NIFTY50: 21,894 ▲ 247 (+1.1%)
SENSEX: 72,568 ▲ 847 (+1.1%)
- Benchmark indices closed higher for the fourth consecutive session
- In all, 32 of the NIFTY50 stocks closed in the green
- India's retail inflation hit a four-month high of 5.69% in December 2023
Among the NIFTY sectoral indices, IT (+5.1%) and PSU Bank (+2.7%) were the top gainers, while Media (-0.6%) and Auto (-0.2%) were the top losers.
What's Up
| Top gainers | Today's change |
| Infosys | 1,615 ▲ 120 (+8.0%) |
| ONGC | 224 ▲ 12 (+5.7%) |
| Tech Mahindra | 1,308 ▲ 58 (+4.6%) |
What's Down
| Top losers | Today's change |
| Cipla | 1,309 ▼ 15 (-1.2%) |
| Apollo Hospitals | 5,807 ▼ 62 (-1.0%) |
| Bajaj Finserv | 1,652 ▼ 16 (-1.0%) |
Market Sentiment
| USD-INR | 82.90 ▼ 0.17 (-0.2%) |
| NIFTY MIDCAP 100 | 47,512 ▲ 175 (+0.3%) |
| NIFTY SMALLCAP 100 | 15,544 ▲ 68 (+0.4%) |
| India VIX | 13.1 ▲ 0.3 (+2.6%) |
Stock Buzz
⭐ NIFTY IT hits 52-week high amid improving sector prospects
Nifty IT Index closed 5.1% higher today, supported by gains in tech stocks, including Tata Consultancy Services (+3.9%) and Infosys (+8.0%). Despite reporting flat earnings growth, these stocks saw strong investor traction as large deal win momentum remains intact. In addition, experts believe the worst for the IT sector is behind, aided by improving the macroeconomic situation in key markets like the US and European markets. As a result, all constituents of the NIFTY IT index closed in green.
⭐ HDFC Life reports strong Q3 numbers
HDFC Life Insurance reported a 16% year-on-year (YoY) surge in its net profit to ₹367 crore for the December quarter. Meanwhile, the company’s net premium income rose 6% to ₹15,273 crore. During the quarter, the value of new business, which is the present value of the future profit associated with new business written during the period, declined 2% to ₹856 crore. Despite the upbeat result, the company’s share closed 0.9% lower today.
⭐ Wipro Q3 net profit sees sharp decline
The IT services provider reported a 12% year-on-year (YoY) decline in consolidated net profit to ₹2,694 crore for Q3 FY24. The consolidated revenue for the period stood at ₹22,205 crore, reflecting a 4.4% YoY fall. Notably, this marks the fourth consecutive quarter in which the company has witnessed a profit decline. Meanwhile, the company’s board has recommended an interim dividend of ₹1 per share. The record date is 24 January 2024.
⭐ Polycab denies receipt of any tax notice
Shares of the wires and cable manufacturer rebounded today to close 2.6% higher. This was after the company said it had not received any notice from the income-tax department regarding the outcome of the search conducted in December 2023. The company’s stock crashed yesterday after the media reports said the income-tax department searched company premises and unearthed unaccounted cash sales of around ₹1,000 crore.
IPO Corner
⭐ The IPO of Medi Assist Healthcare, a health insurance provider, will open for subscription from 15 to 17 January. The price band for the public issue is ₹397 to ₹418 per share. The company plans to raise ₹1,171.5 crore via offer for sale (OFS). To know more and pre-apply click here
Learn with Upstox
What is an offer for sale?
An Offer for Sale (OFS) is a mechanism where existing shareholders of a company can sell their shares to the public. Through this process, the company's promoters or large shareholders can divest a portion of their holdings, providing liquidity and an opportunity for investors to buy shares directly from existing shareholders on the stock exchange.
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