Sensex, Nifty open in red on Tuesday, Jan 10; TCS shares fall 2%, IDBI Bank shares down 3%

Sensex, Nifty open in red on Tuesday, Jan 10; TCS shares fall 2%, IDBI Bank shares down 3%

Indian benchmark indices opened mildly in red on Tuesday amid mixed global cues. The Sensex was down 146.37 points or 0.24% at 60600.94, and NSE Nifty 50 was down 33.60 pts or 0.19% at 18067.60. Tata Motors, Hindalco Industries, Power Grid Corporation, Tata Steel, and ONGC were among the major gainers on Nifty, while TCS, Infosys, Asian Paints, HDFC, and Tech Mahindra were the losers. In the broader market, the BSE MidCap and SmallCap indices were trading flat with negative bias.TCS shares, IDBI Bank stock in focus today

TCS shares fell over 2% to Rs 3,248 on NSE after the company’s Q3 net profit missed estimates, while revenue came in-line with street expectations. The IT major on Monday reported a 10.98% increase in its consolidated net profit at Rs 10,883 crore for the quarter ended December 2022. The consolidated revenue from operations came in at Rs 58,229 crore, up 19.11% against Rs 48,885 crore in the corresponding quarter of the previous fiscal. IDBI Bank shares fell more than 3% to Rs 56.90 on NSE after Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey on Monday said that the divestment process of IDBI Bank will be completed in the FY2023-24.

Asian and US stock markets

Asia-Pacific markets traded mixed on Tuesday after the Nasdaq Composite extended gains for a second day on Wall Street. Hong Kong’s Hang Seng index fell 0.47% on Tuesday. In mainland China, the Shanghai Composite also fell 0.32% and the Shenzhen Component was fractionally lower. Japan’s Nikkei 225 rose 1.08% in its first hour of trade and the Topix gained 0.91%. South Korea’s Kospi was marginally higher and the Kosdaq rose 0.27%. Overnight in the US stock market, the Dow Jones Industrial Average fell 0.34%, the S&P 500 lost 0.08%, and the Nasdaq Composite added 0.63%.

FII and DII data

Foreign institutional investors (FII) net sold shares worth Rs 203.13 crore, while domestic institutional investors (DII) net bought shares worth Rs 1,723.79 crore on 9 January, according to the provisional data available on the NSE.

NSE F&O Ban

The National Stock Exchange has kept Indiabulls Housing Finance and GNFC under its F&O ban list for 10 January. According to the NSE, the stocks mentioned above are prohibited in the F&O sector because they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in these stocks.

Q3 Results today

Atharv Enterprises, Excel Realty N Infra, Gala Global Products, GI Engineering Solutions, Marsons, Quest Capital Markets, and Visagar Financial Services will be in focus ahead of quarterly earnings on January 10.