Table of contents
On February 12, 2024, Indian equity benchmarks, the Nifty 50 and Sensex, concluded the day with losses, with the BSE Sensex declining by 523 points or 0.73% to 70,922.57 and the NSE Nifty falling by 170.05 points or 0.78% to 21,612.45.
The market witnessed a widespread sell-off, primarily driven by banking and financial stocks. Investor sentiment turned cautious amid uncertainties surrounding the timing of potential rate cuts by the US Federal Reserve.
These losses came amidst anticipation of crucial macroeconomic data releases and mixed global cues.
You may also like: India’s UPI expansion and the call for local fintech empowerment
Impact on the stock market
Most sectoral indices witnessed losses, except Nifty IT (0.79%), Healthcare (0.54%), and Pharma (0.28%) which ended positively.
The Nifty Media index plunged by 4.46%, followed by PSU Bank (4.43%), Nifty Realty (2.97%), Oil & Gas (2.62%), and Metal (2.40%).
Notably, Nifty Bank and Private Bank indices fell by 1.65% and 1.66% respectively.
| Sector/Index | Performance |
| Information Technology | +0.79% |
| Healthcare | +0.54% |
| Oil & Gas | -2.62% |
| Realty | -2.97% |
| PSU Banks | -4.43% |
Top gainers today
| Company | Price | Change (%age) |
| Dr. Reddys Labs | 6,333.50 | 2.89% |
| Apollo Hospital | 6,614.45 | 2.75% |
| Divis Labs | 3,740.15 | 2.41% |
| Wipro | 501.45 | 2.24% |
| HCL Tech | 1,666.95 | 2.23% |
Top losers today
| Company | Price | Change (%age) |
| Coal India | 432.80 | -5.13% |
| Hero Motocorp | 4,687.50 | -4.51% |
| BPCL | 590.45 | -3.88% |
| ONGC | 257.90 | -3.61% |
| Tata Steel | 137.40 | -2.76% |
Market aftermath: Impact on stocks
Bharat Forge Q3 FY24: Net profit surges over 220%
Bharat Forge Ltd saw a remarkable surge in Q3FY24, with net profit soaring over 220% YoY to ₹ 254.45 crore. EBITDA rose by 30.9% to ₹ 645 crore, with margins expanding to 28.5%.
Revenue spiked by 15.7% to ₹ 3922.96 crore. Exports from Indian operations hit $200 million, up by 36% YoY. The firm declared an interim dividend of ₹ 2.5 per share and plans to raise ₹ 500 crore via debt instruments.
Also Read: Zomato’s Q3 results: Third straight quarterly profit
Zomato hits 6% surge to new 52-week high
Zomato surged 6% to a new 52-week high of ₹ 158.80 on February 12, outpacing the Nifty’s 21% rise in the past year. The rally followed Q3FY24 results, with a net profit of ₹ 138 crore compared to a ₹ 347 crore loss in the previous fiscal.
Zomato’s contribution margin expanded to 7.1% in the December quarter. Its revenue jumped 69% YoY to ₹ 3,288 crore, fueled by Blinkit’s GOV doubling and a 27% growth in food delivery.
Bandhan Bank faces a 7% share decline
Bandhan Bank’s shares plummeted over 7% to ₹ 200 each on February 12, as loans worth ₹ 23,300 crore underwent review due to suspected evergreening.
The audit includes ₹ 20,800 crore under the Credit Guarantee Fund for Micro Units and ₹ 2,500 crore under the Emergency Credit Line Guarantee Scheme.
In Q3FY24, the bank’s total income declined by 1% YoY to ₹ 307 crore, with net interest margin expanding by 70 bps to 7.2%.
Also Read: The Importance of Financial Literacy for Immigrants
Crude oil futures slip
Crude oil futures dipped on Monday following last week’s 6% gain. At 9.11 am, April Brent oil futures were at $81.74 (-0.55%), and March WTI futures stood at $73.36 (-0.62%).
On the MCX, February crude oil futures traded at ₹6337 (-0.38%), while March futures were at ₹6358 (-0.25%) from the previous close. Last week’s surge contrasted with today’s slight downturn in oil prices.
Conclusion
In today’s stock market, both the Nifty 50 and Sensex witnessed declines, with banking and financial sectors leading a widespread sell-off amid cautious investor sentiment.
Despite Bharat Forge’s impressive Q3 performance and Zomato’s surge to a new high, Bandhan Bank faced a significant share decline amidst loan review concerns. Crude oil futures slipped after last week’s gains.
Stay tuned for further updates on StockGro!
