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On January 30, 2024, the Indian stock market experienced a widespread selloff as investors opted to secure profits in anticipation of the US Fed policy outcome on January 31.
The Nifty 50 began at 21,775.75, touching an intraday low of 21,501.80, ultimately closing 216 points (0.99%) lower at 21,522.10.
The Sensex opened at 72,000.20, reached an intraday low of 71,075.72, and concluded 802 points (1.11%) lower at 71,139.90.
The cautious market sentiment prevails with investors eyeing the upcoming Interim Budget, expecting potential volatility despite anticipated subdued announcements by Finance Minister Nirmala Sitharaman.
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Impact on the stock market
Most stock indices experienced losses today, with Nifty Consumer Durables and FMCG leading the declines at 1.61% and 1.02%, respectively. The Nifty Bank also saw a slight decrease of 0.16%. On the positive side, the Nifty PSU Bank index gained 0.96%.
| Sector/Index | Performance |
| Information Technology | -0.41% |
| Healthcare | -0.55% |
| Oil & Gas | -0.50% |
| Realty | +0.38% |
| PSU Banks | 0.96% |
Top gainers today
| Company | Price | Change (%age) |
| BPCL | 504.20 | +2.34% |
| Tata Motors | 858.85 | +2.12% |
| Grasim | 2,126.15 | +1.03% |
| Eicher Motors | 3,704.75 | +0.97% |
| Adani Enterprises | 3,091.10 | +0.86% |
Top losers today
| Company | Price | Change (%age) |
| Bajaj Finance | 6,817.20 | -5.21% |
| Titan Company | 3,735.75 | -3.39% |
| UltraTechCement | 9,963.60 | -3.02% |
| Bajaj Finserv | 1,590.55 | -2.83% |
| NTPC | 315.45 | -2.80% |
Market aftermath: Impact on stocks
Tata Investment Corp surges 20% to record high
Tata Investment Corporation Ltd stock surged 20% to a record high of ₹ 5,794 on the NSE following robust Q3 results. The company reported a 53% YoY rise in consolidated net profit to ₹ 53.2 crore, with revenue climbing 36.87% to ₹ 51.6 crore.
EBITDA surged 40% to ₹ 44.2 crore. In the last year, the stock has risen 173.95%, outperforming the Nifty 50, and has low volatility with a one-year beta of 0.3.
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Zee Entertainment jumps 8.9%
Zee Entertainment shares surged 8.9% on January 30 ahead of an emergency arbitration hearing in Singapore on January 31 regarding the scrapped $10-billion Zee-Sony merger. Sony terminated the merger, citing Zee’s failure to meet financial terms.
Zee’s stock fell 40% in the past month, with a 30% decline since January 18, when reports hinted at the merger’s cancellation. Zee has also approached the NCLT seeking directions for the merger scheme.
BPCL achieves 52-week high
BPCL stock hits a 52-week high at ₹ 511.8, surging nearly 4% after the company reports an 82% YoY jump in Q3 net profit. The past month saw a 13% gain in BPCL shares, outperforming the Sensex, which declined by 0.7%.
Q3FY24 total income was ₹ 1.3 lakh crore, down 2% YoY, while net profit soared due to softer crude prices. Foreign institutional investors raised their stake to 14.2%, and institutional investors increased to 37.28%. Mutual funds reduced the stake to 9.9%.
Also Read: Colgate India results for Q3 FY24: A smiling or frowning stock?
Oil prices tick up
Oil prices climbed in early Tuesday trade, with Brent crude futures increasing by 0.3% to $82.65 per barrel and U.S. West Texas Intermediate crude up 0.4% at $77.09 per barrel. The uptick is attributed to rising geopolitical tensions in the Middle East, heightening concerns about potential disruptions to the oil supply.
Conclusion
In today’s market wrap-up, caution prevailed as investors opted for profit-taking ahead of the crucial US Fed policy outcome.
Tata Investment Corp shone with a 20% surge on stellar Q3 results, while Zee Entertainment faced turbulence before an arbitration hearing. BPCL achieved a 52-week high, and oil prices ticked up amid geopolitical tensions.
Stay tuned on StockGro for more updates on such market dynamics!
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