MARKET SELL-OFF CONTINUES; EUROPEAN MKT ADVANCE

The domestic equity indices further extended losses in afternoon trade. The Nifty traded below 21,650 mark after hitting day�s high of 21,831.70 in early trade. Barring IT and pharma shares advanced while all the sectoral indices were traded in red.

At 13:26 IST, the barometer index, the S&P BSE Sensex, tumbled 565.01 points or 0.79% to 71,030.48. The Nifty 50 index declined 173.75 points or 0.80% to 21,608.75.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index declined 2.05% and the S&P BSE Small-Cap index slipped 2.58%.

The market breadth was weak. On the BSE, 986 shares rose and 2,929 shares fell. A total of 104 shares were unchanged.

Gainers & Losers:

Wipro (up 3.34%), HCL Technologies (up 2.95%), Dr Reddy`s Laboratories (up 2.56%), Divi`s Laboratories (up 2.46%) and Apollo Hospitals Enterprise (up 2.12%) were major Nifty gainers.

Hero Motocorp (down 5.03%), Coal India (down 4.10%), Bharat Petroleum Corporation (BPCL) (down 3.70%), Kotak Mahindra Bank (down 2.81%) and Oil and Natural Gas Corporation (ONGC) (down 2.58%) were major Nifty losers.

Oil and Natural Gas Corporation`s (ONGC) declined 2.21% after the company�s standalone net profit dropped 13.66% to Rs 9,535.67 crore in Q3 FY24 as compared with Rs 11,044.73 crore posted in Q3 FY23. Revenue from operations declined 9.83% year on year (YoY) to Rs 34,788.07 crore in the quarter ended 31 December 2023.

Hero MotoCorp slipped 5.03%. The company reported 51% jump in standalone net profit to Rs 1,073 crore on a 21% increase in revenue to Rs 9,724 crore in Q3 FY24 as compared with Q3 FY23.

Stocks in Spotlight:

Caplin Point Laboratories rallied 4.11% after the company�s consolidated net profit jumped 30.1% to Rs 119.82 crore on 17% increase in revenue from operations to Rs 435.50 crore in Q3 FY24 over Q3 FY23.

India Tourism Development Corporation (ITDC) was locked in lower circuit of 10% after the company reported 29.89% decline in consolidated net profit to Rs 15.94 crore in Q3 FY24 as compared with Rs 22.73 crore in Q3 FY23. Revenue from operations jumped 14.31% to Rs 134.93 crore during the quarter as compared with Rs 118.04 crore posted in corresponding quarter last year.

Indian Railway Finance Corporation (IRFC) tumbled 9.99% after the company reported 1.79% fall in consolidated net profit to Rs 1,604.22 crore in Q3 FY24 as compared with Rs 1,633.4 crore in Q3 FY23. Revenue from operations increased 8.43% year on year (YoY) to Rs 6,741.86 crore in the third quarter of FY24.

Global Markets:

European stocks mostly advanced while Asia markets advanced on Monday to start a holiday-shortened week for most markets, while China remains shut for the week. Many major stock markets in Asia-Pacific were closed Monday including Hong Kong, Taiwan and South Korea.

Wall Street ended higher on Friday after December�s revised inflation reading came in lower than first reported. The benchmark S&P 500 closed above the key 5,000 level for the first time ever.

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