail sales data out Wednesday.

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