Sensex Today Tanks 750 Points | HDFC Bank Drops 5% | Hindalco & Axis Bank Top Losers

Wed, 17 Jan 10:30 am

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Asian stocks stumbled and the dollar was near a one-month high on Wednesday as hawkish rhetoric from central bankers beat back bets of early interest rate cuts.

The Nikkei index was trading 0.5% higher, while Hang Seng was trading 2.9% lower. Meanwhile Shanghai index gained 0.8%.

US stocks retreated on Tuesday while the dollar gathered strength amid warnings that markets might have gotten ahead of themselves with respect to the timing and extent of central bank policy cuts.

Here's a table showing how US stocks performed on Tuesday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	144.08	-0.16	-0.11%	145.84	143.06	146.66	88.86
Apple	183.63	-2.29	-1.23%	184.26	180.93	199.62	133.77
Meta	367.46	-7.03	-1.88%	375.61	367.23	377.06	132.14
Tesla	219.91	1.02	0.47%	223.49	212.18	299.29	124.31
Netflix	481.24	-10.92	-2.22%	494.15	478.02	503.41	285.33
Amazon	153.16	-1.46	-0.94%	154.99	152.15	157.17	88.12
Microsoft	390.27	1.8	0.46%	394.03	387.62	394.03	230.68
Dow Jones	37361.12	-231.86	-0.62%	37543.18	37201.39	37825.27	31429.82
Nasdaq	16830.71	-2.21	-0.01%	16895.33	16726.59	16969.17	11251.94

Source: Equitymaster

At present, the BSE Sensex is down 777 points and NSE Nifty is trading 225 points lower.

TCS, HCL Tech and Infosys are among the top gainers today.

HDFC Bank, Hindalco and Axis Bank on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid Cap is trading 0.2% lower and the BSE Small Cap index is trading flat.

Sectoral indices are trading on positive note, with socks in capital goods sector and energy sector witnessing most buying. Meanwhile stocks in banking sector, auto sector and realty sector witnessed selling pressure.

The rupee is trading at Rs 82.1 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 61,990 per 10 grams today.

Meanwhile, silver prices are trading 0.3% lower at Rs 71,870 per 1 kg.

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...

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.

UltraTech Cement Incorporates Subsidiary

The cement major has incorporated a wholly-owned subsidiary, namely Letein Valley Cement.

The new subsidiary will carry on the business of mining limestone and other raw materials, as well as the manufacture and sale of cement.

UltraTech Cement is the largest manufacturer of grey cement, ready-mix concrete (RMC) and one of the largest manufacturers of white cement in India.

Going forward, the company plans to increase its total green energy share threefold from current 22% to 60% by FY26. The company has been constantly scaling up the green energy mix in total power requirement over the years.

UltraTech targets to meet the entire electricity requirement through renewable sources by 2050, as part of its RE100 commitment.

For more details, check out the Top 5 Biggest Gainers of 2023. Will Their Dream Run Continue?

Oil Prices Fall

Oil prices fell on Wednesday as a stronger US dollar limited demand for greenback-denominated crude, though the rising risks of supply disruptions amid the intensifying conflict in the Red Sea curbed the losses.

Global benchmark Brent crude futures fell 0.5% to US$ 77.93 a barrel by 0215 GMT. US West Texas Intermediate crude futures (WTI) fell 0.59% to US$ 71.97 a barrel.

Brent crude rose slightly on Tuesday while WTI fell as investors saw fundamentals weakening in the US, but the ongoing naval and air conflicts in the Red Sea increased concerns of tankers having to reroute to avoid the area, increasing costs and the amount of time for deliveries.

The US dollar hovered near a one-month high on Wednesday after comments from US Federal Reserve officials pushing back against aggressive interest rate cut expectations. The stronger dollar reduces demand for dollar-denominated oil for buyers paying in other currencies.

The US on Tuesday mounted fresh strikes against the Iran-aligned Houthi militants in Yemen after a Houthi missile hit a Greek vessel in the Red Sea.

British oil major Shell suspended shipments through the Red Sea after the US and UK strikes began, but US producer Chevron is maintaining its Red Sea routes.

ICICI Securities Q3 Results

ICICI Securities reported a standalone net profit of Rs 4.7 billion (bn) in the quarter ending December 2023, marking a jump of 67% compared to the year-ago period, as per the quarterly results declared on 16 January.

The company's standalone revenue from operations stood at Rs 13.2 bn during the quarter under review, which is 50% higher than the corresponding period of the previous fiscal.

The company is in the process of delisting. ICICI Securities said during the quarter, the company received no objection letters from the National Stock Exchange of India (NSE) and a letter from BSE Limited (BSE) on 28 November 2023.

This enables the company to file the scheme with the National Company Law Tribunal (NCLT). The Scheme is subject to receipt of requisite approvals from the company's and holding company's shareholders and creditors.

For the nine months ended December 2023, the company said its net profit margin was at 33.1%, in line with the margin for FY23. The operation margin for the 9MFY24 stood at 44.4%, largely in line again.

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

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