Stock Market LIVE: Sensex Down By 400 Pts, Nifty Around 23,200

Indian equity markets closed in the red on January 17, with the benchmark Nifty settling at 23,203.20, down 108.60 points or 0.47 percent. The Sensex also dropped 423.49 points or 0.55 percent, closing at 76,619.33.

Market breadth remained mixed, with 1,975 stocks advancing, 1,797 declining, and 116 remaining unchanged.

Key Movers
Major losers on the Nifty included Infosys, Axis Bank, Shriram Finance, Kotak Mahindra Bank, and Wipro. On the other hand, BPCL, Reliance Industries, Hindalco Industries, and Nestle India emerged as top gainers.

Sectoral Performance
The IT and Bank indices each fell by 2 percent, weighing on the broader markets. However, oil & gas, power, FMCG, PSU, capital goods, realty, and metal indices offered some support, each registering a 1 percent gain.

Meanwhile, the BSE Midcap and Smallcap indices ended the session flat.

"As the Union Budget approaches, it's crucial to focus on improving the educational system by leveraging modern technologies. Tools like virtual reality and augmented reality can transform the way students engage with their studies, making learning more dynamic and engaging. However, we must not overlook the importance of investing in teacher training. Teachers are the foundation of education and providing them with the skills and knowledge to utilize these advanced resources can lead to significant improvements. Additionally, upgrading school facilities to support these initiatives should be a top priority.

From an industry standpoint, offering tax incentives to educational startups could foster innovation and ensure that all students, especially those in underserved areas, have access to quality learning resources.

A budget that prioritizes hands-on learning and modernization in education would greatly benefit India’s youth, equipping them to tackle future challenges and seize upcoming opportunities," Nischal Narayanam, Founder and Mentor, nischals

Swan Defence and Heavy Industries Limited (“SDHI”), a key private player in commercial & defence shipbuilding, ship repairs, and heavy fabrication in India, will recommence trading of its shares at BSE/NSE under the script code – 533107/SWANDEF. The shares will be available for trading with effect from January 20, 2025.

Aditya Birla Sun Life AMC informed that the Board of Directors of the Aditya Birla Sun Life AMC Limited (“the Company”) is scheduled to be held on Monday, January 27, 2025, inter-alia, to consider and approve the unaudited Standalone and Consolidated financial results of the Company for the quarter and nine months ended December 31, 2024. 

Getalong Enterprise Limited renowned for its expertise in Tax Solutions and Allied Services, is delighted to announce that it has been approved by the Income Tax Department of India to act as an E-Return Intermediary (ERI) under the Electronic Furnishing of Returns of Income Scheme, 2007, effective from January 16, 2025. This significant milestone highlights the company’s steadfast commitment to digitization in tax compliance services and positions it for substantial operational growth.

Gateway Distriparks  informed that the Company received Rectification Order on January 16, 2025, issued by Income Tax Department for the financial years 2018-19 of the erstwhile Gateway Distriparks Limited wherein an initial sum of INR 5,58,13,178 being revised to an amount of INR 1,48,38,647/- for the above mentioned year.

Nifty IT falls by nearly 8%, leading the loss are Infosys, Wipro and Tech Mahindra

Tech giants Wipro and Tech Mahindra are among 40 companies set to release their earnings report for the third quarter (Q3) of the financial year 2024-25 (FY25) on Friday.

Key players such as ICICI Lombard General Insurance Company, Jio Financial Services, and SBI Life Insurance Company will also disclose their performance for the quarter ending December 31, 2024.

In the sectoral outlook on Nifty, IT is bleeding with more than 2.50% followed by Bank, Auto, Financial Services, PSU Bank. In the gaining streak, FMCG is leading with Media, Metal, Pharma, Realty and Oil and Gas 

Reliance Industries Ltd (RIL) shared surged 4% in today's trading session following the company Q3 results announcement. The company  posted a 12 percent year-on-year increase in consolidated net profit to a record high of Rs 21,930 crore for the third quarter of FY 2024-25. The oil-to-telecom conglomerate’s PAT  stood at Rs 17,265 crore in the same quarter a year ago.

Transworld Shipping Lines said that the meeting of the Board of Directors of Company will be held on Wednesday, 12th February 2025, inter alia, to consider and approve the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and nine months ended 31st December 2024 
 

Gainers - Hindalco, Reliance, BPCL, Coal India and Nestle India
Losers - Infosys, Axis Bank, Kotak Bank, M&M  and Shriram Finance 

Allcargo Terminals Limited informed that the the Board of Directors at its meeting held today i.e., Friday, January 17, 2025, approved Preferential issue of equity shares of Allcargo Terminals Limited (the “Company”/”ATL”) for consideration other than cash, i.e. in lieu of acquiring 15% shares of Speedy Multimodes Limited (“SML”), held by Mr Ashish Chandna, Chief Executive Officer of the Company & SML.

South West Pinnacle Exploration Limited (SWPE) has received two Letters of Intimation (LOI) from M/s Odisha Lift Irrigation Corporation Limited for installation of deep bore wells for Solar Pumping System in the state of Odisha. The aggregate value of both LOI’s including GST is ~ Rs. 10.86 Crores

MTNL announced that the Board of Directors will be held on Friday, 14th February 2025 to inter-alia consider and approve the Unaudited Reviewed Financial Results for the Quarter ended on 31st December, 2024.

Infosys Ltd, on Thursday, reported 11.46 per cent rise in the third quarter net profit on pick-up in demand, which also prompted the company to raise its annual sales forecast for a third time this fiscal year. Axis Bank also fell by over 5 per cent post-earnings announcement. Tata Consultancy Services, HCL Tech, IndusInd Bank and ICICI Bank were the other big laggards from the pack.

 

A total of 10 entities have settled a case of trading using non-public information from guest experts on a news channel with markets regulator Sebi after paying a total of Rs 5.96 crore towards the settlement amount. Individually, Nirmal Kumar Soni, Kiran Jadhav, Ashish Kelkar, and Mudit Goyal paid Rs 62.40 lakh each; Nitin Chhalani, Rupesh Kumar Matoliya, Ajaykumar Ramakant Sharma and Ramawatar Lalchand Chotia remitted Rs 57.2 lakh each; Simi Bhaumik shelled out Rs 46.8 lakh and SAAR Securities India Private Limited paid Rs 31.85 lakh.

Jubilant Pharmova's subsidiary Jubilant Cadista Pharmaceuticals Inc., (Jubilant Cadista)’s solid oral formulations facility at Salisbury, Maryland, USA was inspected by the United States Food and Drug Administration (USFDA). USFDA has issued five observations with no repeat observations. Jubilant Cadista will submit an appropriate action plan to the USFDA on these observations within stipulated time.

Gainers - Reliance, Zomato, Adani Ports, L&T and TAMO
Losers - SBI, Axis Bank, Infosys, Titan and M&M

Indian markets open lower on January 17

The pre-open indicates that both Sensex and nifty will open in red today 

RIL have approved acquisition of 100% equity stake of Lakadia B Power Transmission Limited (“LPTL”) from REC Power Development and Consultancy Limited (“RECPDCL”), in accordance with the terms of the tender awarded to the Company for establishment of Transmission System for Augmentation of transformation capacity at 765/400kV Lakadia Substation (“the Project”), for an aggregate consideration not exceeding Rs. 8 crore. Post acquisition, LPTL will become a wholly owned subsidiary of the Company.

RIL has approved the acquisition of 100% equity stake of Reliance New Energy Battery Limited (“RNEBL”) from Reliance New Energy Limited (“RNEL”), for an aggregate consideration of Rs. 1 lakh. RNEBL is a step-down wholly owned subsidiary of the Company and post this acquisition RNEBL will become a direct wholly owned subsidiary of the Company

On Thursday, Adani Group stocks, including Adani Power, Adani Green Energy, Adani Enterprises, and Adani Ports, witnessed a notable rally on Thursday, January 16. This surge followed the announcement that US-based short-selling firm Hindenburg Research, which had targeted the conglomerate with explosive allegations, has ceased operations.

Adani Power led the charge, jumping nearly 9% in early trade. Adani Green Energy also climbed by the same margin. Adani Enterprises followed with a 7.7% gain, while Adani Total Gas, Adani Energy Solutions, and Adani Ports rose as much as 6.6%.
 

Infosys Q3 results are announced and this time the net profit has gone up by 11.4 per cent to Rs 6,806 from Rs 6,106 in the same period last year. The operating margin for Q3 stood  Q3 stood at 21.3 per cent, marking a slight increase of 0.2 per cent sequentially and 0.8 per cent year-on-year. This margin improvement is seen as a positive indicator of Infosys' ability to manage operational efficiency and cost structures effectively. The company also posted the highest-ever free cash flow of $1,263 million, a remarkable 90 per cent increase compared to the previous year.
 

Reliance Industries Ltd (RIL) posted a 12 percent year-on-year increase in consolidated net profit to a record high of Rs 21,930 crore for the third quarter of FY 2024-25. The oil-to-telecom conglomerate’s PAT  stood at Rs 17,265 crore in the same quarter a year ago.

Gift Nifty signals a weak start, trading at 23,323.0 down by 56.0 pts and 0.24%

Asia-Pacific stock markets mostly rose on Thursday, with South Korea's central bank surprising investors by keeping the benchmark interest rate unchanged. South Korea's Kospi posted a notable gain, while the small-cap Kosdaq also climbed following the announcement. However, the Korean won weakened slightly against the US dollar.

In Japan, the Nikkei 225 ended the day with modest gains, while the Topix index experienced a slight decline. Japan also reported a year-on-year rise in its producer price index for December.

Hong Kong's Hang Seng index advanced during the final trading hours, while China's CSI 300 showed a smaller increase. Meanwhile, in Australia, the S&P/ASX 200 closed higher, although the country's unemployment rate saw a slight uptick in December.

In after-hours trading on Thursday on Wall Street, J.B. Hunt Transport Services experienced a notable decline following disappointing fourth-quarter earnings, while Old Dominion Freight Line also saw a slight dip in response.

The broader market saw mixed results, with the S&P 500 finishing slightly lower in the regular session. Apple’s sharp drop contributed significantly to the Nasdaq’s decline, pushing it lower by a notable margin. Meanwhile, the Dow posted a modest decrease.

Despite these setbacks, all three major indices are still on track for a weekly gain.

Looking ahead, more bank earnings are expected before Friday’s opening bell, including from State Street, Citizens Financial, Truist Financial, and Regions Financial. Traders will also keep an eye on upcoming housing data, including building permits and housing starts.

On Thursday, the NSE Nifty rose by 98.60 points, or 0.42%, to close at 23,311.80. Meanwhile, the 30-share BSE Sensex gained 318.74 points, or 0.42%, reaching the 77,000 mark at 77,042.82. During the session, the index surged further by 595.42 points, or 0.77%, to touch a high of 77,319.50.