Market Update: January 10, 2025
Markets Decline for the Third Day
The Indian stock markets continued their losing streak for the third consecutive session amid volatile trading conditions. Out of the NIFTY50 stocks, 36 closed in the red. Adding to the uncertainty, the People’s Bank of China announced the suspension of treasury bond purchases due to a supply shortage.
Among sectoral indices, IT emerged as the only gainer with a rise of 3.44%, while Media (-3.59%) and Realty (-2.77%) were the worst performers.
Key Indices at Close:
• NIFTY50: 23,431 ▼ 95 points (-0.40%)
• SENSEX: 77,378 ▼ 241 points (-0.31%)
Top Performers
• TCS: ₹4,265 ▲ 226 (+5.6%)
• Tech Mahindra: ₹1,701 ▲ 59 (+3.5%)
• HCLTech: ₹1,997 ▲ 62 (+3.2%)
Top Laggards
• Shriram Finance: ₹532 ▼ 29 (-5.3%)
• IndusInd Bank: ₹938 ▼ 42 (-4.2%)
• Adani Enterprises: ₹2,380 ▼ 97 (-3.9%)
Market Sentiment Indicators:
• India VIX: 14.92 ▲ 1.76%
• NIFTY Midcap 100: 54,585 ▼ 2.08%
• NIFTY Smallcap 100: 17,645 ▼ 2.61%
• USD-INR: 86.00 ▲ 0.13%
Highlights
1. TCS Shares Rally Post Q3 Results
Tata Consultancy Services (TCS) delivered a strong performance in Q3, reporting an 11.95% YoY growth in net profit to ₹12,380 crore and a revenue increase of 5.59% YoY to ₹63,973 crore. With an order book worth $10.2 billion and a dividend announcement of ₹76 per share, TCS shares surged 5.60% to close at ₹4,265 on the NSE.
2. IREDA Q3 Profit Soars 27% YoY
Indian Renewable Energy Development Agency (IREDA) posted a 27% YoY increase in Q3 net profit at ₹426 crore, supported by robust interest income and stable borrowing costs. Revenue grew by 36% YoY to ₹1,698 crore, but despite the strong results, its stock closed 5.83% lower at ₹203.50 on the NSE.
3. Vodafone Sells Indus Towers Stake
Vodafone Group offloaded its 3% stake in Indus Towers for ₹2,800 crore, clearing ₹890 crore in dues under a Master Service Agreement. The funds were also used to increase Vodafone Idea’s stake to 24.39%. Shares of Indus Towers and Vodafone Idea fell 3.22% and 2.15%, respectively.
4. Major Stocks Hit 52-Week Lows
Weak market sentiment dragged stocks like Tata Steel, SAIL, and Coal India to their 52-week lows. Tata Elxsi recorded the sharpest decline (-6.7%), while Tata Steel, SAIL, and Coal India dropped by 1.6%, 2.0%, and 0.9%, respectively.
IPO Corner
Laxmi Dental IPO is set to open on January 13, 2025, and close on January 15, 2025. The issue size stands at ₹698.06 crore, comprising a fresh issue of ₹138 crore and an offer for sale of ₹560.06 crore. The price band is set between ₹407-₹428 per share, with the minimum retail investment at ₹14,124 for a lot of 33 shares.
Stay tuned for further updates!
Disclaimer: This content is for informational purposes only and does not constitute investment advice.
