Sensex Today Ends 199 Points Lower | Jyoti CNC Up 30% | Wipro & NTPC Top Gainers

Tue, 16 Jan Closing

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After opening the day flat, Indian share markets shed as the session progressed and ended the day lower.

A tepid global mood capped gains in the markets on Tuesday with the benchmark indices slipping up to 0.3%.

At the closing bell, the BSE Sensex stood lower by 199 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 66 points (down 0.3%).

Tata Steel, BPCL and ITC were among the top gainers today.

Wipro, NTPC and HCL Tech on the other hand, were among the top losers today.

The GIFT Nifty was trading at 22,030 down by 113 points, at the time of writing.

The BSE MidCap index ended 0.3% higher and BSE SmallCap index ended 0.4% higher.

Sectoral indices ended mixed with stocks in the metal sector and oil & gas sector witnessing most of the buying. Meanwhile, stocks in power sector, realty sector and media sector witness selling pressure.

Shares of MRF, Bosch and Apollo Hospitals hit their respective 52-week highs today.

Now track the biggest movers of the stock market using stocks to watch today section. This should help you keep updated with the latest developments...

Asian share markets ended on the mixed. The Shanghai Composite ended 0.3% higher, while the Nikkei index ended 0.8% lower. Meanwhile Hang Seng ended 2.2% lower.

The rupee is trading at 83.08 against the US$.

Gold prices for the latest contract on MCX are trading 0.3% lower at Rs 62,365 per 10 grams.

Meanwhile, silver prices are trading 0.3% lower at Rs 72,434 per 1 kg.

Speaking of stock markets, the last few days however have been quite hard on Polycab India. It has seen its share price erode by a huge 30% from its top and there could be more losses in the offing.

The decline is a result of the company coming in the cross hairs of the tax authorities.

Is this reason enough for the share price to fall 30%? Or are investors overreacting as usual?

Rahul Shah co-head of research at Equitymaster, answers these questions in below video.

Newgen Software Q3 Profit Jumps 44%

In news from the software sector, the Newgen Software stock was locked in a five percent upper circuit on 16 January after the software company reported a 44% year-on-year rise in net profit for the December quarter.

Newgen Software rose to Rs 898.6, which is also a fresh 52-week high, after it reported a profit of Rs 683 million (m) and revenue of Rs 3.2 bn, up 27% from the year-ago period.

The EBITA rose 35% on a sequential basis to Rs 770 m from Rs 570 m. The margin came in at 23.8%, up 4.4% points from 19.4% in Q2FY24.

The management projects a strong growth outlook during the annual meeting. The growth will be driven by India and the Middle East markets.

Newgen Software said the deal sizes have increased by around 40% in the last year, driven by strong demand, more comprehensive solution offering and ability to tap into Tier-1 accounts.

Newgen Software is a well-known provider of a low code automation platform for digital transformation. Gartner, forester, frost and Sullivan, and IDC have all given the corporation its seal of approval.

Over the past six months, the company's shares have zoomed 115%.

Why Media Stocks Are Rising?

Moving on, media stocks have been on a tear for the past five days, driven by expectations of higher advertisement revenues during the upcoming election season and other stock-specific factors such as declining newsprint prices.

Entertainment Network India Ltd (ENIL), the operator of Radio Mirchi and a unit of Bennett, Coleman and Co., surged 17% in the past five trading sessions. Print media rival HT Media Ltd, the publisher of Hindustan Times and Mint, gained 2.7% over the same period.

The rally, initially led by Dainik Bhaskar publisher DB Corp. and television network operators Network18 Media & Investments Ltd and Sun TV, is now more broad-based, with investors betting on radio and print companies as well.

In the past six months, Network 18 and TV18 Broadcast Ltd have gained 87% and 53%, respectively, while DB Corp rose 63% and Sun TV gained 35%.

Media companies have emerged as some of the biggest beneficiaries of political party spending in the run-up to elections.

With the Bharatiya Janata Party and its rival political parties set to unleash an advertising blitz over the next six months, media stocks, including television, print and radio, are poised to reap the rewards.

To be sure, the growth in advertisement revenue during the last quarters of fiscal 2014 and 2019 (coinciding with years when parliamentary polls were held) was more or less the same as in non-election years.

Union Bank of India Crosses Rs 1 Trillion Mark

Union Bank of India has become the fourth public sector lender to surpass the Rs 1-lakh-crore market value, with its shares soaring over 15% since 1 January 2024.

The Union Bank stock had jumped nearly 49% in 2023. The lender will report its December-quarter earnings on 20 January.

Union Bank hitched a ride on the strong rally in public sector firms. Public sector banks have improved balance sheets, with enhanced asset quality through low slippage ratios and reduced credit costs.

Union Bank recorded a 90% on-year surge in net profit, reaching Rs 35.1 bn for the September 2023 quarter, compared to Rs 18.5 bn a year before.

Its NII increased 10% to Rs 91.3 bn from Rs 83.1 bn on-year, while its gross non-performing asset (GNPA) dropped to 6.4% in the September quarter, down from 7.3% in the June quarter, while net NPA decreased to 1.3% from 1.6% quarter-on-quarter.

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