MARKET EXTENDS LOSSES, SENSEX DROPS 680 PTS, NIFTY BELOW 21,350 MARK

Domestic equity barometers declined further and hit a fresh intraday low in afternoon trade. The Nifty slipped below the 21,350 mark. Media, realty and PSU bank stocks witnessed selling pressure while pharma, healthcare and IT shares edged higher.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was down 680.49 points or 0.95% to 70,743.16. The Nifty 50 index lost 223.30 points or 1.04% to 21,348.50.

In the broader market, the S&P BSE Mid-Cap index declined 2.17% and the S&P BSE Small-Cap index fell 1.70%.

The market breadth was weak. On the BSE, 1,118 shares rose and 2,740 shares fell. A total of 144 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, surged 8.15% to 14.93.

Gainers & Losers:

Cipla (up 6.82%), Sun Pharmaceutical Industries (up 4.08%), Bharti Airtel (up 3.03%), Hero MotoCorp (up 2.73%) and ICICI Bank (up 2.19%) were major Nifty gainers.

IndusInd Bank (down 5.09%), SBI Life Insurance Company (down 4.57%), Coal India (down 4.05%), ONGC (down 3.86%) and Britannia Industries (down 3.81%) were major Nifty losers.

ICICI Bank advanced 2.19% after the bank reported 23.58% jump in net profit to Rs 10,271.54 crore on a 24.28% increase in total income to Rs 59,479.76 crore in Q3 FY24 as compared with Q3 FY23.

Cipla surged 6.82% after the company reported 31.83% jump in consolidated net profit to Rs 1,055.90 crore on 3.54% increase in revenue from operations to Rs 6,505.66 core in Q3 FY24 over Q3 FY23.

Bharti Airtel rallied 3.03% after the company informed that Bharti Airtel`s subsidiary Bharti Hexacom has filed a draft red herring prospectus (DHRP) with the Securities and Exchange Board of India (SEBI) for a Initial Public Offering (IPO).

Stocks in Spotlight:

Zee Entertainment Enterprises (ZEEL) slumped 27.53% after the ZEEL in its board meeting took on record communications received from Culver Max Entertainment Pvt. Ltd. (formerly Sony Pictures Networks India) and Bangla Entertainment (BEPL), purporting to terminate the Merger Co-operation Agreement (MCA), and seeking a termination fee of $90,000,000 on account of alleged breaches by ZEEL of the terms of MCA, invoking arbitration and seeking interim reliefs against ZEEL. ZEEL categorically denied all the assertions raised by Culver Max and BEPL on the alleged breaches under the terms of the MCA, including their claims for the termination fee.

Persistent Systems rallied 4.55% after the IT company�s consolidated net profit rose 8.68% to Rs 286.13 crore on 3.59% increase in revenue from operations to Rs 2,498.22 crore in Q3 FY24 over Q2 FY24.

IDFC First Bank tumbled 6.46% 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.

Global Markets:

Markets in Europe advanced while Asian stocks traded mixed on Tuesday.

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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