HomeCURRENT AFFAIRSBUSINESSStock Market Today: Sensex drops 450 points, Nifty below 21400; M&M, HDFC...

Stock Market Today: Sensex drops 450 points, Nifty below 21400; M&M, HDFC Bank in focus

The NSE Nifty dropped 150 points to 21,418 while the BSE Sensex dropped 400 points to 71,097.

Stock Market Today: Dalal Street was destined for a bad start as the GIFT Nifty on the NSE IX trading lower by 162.50 points, at 21,416.50. Benchmark equities indices fell again on Thursday, following the general downturn in mood around the world. The NSE Nifty dropped 150 points to 21,418 while the BSE Sensex dropped 400 points to 71,097. A cloudy China economic picture and expectations that the global rate-easing cycle may not begin as soon as some had predicted contributed to Asian equities’ sluggish opening on Thursday. With a clear breach below the 20-day moving average of 21,629, Nifty finished 460 points down and formed a red candle on the daily charts. Price and momentum indicators both suggest weakness.

Stock Market Today: Stocks in focus

M&M

A deal has been reached between Airbus Aerostructures GmbH and its subsidiary Mahindra Aerostructures (MASPL) for the production and supply of metallic parts for all Airbus commercial aircraft types, including the highly popular A320 family. As per the agreement, MASPL will provide Airbus in Germany with around 5,000 different types of metallic components from its production facility in India.

LTIMindtree

Due to poor operating margin performance, the technology consulting and digital solutions company reported a 0.6 percent QoQ growth in net profit at Rs 1,169.3 crore for the quarter ended December FY24. In the third quarter of FY24, revenue from operations climbed by 1.2 percent on a quarter-over-quarter basis to Rs 9,016.6 crore. In terms of dollars, sales increased by 0.8 percent sequentially to $1,083.7 million for the period. For the quarter, the EBIT margin decreased by 60 basis points (QoQ) to 15.4%.

HDFC Bank

Since most analysts had a poor opinion of the private sector lender’s bad set of data for the quarter ended December FY24, the HDFC Bank ADR (American Depository Receipt) closed considerably lower by 9% at $55.59 on the NYSE on January 17. The equity shares will be the main focus on January 18.

Disclaimer: (This information is provided solely for informational purposes. It is important to note that investing in the market or a business idea involves market risks. Before investing money as an investor/ owner/ partner, always consult an expert. DNP News Network Private Limited never advises to invest money on stocks or any specific business idea. We will not be liable for any financial losses.)

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