Gift Nifty Down Trades Flat | HDFC Bank, L&T Tech Q3 Result | Why PSU Stocks Are Rising | Tata Consumer Products & Top Buzzing Stocks Today

Wed, 17 Jan Pre-Open

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On Tuesday, 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 on Tuesday, the BSE Sensex closed 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.

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

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.

The rupee was trading at 83.08 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.3% lower at Rs 62,365 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:45 AM today, the Gift Nifty was trading flat at 21,838 levels.

Indian share markets are headed for a muted note opening today following the trend on Gift Nifty.

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.

Top buzzing stocks today

Newgen Software share price will be in focus today.

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.

Union Bank of India will also be a top buzzing stock.

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.

HDFC Bank Q3 Net Profit Jumps 33%

HDFC Bank on 16 January reported a net profit of Rs 163.7 bn for the October-December quarter of 2023-24, which marks a 33.5% jump from Rs 122.6 bn clocked a year ago.

The net profit, at Rs 163.7 bn, is almost in line with the market estimates of Rs 164.3 bn.

The net interest income (NII) of Rs 284.7 bn, increased by 23.9% compared to Rs 229.9 bn reported in the corresponding quarter of the previous fiscal. The NII, at Rs 284.7 bn, is lower than the market estimates of Rs 295.5 bn.

The bank's gross non-performing assets (NPA) stood at 1.3%, up from 1.2% last year. On the other hand, net NPA for the quarter stood at 0.31% compared to 0.33% last year.

In the October-December FY24 quarter, total deposits of the bank jumped by 27.7% to Rs 28.5 trillion (tn) versus Rs 22.3 tn in the corresponding quarter last year. Current account and savings account deposits grew by 9.5%, with savings account deposits at Rs 5.8 tn and current account deposits at Rs 2.6 tn.

The lender's total advances jumped 62.4% to Rs 24.7 tn. Domestic retail loans of the bank grew by 111%, commercial and rural loans of the bank grew by 31.4% and corporate and wholesale loans (excluding non-individual loans of eHDFC Ltd. of approximately Rs 989 bn), grew by 11.2%.

For more, check out Looking For the Best Bluechip Stocks for 2024? You Don't Want to Miss These 5.

L&T Tech Q3 Update

L&T Technology Services reported a consolidated net profit of Rs 3.4 bn in the quarter ending December 2023, which is largely in line with the CNBC TV-18 estimate of Rs 3.3 bn.

The net profit clocked by the company is 13% higher, compared to Rs 3 bn reported in the comparable year-ago period.

The consolidated revenue from operations in Q3FY24 came in at Rs 24.2 bn, which is 12% higher than Rs 20.5 bn recorded in the corresponding quarter of the previous fiscal.

In dollar terms, the revenue stood at US$ 290.7 million (m) in the October-December 2023 period, marking a growth of 11% on-year.

L&T Tech's earnings before interest and taxes (EBIT) during the quarter stood at Rs 4.2 bn, whereas, the EBIT margin came in at 17.2%.

Why PSU Stocks Are Rising

Shares of Mazagon Dock Shipbuilders surged 6% on 16 January to hit a fresh record high of Rs 2,492 on the National Stock Exchange (NSE) amid high volumes.

The sharp rally drove the market cap of Mazagon Dock to Rs 492.9 bn. The company is expecting an order boost with approval for three additional submarines within FY24.

Mazagon Dock is not the only PSU stock soaring high. Shares of Indian Railway Finance Corporation (IRFC) surged over 12% to its new high of Rs 146.8.

Meanwhile, Rail Vikas Nigam (RVNL) stock also advanced 5% to its new peak of Rs 231.8.

The prospect of the BJP's potential re-election this year is generating positive expectations for sustained capital expenditure, contributing to the increased attractiveness of PSU stocks.

This sentiment has been boosted by the noteworthy performance of the BSE PSU index in 2023, which surged 55%, outperforming the benchmark BSE Sensex index's return of 18.7%.

The robust surge in PSU stocks reflects the impressive performance and investor confidence in public sector enterprises, highlighting their attractiveness to market participants.

The anticipation of re-election seems to be a pivotal element in shaping market dynamics and investor sentiment by playing a significant role in the positive prospects for PSU stocks.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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