Gift Nifty indicates a gap-down start for the Indian domestic Indices; Asian and US markets traded lower following the hotter US Inflation data


The domestic benchmark equity indices, Sensex and Nifty 50, are likely to open lower today following a sell-off in global markets. Further, Gift Nifty is trading lower than the previous close, indicating a gap-down start for the Indian stock market indices.

Asian markets traded lower tracking overnight losses on Wall Street after US January inflation data came in higher than estimated.
Japan’s Nikkei 225 declined 0.54% and the Topix dropped 0.68%. South Korea’s Kospi plunged 1.47%, while the Kosdaq fell 0.89%. Hong Kong’s Hang Seng index futures indicated a lower opening.

The US stock market indices ended lower on Tuesday, with the Dow Jones Industrial Average posting its biggest one-day percentage drop in nearly 11 months
The Dow Jones Industrial Average plunged 522.05 points, witnessing its biggest one-day percentage loss since March 22, 2023, while the S&P 500 declined 68.14 points, or 1.37%. The Nasdaq Composite ended 282.64 points, or 1.79%, lower.


Wipro: The IT services company has invested $66 million in the US-based Aggne Global Inc. to strengthen its consulting and services capabilities in the insurance sector. Now the company will be acquiring a 60 percent stake in Aggne and has kept the option to purchase the remaining stake over some time. The transaction is expected to be completed by February 14, 2024.

Sula Vineyards: The country’s largest wine producer has registered a net profit of Rs 43 crore for the October–December period of FY24, growing 9.4 percent over the corresponding period of the previous fiscal year, aided by healthy operating numbers. Revenue from operations grew by 4 percent YoY to Rs 217.5 crore for the quarter, with the own brands segment growing 3.9 percent to Rs 192.8 crore and the wine tourism business rising 16 percent to Rs 14.7 crore during the quarter.

Indian Railway Catering and Tourism Corporation: The state-owned company clocked a 17.4 percent on-year increase in standalone net profit at Rs 300 crore for the quarter ended December FY24. Revenue from operations grew by 21.8 percent year-on-year to Rs 1,118.3 crore for the quarter.

Oil India: The oil and gas Maharatna CPSE recorded standalone net profit of Rs 1,584.3 crore for the quarter ended December FY24, falling 9.3 percent compared to the year-ago period, impacted by a lower topline as well as dismal operating numbers. Revenue from operations fell 0.9 percent year-on-year to Rs 5,324 crore for the quarter with lower crude oil price realization and lower crude throughput of Numaligarh refinery.

Zee Entertainment Enterprises: The media and entertainment company has registered a 141 percent on-year increase in net profit at Rs 58.5 crore for the third quarter of FY24, despite disappointing operating numbers. The base in Q3 FY23 was low as the profit was impacted by an exceptional loss. Revenue from operations fell 3 percent YoY to Rs 2,045.7 crore for the quarter.

Bharat Electronics: The Navaratna defense DPSU has signed a contract worth Rs 2,167.47 crore with the Indian Navy for the supply of indigenously designed and developed electronic warfare (EW) suites for use on-board warships. This EW suite is a big leap towards the Aatmanirbhar Bharat initiative of BEL. It has also received additional orders worth Rs 114.59 crore since the last disclosure on January 30, and these orders pertain to the supply of SDRs, HD VLF receivers, EVMs, etc.

MTAR Technologies: The precision-engineered systems manufacturer has reported a 67 percent on-year decline in net profit at Rs 10.4 crore for the quarter ended December FY24 due to subdued topline and operating numbers. Revenue from operations fell 26.1 percent year-on-year to Rs 118.4 crore during the quarter.

Results on February 14: A total of 646 companies will announce their December quarter earnings scorecard on February 14, including Mahindra & Mahindra, Aditya Birla Fashion and Retail, Crompton Greaves Consumer Electricals, Dishman Carbogen Amcis, Gateway Distriparks, Gland Pharma, Glenmark Pharmaceuticals, Gujarat State Petronet, Indiabulls Housing Finance, Ipca Laboratories, Jyoti CNC Automation, Credo Brands Marketing, Muthoot Finance, Natco Pharma, Narayana Hrudayalaya, NMDC, Sun TV Network, and Wockhardt.