On January 16, the Nifty 50 and Sensex halted their five-day winning streak due to profit booking in heavyweight stocks.
The Nifty 50 opened at 22,080.50, reaching a fresh record high of 22,124.15, but closed 65 points, or 0.29%, lower at 22,032.30.
The Sensex opened at 73,331.95, touching a record high of 73,427.59, and settled at 73,128.77, down 199 points, or 0.27%.
Despite spending most of the day in negative territory, the market briefly surged, allowing both indices to attain new record highs during the session.
You may also like: Fundamental Analysis of Wipro Ltd.
Impact on the stock market
Nifty IT ended down by 1.28%, breaking its two-day winning streak. Nifty Realty (down 1.66%), Pharma (down 1.14%), and Healthcare (down 1.08%) also saw notable losses.
Nifty Bank slipped 0.07%, while Nifty Metal gained 1% among the gainers.
| Sector/Index | Performance |
| Information Technology | -1.28% |
| Healthcare | -1.08% |
| Oil & Gas | +0.37% |
| Realty | -1.66% |
| PSU Banks | +0.26% |
Top gainers today
| Company | Price | Change (%age) |
| BPCL | 472.85 | + 2.80% |
| Tata Steel | 137.25 | + 1.74% |
| Titan Company | 3,820.30 | + 1.63% |
| ITC | 472.30 | + 1.01% |
| Maruti Suzuki | 10,183.55 | + 0.96% |
Top losers today
| Company | Price | Change (%age) |
| Divis Labs | 3,814.50 | – 2.43% |
| HCL Tech | 1,555.45 | – 2.06% |
| Wipro | 485.00 | – 1.94% |
| NTPC | 311.50 | – 1.83% |
| SBI Life Insurance | 1,408.80 | – 1.49% |
Market aftermath: Impact on stocks
LIC stock hits ₹900, MCap surges ₹1.82 lakh crore in 3 months
LIC stock touched ₹900, a 5.30% surge, its highest since May 2022 listing. H1FY24 net profit stood at ₹17,469 crore, up from ₹16,635 crore last year. From November to date, the market cap surged ₹1.82 lakh crore to ₹5.62 lakh crore.
Government holds 96.5%, retail investors 2.4%, and domestic institutional investors 1%. H1FY24 new business premium rose 2.65% to ₹25,184 crore. Assets under management grew 10.47% YoY to ₹47,43,389 crore.
Also Read: Fundamental Analysis of HCL Technologies Ltd.
Capri Global surges 12%
Capri Global Capital’s Shares Surge 12% on Obtaining IRDAI Licence for Life, General, and Health Insurance Distribution. The company anticipates a Rs 20 crore net fee income from insurance cross-selling in FY25.
Its consolidated AUM reached Rs 12,360 crore in Q2, marking a 59% YoY increase. Non-interest income for H1 FY24 was Rs 160.7 crore, up 58%. Capri Global aims for an AUM exceeding Rs 15,000 crore in FY25, with financial results for the December quarter to be unveiled on January 27.
Union Bank of India hits ₹1 lakh crore valuation
Union Bank of India crosses ₹1-lakh-crore valuation and becomes fourth PSU lender to achieve the milestone. With shares rising 15.1% in 2024 and nearly 49% in 2023, the bank reached a 52-week high of Rs 140.15, securing a valuation of Rs 1.01 lakh crore.
The December-quarter earnings are set to be reported on January 20. Following State Bank of India, Bank of Baroda, and Punjab National Bank, Union Bank reflects the PSU banking sector’s robust rally, marked by improved balance sheets and profitability projections.
Crude oil futures surges
Crude oil futures edged higher on Tuesday, with March Brent oil at $78.32 (up 0.22%) and March WTI oil at $72.69 (up 0.11%).
On the Multi Commodity Exchange (MCX), January crude oil futures traded at ₹6022 (up 0.23%), while February futures were at ₹6059 (up 0.17%), influenced by oil tankers avoiding the southern Red Sea.
Also Read: Fundamental Analysis of Tata Consultancy Services Ltd.
Conclusion
In today’s market update, Nifty touched a record high but closed slightly lower, while Sensex reached an all-time high before settling with a minor dip.
LIC’s stock surged to ₹900, adding ₹1.82 lakh crore to its market cap. Capri Global gained 12% with an IRDAI license. Union Bank hit ₹1 lakh crore valuation, and crude oil futures edged higher.
Stay tuned for more such dynamic market trends and insights on StockGro!
Leave a Comment