Indian Stock Market Continues Downward Trend in Truncated Week I DLF I Chalet Hotel I UCO bank I PNB housing I Railtel

 Market Summary:

·  Indian stock markets witnessed a second consecutive week of losses, with both Sensex and Nifty declining by around 1%.

·  Global factors like potential China stimulus package and upcoming monetary policy decisions influenced market sentiment.

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·  Domestically, Nifty struggled to cross the 21500 mark, leading to bearish sentiment.

·  Key sectors like Media and Banking led the decline, while Pharma emerged as the lone gainer.

Key Takeaways:

·  Technical Outlook: The near-term trend is likely to remain sideways, ranging between 21300 and 21500. A breakout above 21500 could push the index towards 21700-22000.

·  Sectoral Performance: Media (-10%) and Banking (-3-5%) were the worst performing sectors, while Pharma (+1.7%) was the best performer.

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·  Market Breadth: Broader markets were mixed with MidCap (-0.36%) and SmallCap (+0.54%) showing varying performances.

   Indian Stock market News 

UCO Bank fell 3.4 percent after the lender’s net profit plunged 23 percent YoY to Rs 503.83 crore in Q3FY34. The bank’s net interest margin also declined 16 basis points YoY to 3.02 percent.

Laurus Labs stock fell 5.59 percent after the pharma company reported a fourth consecutive quarterly decline in profit and revenue. In Q3FY24, the firm’s net profits fell 88.5 percent YoY to Rs 23.34 crore. Profits declined due to a 67 percent on-year fall in the CDMO-synthesis business.

DLF gained 1.42 percent after the real estate company’s net profit grew 26.6 percent to Rs 655.7 crore. DLF saw a 15-year-high quarterly profit, all-time high pre-sales and Rs 10 billion FCF generation in the third quarter of the current fiscal year.

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Dalmia Bharat stock gained 2.21 percent after the company’s net profit increased 22.2 percent to Rs 266 crore. Dalmia Bharat's revenue from operations grew by 7.3 percent to Rs 3,600 crore, compared to the year-ago period.

Tech Mahindra fell 5.89 percent after the company reported a 60.6 percent fall in net profit to Rs 510 crore year-on-year for the third quarter ended December. 

Bajaj Auto surged 4.95 percent after the company’s Q3 net profits increased 37 percent to Rs 2,041.88 crore driven by robust sales of its two-wheelers, price hikes and higher realisations amid consistent demand.

 Ceat Tyres stock fell 1.6 percent despite the company reporting a five-fold increase in consolidated net profit at Rs 181.3 crore for the October-December period of FY24, increasing from Rs 34.85 crore in the same period last year, backed by strong operating numbers.

Railtel Corporation jumped 9.69 percent after the company recorded 94.5 percent on-year growth in net profit at Rs 62.1 crore for the quarter ended December FY24.

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PNB Housing Finance stock fell 4.45 percent despite the company reporting 25.8 percent YoY growth in net profit to Rs 338.4 crore in Q3. Revenue from operations fell 2.3 percent YoY to Rs 1,754.8 crore for the quarter.

Chalet Hotels gained 1.47 percent after the company’s revenue grew by 29 percent YoY to Rs 373.7 crore in Q3 FY24. Further, the board has also approved raising funds up to Rs 2,000 crore through the issue of equity shares or any other convertible instruments, which will be used towards the paring down of debt, organic and inorganic growth, general corporate purposes, and the redemption of preference shares.

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