Table of contents
The Nifty rose 178 points to 21,750.25 but later plummeted 333 points, or 1.54%, to close at 21,238.80.
Meanwhile, the Sensex opened 445 points higher at 71,868.20, reaching an intraday high of 72,039.20, but eventually recorded a significant drop of 1,053 points or 1.47%, closing at 70,370.55.
The market sentiment has been delicate, influenced by lacklustre Q4 earnings, diminishing hopes for US rate cuts, and escalating global geopolitical tensions.
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Impact on the stock market
Except for Nifty Healthcare and Pharma, all sectoral indices recorded substantial losses. Nifty Media was the top loser, plummeting by 12.87%, followed by Nifty Realty (down 5.31%), PSU Bank (down 4.10%), Oil & Gas (down 3.47%), and Metal (down 3.43%). Nifty Bank lost 2.26%.
| Sector/Index | Performance |
| Information Technology | -0.48% |
| Healthcare | +1.81% |
| Oil & Gas | -3.47% |
| Realty | -5.31% |
| PSU Banks | -4.10% |
Top gainers today
| Company | Price | Change (%age) |
| Cipla | 1,409.00 | + 7.05% |
| Sun Pharma | 1,378.30 | + 3.93% |
| Bharti Airtel | 1,158.00 | + 3.05% |
| ICICI Bank | 1,029.05 | + 2.02% |
| Hero Motocorp | 4,444.20 | + 0.97% |
Top losers today
| Company | Price | Change (%age) |
| IndusInd Bank | 1,441.70 | – 6.10% |
| Coal India | 375.30 | – 5.89% |
| ONGC | 229.90 | – 5.02% |
| Adani Ports | 1,137.10 | – 4.69% |
| SBI Life Insurance | 1,375.50 | – 4.62% |
Market aftermath: Impact on stocks
ICICI Bank surges 3% as Q3 net profit spikes by 23.5%
ICICI Bank’s stock surged 3% on the NSE as it revealed a robust Q3FY24 performance, with a net profit of ₹ 10,271.54 crore, marking a substantial 23.5% YoY increase from ₹ 8,312 crore.
The gross non-performing asset (NPA) reduced to 2.3%, compared to 3.07% in the prior fiscal year. Net interest income (NII) saw a significant YoY growth of 34.6%, reaching ₹ 16,465 crore in Q3FY23.
Cipla shares surge 8% to record high
Cipla shares surged 8% to a 52-week high at ₹ 1,425 and settled at 7.05% at ₹ 1,409 following robust Q3 results. Net profit rose 32.7% YoY to ₹1,049 crore, with a revenue increase of 14.2% to ₹ 6,544 crore.
North American sales hit a record $230 million, up 18% YoY, contributing to broad-based growth across markets. The business in India grew nearly 12% to ₹ 2,859 crore, and South Africa sales rose almost 10% to ₹ 603 crore.
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Zee Entertainment stock plummets 30.50%
Zee Entertainment’s shares plunged by 30.50% on January 23, wiping out gains since the August 2021 announcement of its $10-billion merger with Sony Pictures, which was recently scrapped.
Brokerages like Citi and CLSA downgraded Zee, projecting a valuation slump from 18x to 12x post-termination. Zee closed at ₹ 160.90, hitting a 52-week low. Sony cited deal closure delays, leading to a stock freefall. Sony seeks a $90 million termination fee, disputed by Zee Entertainment.
Crude oil futures drop
On January 23, crude oil futures declined by 0.53%, settling at ₹6,232 per barrel on the Multi Commodity Exchange. The drop was attributed to reduced positions amid low demand.
Additionally, on Tuesday, March Brent oil futures were at $79.99, while March crude oil futures on WTI stood at $74.71, reflecting concerns over commodity demand.
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Conclusion
In today’s market saga, Nifty 50 and Sensex faced a downturn amid global uncertainties. Sectoral losses dominated, with only Nifty Healthcare and Pharma holding ground.
ICICI Bank and Cipla stood out with impressive Q3 performances, while Zee Entertainment experienced a significant setback. As crude oil futures slid, the market ride continued with its highs and lows.
Stay tuned on StockGro for more such twists and turns!
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