MARKET SELL-OFF INTENSIFIES; NIFTY AROUND 18,850; AXIS BANK UP 1.43%

The key equity indices further extended losses in the afternoon trade. The Nifty traded around the 18,850 mark. All the other sectoral indices on the NSE traded in the red, with realty, healthcare and media stocks declining the most.

At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 892.96 points or 1.39% to 63,156.10. The Nifty 50 index declined 270.10 points or 1.41% to 18,852.05.

In the broader market, the S&P BSE Mid-Cap index fell 1.64% while the S&P BSE Small-Cap index lost 1.31%.

Sellers outnumbered buyers. On the BSE, 857 shares rose and 2,739 shares fell. A total of 140 shares were unchanged.

The market sell-off has been triggered by the US 10-year bond yield nearing the 5 percent mark, which pulled down the risk levels materially in the region. Geopolitical tensions emanating from West Asia dragged the market lower. The expiry of monthly F&O contracts on the NSE today further added to the volatility.

Gainers & Losers:

Axis Bank (up 1.43%), ITC (up 0.49%), IndusInd Bank (up 0.13%), HCL Technologies (up 0.13%), Hindustan Unilever (up 0.07%) were major Nifty gainers.

Mahindra & Mahindra (down 3.94%), Tech Mahindra (down 2.97%), Bajaj Finance (down 2.93%), Dr. Reddy`s Laboratories (down 2.77%) and Nestle India (down 2.62%) were major Nifty losers.

Axis Bank rose 1.43%. The private lender`s net profit rose 10.02% to Rs 5,863.56 crore on 31.4% jump in total income to Rs 31,660.26 crore in Q2 FY24 over Q2 FY23. Net interest income (NII) grew 19% YoY to Rs 12,315 crore as against Rs 10,360 crore posted in Q2 FY23 . Net interest margin (NIM) for Q2 FY24 stood at 4.11%, up 15 basis points (bps) YoY.

Tech Mahindra fell 2.97%. The IT major`s consolidated net profit slipped 28.68% to Rs 493.9 crore in Q2 FY24 as against Rs 692.5 crore posted in Q1 FY24. Revenue from operations declined 2.24% quarter on quarter (QoQ) to Rs 12,863.9 crore in the quarter ended 30 September 2023.

Stocks in Spotlight:

Indus Towers shed 2.50%. The company reported 49% rise in consolidated net profit to Rs 1295 crore 10% fall in revenue to Rs 7133 crore in Q2 FY24 over in Q2 FY23.

Jubilant FoodWorks slumped 4.23%. The company reported 26.1% fall in consolidated net profit to Rs 97.2 crore 4.9% rise in total income to Rs 1375.7 crore in Q2 FY24 over in Q2 FY23.

Sonata Software rallied 2.41% after the company`s consolidated net profit jumped 3.37% to Rs 124.12 crore in Q2 FY24 as compared with Rs 120.12 crore in Q1 FY24. Revenue from operations declined 5.11% to Rs 1,912.57 crore in Q2 FY24 as compared with Rs 2,015.53 crore in Q1 FY24.

Global Markets:

Markets in Europe and Asia declined on Thursday as U.S. shares slumped following a batch of poor corporate earnings.

US stocks dropped on Wednesday as Alphabet shares slid after the Google parent posted disappointing earnings and as US Treasury yields rose, reviving fears that interest rates could stay higher for longer. Traders also kept an eye on the latest comments by US President Joe Biden after he had asked Israel to delay its invasion so that more hostages held by Hamas could be freed.

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