Sensex Today Ends 300 Points Lower | IEX Tanks 7% | Axis Bank & NTPC Top Losers

Thu, 18 Jan Closing

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After opening the day on negative note, Indian share markets continued the downtrend as the session progressed and ended the day lower.

After witnessing a carnage on Wednesday, Sensex and Nifty continued to face selling pressure in Thursday's trade as HDFC Bank shares extended their slide.

LTIMindtree and Asian Paints too declined after their December quarter results today.

At the closing bell, the BSE Sensex stood lower by 314 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 109 points (down 0.5%).

Sun Pharma, Cipla, and Axis Bank were among the top gainers today.

HDFC Bank, NTPC, and Asian Paints on the other hand, were among the top losers today.

The GIFT Nifty was trading at 21,500 down by 79 points, at the time of writing.

The BSE MidCap index and BSE SmallCap index ended flat.

Sectoral indices ended mixed with stocks in the realty sector and telecom sector witnessing most of the buying. Meanwhile, stocks in power sector, metal sector and finance sector witness selling pressure.

Shares of L&T, Mastek and Lupin 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 0.4% higher, while the Nikkei index ended flat. Meanwhile Hang Seng ended 0.8% higher.

The rupee is trading at 83.14 against the US$.

Gold prices for the latest contract on MCX are trading 0.1% lower at Rs 61,591 per 10 grams.

Meanwhile, silver prices are trading 0.1% lower at Rs 71,386 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.

Aarti Industries Rallies 8%. Here's Why

In news from the chemical sector, shares of Aarti Industries surged 8.6% to Rs 633.5 after the company announced it has signed a long-term contract worth Rs 60 bn with a multinational conglomerate for the supply of a niche speciality chemical.

The contract involves the supply of the chemical for four years.

This is the second such contract signed by the company in the last month. On 27 December, the company entered into a long-term, nine-year contract with a global agrochem company, with a revenue potential exceeding Rs 30 bn.

The latest deal is expected to generate a revenue of over Rs 60 bn for the company.

The product has been an integral part of Aarti's long-term growth strategy and its volume has consistently increased over the past 4-5 years.

The customer is a part of a multinational conglomerate having diversified business interests. Aarti has established robust relationships with this customer and has been supplying the said product for the past five years.

Oracle Financial Services Robust Q3 Numbers

Moving on to news from the software sector, shares of Oracle Financial Services Software (OFSS) zoomed 20% on 18 January to hit a fresh record high.

The sharp rally comes a day after the company posted robust earnings for the quarter ended December 2023.

The company's net profit jumped nearly 70% on-year to Rs 7.4 bn, and revenue from operations jumped 26% to Rs 18.2 bn.

Oracle Financial provides products and services to the financial services industry and is a majority-owned subsidiary of Oracle Corporation. Its margins were strong in Q2FY24, with the operating margin at 46.1% and the net margin at 40.6%.

The company's licence fee signings were US$ 49.5 million for the quarter across their product lines for both Cloud/SaaS and on-premises deployment mode.

Oracle signed a landmark cloud deal with Navy Federal Credit Union, USA, during the December quarter, and the management continues to see a robust deal pipeline across all the regions.

HDFC to Launch Branch in Singapore

Moving on the news from the finance sector, HDFC Bank Ltd, India's biggest private sector lender, is seeking to open its first branch in Singapore, signalling its overseas ambitions after sewing up a landmark merger with mortgage financier Housing Development Finance Corp. last year.

The bank has applied to the Monetary Authority of Singapore for a banking licence and is awaiting approval, according to sources familiar with the matter.

It is not clear what kind of banking licence HDFC Bank is seeking in Singapore.

The banking giant is seeking a bigger presence abroad to tap the Indian diaspora for savings and term deposits, as well as to cross-sell more products, including mortgages.

At home, HDFC has been focusing on deepening its reach in the world's most populous country through loans to retail customers.

Singapore, with a population of almost 6 million people, houses a large Indian diaspora. About 650,000 non-residents and persons of Indian origin live in the city-state.

HDFC Bank is currently not licenced or regulated by the MAS, according to its website. It only provides home loans-related advisory services for the purchase of properties in India.

The categories of banking licences in Singapore encompass full banks, qualifying full banks and wholesale banks, which impose varying levels of restrictions on the lenders' activities.

State Bank of India and ICICI Bank Ltd. hold qualifying full banking licences, alongside eight other banks like Bank of China Ltd. and BNP Paribas SA.

Such licences are open only to foreign banks and allow them to have additional branches and/or off-premise ATMs as well as to share ATMs among themselves.

For more, check out Why HDFC Bank Share Price is Falling.

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

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