Share Market Crash HIGHLIGHTS: Sensex tanks 1,628 pts, Nifty slumps to 21,572 as market bleeds; HDFC Bank plummets 8%
Share Market Crash HIGHLIGHTS: Domestic equity benchmarks crashed on Wednesday, January 17, amid panic selling across sectors wherein financial, oil & gas, metal and auto shares led the losses on Dalal Street. Catch all the highlights of the January 17 session on Dalal Street, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.coms blog.
Share Market Crash, Sensex crash, Nifty Crash HIGHLIGHTS: Domestic equity benchmarks Sensex and Nifty50 suffered steep losses amid market-wide weakness on Wednesday, January 17, with heavyweight HDFC Bank taking a huge hit as investors stared at an alarming loan-deposit ratio in the lender's Q3 earnings report.
Catch all the action on Dalal Street on January 17, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stock recommendations, and much more only on Zeebiz.com's blog:
Latest Updates
Thank you! That's all today on Zeebiz.com's blog on the January 17 session on Dalal Street
For all other news related to business, politics, tech and auto, follow us on Twitter, Facebook, LinkedIn and Instagram.
Share Market Today | HDFC Bank, Tata Steel, Kotak Mahindra Bank, Axis Bank, Hindalco worst hit among 39 Nifty50 losers; Apollo Hospitals, HCLTech, Tech Mahindra, SBI Life top gainers
Here are some of the top gainers and losers at the end of trade:
Index Change (%) Jan 17 close Apollo Hospitals (APOLLOHOSP) 1.28 5,980.35 HCL Technologies (HCLTECH) 1.13 1,572.95 Tech Mahindra (TECHM) 0.95 1,333.00 SBI Life (SBILIFE) 0.87 1,421.00 LTIMindtree (LTIM) 0.71 6,280.00 Infosys (INFY) 0.58 1,641.00 ICICI Bank (ICICIBANK) -2.93 979.5 HINDALCO -3.26 560.65 Axis Bank (AXISBANK) -3.43 1,080.75 KOTAKBANK -3.76 1,778.50 Tata Steel (TATASTEEL) -3.97 131.8 HDFC Bank (HDFCBANK) -8.16 1,542.15 Share Market Today | Nifty Bank falls most among NSE sectoral indices; Nifty IT ekes out 0.6% gain, the only sectoral gauge to rise in bleeding market
Here's where the bourse's sectoral barometers stand at the end of the session dominated by the bears:
Index Change (%) Jan 17 close NIFTY BANK -4.28 46,064.45 NIFTY FINANCIAL SERVICES -4.28 20,528.90 NIFTY PRIVATE BANK -4.23 23,798.35 NIFTY METAL -3.13 7,693.55 NIFTY PSU BANK -1.74 5,830.00 NIFTY AUTO -1.42 18,447.25 NIFTY REALTY -1.42 856.3 NIFTY OIL & GAS -0.99 10,128.90 NIFTY PHARMA -0.96 17,154.00 NIFTY FMCG -0.87 56,259.50 NIFTY HEALTHCARE INDEX -0.69 10,858.25 NIFTY CONSUMER DURABLES -0.16 32,252.45 NIFTY MEDIA -0.12 2,404.70 NIFTY IT 0.64 36,960.40 Closing Bell | Sensex plunges over 1,600 pts, Nifty50 cracks below 21,600 amid market-wide sell-off
Share Market Today LIVE | UBS initiates coverage on Paytm; check out what the brokerage recommends
Global brokerage UBS sees over 20 per cent upside in One 97 Communications, the parent company of Paytm, compared to Tuesday's closing price. The brokerage has a positive view as it reckons a strong top-line compound annual growth rate (CAGR) of 54 per cent in FY21-24E, driven by its core payment business and supported by device and loan origination monetisation.
Further, the brokerage believes that fintech giant profitability dynamics have improved, with its contribution margin rising to 50 per cent of revenue and positive earnings before interest, tax, depreciation, and amortisation (EBITDA).
Giving an outlook on Paytm, the brokerage said regulatory issues have passed for payments and the company is expected to benefit from a 24 per cent CAGR in the payment player fee pool in FY23-28E. Read more
Share Market Today LIVE | Nifty slips below 21,600, Sensex tanks 1,500 pts
Share Market Tips LIVE | Buy BHEL shares, says Vikas Sethi
Vikas Sethi of Sethi Finmart recommends buying BHEL futures for a target of Rs 215 with a stop loss at Rs 199.
Share Market Today LIVE | IEX shares nosedive amid market coupling fears
Indian Energy Exchange (IEX) shares suffer steep losses amid market-wide weakness on Wednesday. IEX shares tumble by as much as Rs 13.2, or 8.0 per cent, to Rs 150.9 apiece on BSE after Union Power Minister RK Singh said in an exclusive interaction with Zee Business that market coupling—or a uniform market clearing price for buyers and sellers in all exchanges operating in an area—will be implemented soon. According to analysts, investors feared the implementation of market coupling of power exchanges that would impact IEX, which enjoys a share of 90 per share in total market volume. Read more
Share Market Today LIVE | LTIMindtree trades flat ahead of Q3 result announcement; here is what to expect
Shares of LTIMindtree are trading flat with a positive bias at Rs 6,244.55 apiece on the BSE (up 0.16 per cent), in a weak market ahead of their December quarter (Q3FY24) result announcement, due later in the day.
Zee Business Research expects the company to report 1.6 per cent QoQ growth in its consolidated revenue at Rs 9,045 crore for the quarter under review. The company had posted revenue of Rs 8,905 crore in the previous quarter. Revenue in dollar terms is seen rising 1 per cent QoQ, while in constant currency (CC) terms, the revenue is expected to rise 1.2 per cent. Earnings before interest and tax (EBIT) are pegged at Rs 1,445 crore, up 1.5 per cent QoQ as compared to Rs 1,423 crore in Q2 FY24. Margins, on the other hand, are expected to remain flat at 16 per cent due to operational efficiency. Read more
Share Market Today LIVE | Nifty Bank sinks over 1,800 pts, down nearly 4%
Source: NSE
Share Market Today LIVE | Nifty slips below 21,650, Sensex tanks 1,400 pts
Share Market Today LIVE | Religare Broking maintains 'buy' on HDFC Bank with target of Rs 2,010/share
The brokerage remains positive on HDFC Bank citing its healthy credit demand.
The HDFC Bank management expects the margin to improve in the coming quarters as the deposits pace picks up and interest rates moderate, while the bank continues to maintain healthy asset quality, according to Religare Broking.
The bank is yet to see the synergies from the merger (with the erstwhile HDFC Ltd) which will enable in higher cross selling of products to existing customers, adds the brokerage, valuing the lender at a multiple of 2.4 times its FY26E adjusted book value.
Share Market Today LIVE | Cochin Shipyard hits record high, Indian Oil touches 52-week peak as PM to inaugurate major infra projects today
State-run shipbuilding and ship repair company Cochin Shipyard's shares soar to a record high on Wednesday as Prime Minister Narendra Modi was scheduled to inaugurate projects worth more than Rs 4,000 crore in Kochi in a major boost to the country's ports, shipping, and waterways sector. The stock of Cochin Shipyard (COCHINSHIP) surges by as much as Rs 88.4, or 11.2 per cent, to an all-time high of Rs 880.3 apiece on BSE, surpassing an earlier peak of Rs 1,409 registered in late December.
According to an official statement, the Prime Minister will inaugurate three major infrastructure projects around noon during his scheduled visit to Kochi: the New Dry Dock (NDD) at Cochin Shipyard, the International Ship Repair Facility (ISRF) of the shipbuilder, and the LPG import terminal of oil company Indian Oil Corporation at Puthuvypeen. Read more
Share Market Today LIVE | RVNL forms JV with Jakson Green; stock hits all-time high
Shares of Rail Vikas Nigam extend their gains for the seventh session and clock an all-time high of Rs 235.1 apiece on the BSE after the rail infrastructure company formed a joint venture with Jakson Green Private Limited and also formed a subsidiary company in South Africa.
The company's market capitalisation stood at Rs 48,737.34 crore. RVNL announced on Tuesday, after market hours, that it has formed a joint venture (JV) with Jakson Green Private Limited to explore solar EPC projects in India and abroad. Read more
Share Market Today LIVE | Sensex tanks 1,150 pts, Nifty slips near 21,700
Stocks to Buy | Nestle India, IDFC First Bank, Biocon among analysts' top picks
In conversation with Zee Business Managing Editor Anil Singhvi, market experts Ambareesh Baliga, Vishvesh Chauhan, Rakesh Bansal and Kunal Saraogi share their top stock recommendations in this special segment, Pick of the Day. On the top analysts' 'buy' list are stocks such as IDFC First Bank, Gujarat Gas, Biocon and Nestle India. Read more
Share Market Today LIVE | ICICI Lombard surges higher after insurance firm's Q3 results meet Street estimates
ICICI Lombard shares trade six per cent higher at Rs 1,457 on BSE after the insurance company reported December-quarter results that met Zee Business research estimates. The net premium earned by the company in the December quarter was up by 13.5 per cent to Rs 4305 crore from Rs 3792 crore.Zee Business Research estimated the premium to be Rs 4390 crore.
Profit after tax (PAT) for the company saw a jump of 22 per cent to Rs 431 crore from Rs 353 crore, against research estimates of Rs 592 crore. Read more
Share Market Today LIVE | L&T Technology Services' management reaffirms revenue target for FY24; stock jumps 4%
L&T Technology Services shares trade 3.13 per cent higher at Rs 5,517 on NSE, a day after the IT company posted its Q3 FY24 results, and its management reaffirmed the target to grow revenue between 17.5 and 18.5 per cent on a constant currency basis in FY24. Read more
Share Market Today LIVE | Sanghi Industries hits a lower circuit
Sanghi Industries hit a lower circuit of 9.98 per cent on BSE, days after Ambuja Cement's open offer to acquire a 26 per cent stake in the company began. The company informed the bourses on Tuesday that its Extraordinary General Meeting (EGM) will be held on February 8, 2024, at 11 am. Read more
Share Market Today LIVE | Weak global cues, HDFC Bank Q3 result top factors behind the steep fall in benchmark index
As anticipated, domestic equities witnessed a heavy sell-off on Wednesday, January 17, amid weak global cues. Further, HDFC Bank's Q3 results back home, too, weigh on investor sentiment.
Here are the likely triggers that led to the descent of headline indices by a wide margin.
Weak China Q4 GDP nos
China's GDP figures weighed on markets as the country's fourth-quarter GDP came in lower than expected, at 5.2 per cent. The sentiment impacted other Asian markets.
Rate cut expectations remain uncertain
After certain Fed officials lessened the importance of interest rate cuts, the expectations around early interest rate cuts by the US Federal Reserve became uncertain. Fed Governor Christopher Waller advocated proceeding with caution to avoid more tightening. Thus, traders discounted the lower chances of a rate cut in March this year. “So, from now on, the setting of policy needs to proceed with more caution to avoid over-tightening," he said.
Mixed global markets
After the weak US overnight trade, most Asian markets also saw a pullback on Federal Governor comments. Nonetheless, Japanese markets notched a new 34-year high in anticipation that the policy would remain ultra-loose.
Heavyweights drag
Heavyweights including the likes of HDFC Bank and Wipro saw a substantial drag of up to 7 per cent. Read more
Share Market Today LIVE | HDFC Bank tanks 7% post-Q3 results; what's hurting the sentiment?
HDFC Bank shares take a heavy beating and are the biggest contributor to the market's sharp decline, a day after the banking behemoth posted stagnant margins for a second consecutive quarter and concern over the Loan-to-Deposit ratio grew in its financial results for the quarter ended December 31, 2023 (Q3 FY24). The country's largest private sector lender reported a standalone net profit of Rs 16,372.5 crore for the October-December period, in line with Street estimates.
The HDFC Bank stock declines by as much as seven per cent, to Rs 1,560 apiece on NSE.
HDFC Bank Q3 results review
Zee Business Managing Editor Anil Singhvi has a 'sell' call on HDFC Bank futures with a stop loss at Rs 1,700 for targets of Rs 1,640, Rs 1,615 and Rs 1,590. He highlights the following key points:
- Extremely weak performance
- ADR down 6.7 per cent
- Short only if the stock doesn't make a big gap-down opening
- Loan-to-Deposit Ratio is a big concern for the market
Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,850-21,925 levels and a strong buy zone at 21,725-21,825 levels on Wednesday, January 17. For the Nifty Bank, he expects support to come in at 47,350-47,500 levels and a strong buy zone at 47,025-47,250 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Share Market Today LIVE | Sensex tanks over 700 pts, Nifty slips near 21,800 in opening deals
Nifty 50
Source: NSESensex
Source: BSE
Currency Update | Rupee falls 2 paise to 83.14 against US dollar in early trade
Traders' Diary | Buy, sell or hold strategy on HDFC Bank, ICICI Bank, L&T, Bajaj Finance, Wipro, GAIL, RVNL, over a dozen other stocks today
In this edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Wednesday, January 17. Check out which stocks are on analysts Varun Dubey and Kushal Gupta's radar, and what they recommend in cash and derivative segments.
Here's the complete list of investment and trading ideas for the day:
Varun Dubey
- Buy Sandhar Technologies shares in the cash segment for a target price of Rs 494 with a stop loss at Rs 465
- Buy HDFC Bank futures for a target of Rs 1,610 with a stop loss at Rs 1,700
- Buy the Rs 485 put option of Wipro for a target of Rs 13 with a stop loss at Rs 9
- Technical pick: Buy Rail Vikas Nigam Limited (RVNL) shares for a target price of Rs 232 with a stop loss at Rs 219
- Fundamental pick: Buy Hero MotoCorp shares for a target of Rs 4,470 with a stop loss at Rs 4,340
- Investment idea: Buy GAIL shares for a 12 months target of Rs 200. Read more
Stocks to Watch | LTTS, HDFC Bank, ICICI Securities, IREDA, RVNL, other stocks
Here are some stocks that will be in focus on Wednesday, January, 17:
L&T Technology Services: The IT company recorded a net profit of Rs 336.8 crore for the third quarter ended December 31 against Rs 298.2 crore a year ago. The revenue for the quarter under review stood at Rs 2,420 crore against Rs 2,230.5 crore year-on-year (YoY).
HDFC Bank: The net profit for the third quarter ended on December 31 stood at Rs 16,372 crore against Rs 12,259.49 crore YoY. The private sector lender's gross non-performing asset (NPA) stood at Rs 31,011.67 crore against Rs 18,763.9 crore a year ago. Net NPA for the quarter stood at Rs 7664.1 crore.
Hathway Cable & Datacom: The company posted a net profit of Rs 22.35 crore in the third quarter ended December 31, 2023, against Rs 28.77 crore a year ago. The revenue stood at Rs 504.58 crore against Rs 478.45 crore year-on-year (YoY).
Jubilant Foodworks: The company's board approved making further investments of up to Rs 25 crore in Jubilant Foodworks Netherlands B.V., a subsidiary of the company.
RVNL: The company formed a joint venture with Jakson Green Private Limited to explore opportunities in solar power projects in India and abroad.
IREDA: The company signed a Memorandum of Understanding (MoU) with Indian Overseas Bank for co-lending in green energy financing. Read more
Share Market Today LIVE | GIFT Nifty futures indicate a lower start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are down 212 points or 0.96 per cent at 21,817.5 ahead of the opening bell on Dalal Street.
Good morning! Welcome to Zeebiz.com's blog on the stock market today
Follow this space to catch minute-by-minute market action, the views of Zee Business Managing Editor Anil Singhvi and other experts, investment ideas, stock picks, brokerage calls and much more through the day.
Happy trading, and happy investing!
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.