As per provisional closing data, the barometer index, the S&P BSE Sensex declined 199.17 points or 0.27% to 73,128.77. The Nifty 50 index lost 65.15 points or 0.29% to 22,032.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.31% and the S&P BSE Small-Cap index shed 0.43%.

The market breadth was weak. On the BSE, 1,334 shares rose and 2,506 shares fell. A total of 89 shares were unchanged.

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 1.81% to 13.54.

Economy:

India?s overall exports (Merchandise and Services combined) in December 2023 is estimated to be $66.33 billion, exhibiting a negative growth of (-) 4.25% over December 2022. Meanwhile, overall imports in December 2023 is estimated to be $71.50 billion, exhibiting a negative growth of (-) 7.18% over December 2022.

India?s overall exports (Merchandise and Services combined) in April-December 2023 is estimated to be $565.04 billion, exhibiting a negative growth of (-) 1.87% over April-December 2022. Overall imports in April-December 2023 are estimated to be $634.39 billion, exhibiting a negative growth of (-) 7.24% over April-December 2022.

Services exports is projected to grow positively at 3.52% during April-December 2023 over April-December 2022.

India?s trade deficit has shown considerable improvement in April-December 2023. Overall trade deficit for April-December 2023 is estimated at $69.34 billion as compared to the deficit of $108.13 billion during April-December 2022, registering a decline of (-) 35.87%. The merchandise trade deficit during April-December 2023 is $188.02 billion compared to $212.34 billion during April-December 2022, registering a decline of (-) 11.45%.

New Listing:

Shares of Jyoti CNC Automation closed at Rs 433.15 on the BSE, representing a premium of 30.86% as compared with the issue price of Rs 331.

The scrip was listed at Rs 372, exhibiting a premium of 12.39% to the issue price.

The stock hit a high of 444.80 and a low of 370.05 in today's session. On the BSE, over 17.31 lakh shares of the company were traded in the counter.

IPO Update:

The initial public offer (IPO) of Medi Assist Healthcare Services received bids for 2,09,61,325 shares as against 1,96,19,719 shares on offer, according to stock exchange data at 15:51 IST on Tuesday (16 January 2024). The issue was subscribed 1.07 times.

The issue opened for bidding on Monday (15 January 2024) and it will close on Wednesday (17 Thursday 2024). The price band of the IPO is fixed at Rs 397-418 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Realty index declined 1.66% to 868.60. The index rose 2.06% in the past two trading sessions.

Macrotech Developers (down 2.86%), Oberoi Realty (down 2.72%), Prestige Estates Projects (down 2.3%), DLF (down 2.3%), Phoenix Mills (down 1.37%), Swan Energy (down 0.66%), Godrej Properties (down 0.31%) slipped.

On the other hand, Sobha (up 2.79%), Mahindra Lifespace Developers (up 0.31%) and Brigade Enterprises (up 0.27%) edge higher.

Stocks in Spotlight:

Angel One tumbled 13.72% after the company?s consolidated net profit declined 14.52% to Rs 260.3 crore in Q3 FY24 as against Rs 304.5 crore recorded in Q2 FY24. Total income rose marginally to Rs 1060.8 crore in Q3 FY24 from Rs 1,049.3 crore posted in Q2 FY24. On year on year basis, the brokerage firm?s net profit grew 14.17% and total income jumped 39.63% in Q3 FY24.

Jio Financial Services (JFSL) slipped 6.67% after the company reported 56.03% decline in consolidated net profit to Rs 293.82 crore in Q3 FY24, as compared with Rs 668.18 crore in Q2 FY24. Total income fell 31.86% to Rs 414.33 crore from Rs 608.04 crore posted in the previous quarter same fiscal.

Shakti Pumps (India) shed 0.49%. The company on Monday announced that its board will meet on Thursday, 18 January 2024 to consider a proposal for fund raising through qualified institutional placements (QIP).

Sarda Energy & Minerals advanced 2% after the company has awarded a contract to Gensol Engineering for installation of solar power plant of 50 MW DC in Chhattisgarh for meeting the captive requirements of the company?s production and mining facilities.

Rail Vikas Nigam (RVNL) rose 1.36% after the firm emerged as lowest bidder (L-1) for supply, installations, testing and commissioning of 11 KV Line in Maharashtra for Rs 251.05 crore.

DCX Systems rose 0.65%. The company announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 358.30 per share.

Fedbank Financial Services declined 1.38%. The bank reported 28% rise in net profit to Rs 65.4 crore on a 31% increase in net interest income to Rs 216.6 crore in Q3 FY24 as compared with Q3 FY23.

Bank of Maharashtra declined 1.15%. The bank?s standalone net profit grew 33.61% to Rs 1,035.51 crore on 22.68% increase in total income to Rs 5,851.34 crore in Q3 FY24 over Q3 FY23.

Global Markets:

Markets in Europe and Asia declined on Tuesday, as markets continue to focus on news and comments from the World Economic Forum in Davos, Switzerland.

U.S. markets were closed Monday due to the Martin Luther King holiday. Investors are looking ahead to U.S. December retail sales data out Wednesday.

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