Home » Market Spotlight » What happened in the Indian stock market today?

What happened in the Indian stock market today?
On January 23, 2024, the Nifty 50 and Sensex faced substantial losses in an extensive market sell-off.

Stock Market News Today

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.

You may also like: Senco Gold & Diamonds’ ONDC integration: Will it transform the jewellery retail landscape?

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/IndexPerformance
Information Technology-0.48%
Healthcare+1.81%
Oil & Gas-3.47%
Realty-5.31%
PSU Banks-4.10%

Top gainers today

CompanyPriceChange (%age)
Cipla1,409.00+ 7.05%
Sun Pharma1,378.30+ 3.93%
Bharti Airtel1,158.00+ 3.05%
ICICI Bank1,029.05+ 2.02%
Hero Motocorp4,444.20+ 0.97%

Top losers today

CompanyPriceChange (%age)
IndusInd Bank1,441.70– 6.10%
Coal India375.30– 5.89%
ONGC229.90– 5.02%
Adani Ports1,137.10– 4.69%
SBI Life Insurance1,375.50– 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.

Also Read: Konstelec Engineers IPO review: Should you buy or skip?

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.

Also read: The snack saga: Haldiram’s potential acquisition of Prataap Snacks

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!

Enjoyed reading this? Share it with your friends.

Hunny Meghani

A curious mind, a love for writing, and a passion for all things finance - that's me in a nutshell. Whether I'm exploring the latest stock market trends or diving into the nitty-gritty of personal finance, marketing, and AI. I'm always on the hunt for the next big story.

Post navigation

Leave a Comment

Leave a Reply

Your email address will not be published. Required fields are marked *