After opening the day lower, Indian benchmark indices turned negative amid volatile trading and ended the day lower.Indian benchmark equity indices BSE Sensex and Nifty50 were trading lower, driven by losses in banks, energy and FMCG stocks. Meanwhile, IT stocks continued to rise following top IT firm TCS meeting its quarterly profit estimates.At the closing bell, the BSE Sensex closed lower by 241 points (down 0.3%).Meanwhile, the NSE Nifty closed 86 points lower (down 0.4%).Wipro, Infosys, and TCS are among the top gainers today.NTPC, Adani Enterprises, and Shriram Finance on the other hand, were among the top losers today.The GIFT Nifty was trading at 23,518, down by 142 points at the time of writing.The BSE MidCap index ended 2.1% lower and BSE SmallCap index ended 2.3% lower.Barring the IT sector and media sector, all other sectoral indices were trading negative on Friday with stocks in the power sector and the realty sector witnessing selling pressure.HCL Tech and Lloyds metals hit their respective 52-week highs today.The rupee is trading at 85.96 against the US$.Gold prices for the latest contract on MCX are trading 0.4% higher at Rs 78,427 per 10 grams.Meanwhile, silver prices were trading 0.3% higher at Rs 91,946 per 1 kg.
Tech Mahindra Shares Jump 4%. Here’s WhyIn news from the IT sector, Tech Mahindra Ltd shares gained as high as 3.5% on 10 January, contributing to the positive momentum of Nifty IT Index as the only sector to gain in the overall Indian stock market today.This also marks the highest single-day gain for the shares in a span of 21 weeks.Tech Mahindra Ltd is expected to announce its Q3 FY25 financial results in post-market hours on 17 January 2025.The Nifty IT Index registered gains between 1% to 4% on average on Friday, reflecting a subtle boost in investor sentiments. However, on the downside remains a declining performance of the Indian stock market, affected by weak global cues.Tech Mahindra stands as one of the company paying highest dividend in the IT sector.
Adani Wilmar Share Price Slide 9%Moving on to news from the FMCG sector, shares of Adani Wilmar fell 9.5% in early trade on January 10, hitting Rs 292.65 per share. The decline followed Thursday evening’s announcement that its promoter proposes to divest up to 20% stake in the company through an Offer For Sale (OFS).The OFS price has been set at Rs 275 per share, representing a 15% discount compared to Adani Wilmar’s closing price on Thursday.The sale will commence for non-retail investors on Friday, 10 January, and for retail investors on Monday, 13 January.Late last month, Adani Enterprises, the flagship entity of the Adani Group, announced its decision to exit its joint venture stake in Adani Wilmar.As part of this plan, the company intended to sell a 13.5% stake to meet the minimum public shareholding requirements, while Wilmar International, the other promoter of Adani Wilmar, agreed to acquire the remaining 31% stake.As of the September quarter, Adani Commodities held a 43.93% stake in Adani Wilmar, with Lence Pte., a subsidiary of Wilmar International, owning an equal 43.94% stake.Well, if there’s one stock from the Adani cattle that has underperformed the most in 2024, it has to be Adani Wilmar.
Delta Corp, Nazara Tech Gain Relief
Shares of Delta Corp Ltd. rose by as much as 14%, while Nazara Technologies Ltd. climbed up to 7% on Friday, January 10, following a Supreme Court decision to stay GST show cause notices amounting to Rs 1.12 trillion (tn) until 17 March 2025. However, the stocks retraced from their highs shortly after.The Supreme Court ruled that all proceedings under the show cause notices would remain halted until a final verdict is reached. The gaming industry had sought this stay, citing concerns over potential coercive actions by tax authorities in connection with these notices.The Directorate General of GST Intelligence (DGGI) had issued tax demands worth Rs 1.1 tn to 71 online gaming companies. With penalties included, the total tax demand could escalate to Rs 2.3 tn.This issue traces back to an August 2023 amendment to the CGST Act, which imposed a 28% tax on the full face value of the entry amount. The amendment was applied retrospectively from 2017, leading to the issuance of show cause notices. Gaming companies have since challenged these notices in court.
Surya Roshni Shares Pop 5%Moving on to news from the steel sector, lighting company Surya Roshni shares rallied as much as 5% to hit an intraday high of Rs 269 apiece on Friday, 10 January 2025.The uptick in Surya Roshni share price came after the company announced that it has secured an order of Rs 814.7 m from Bharat Petroleum Corporation Limited (BPCL).The company will be required to complete the project in 16 weeks.Surya Roshni Limited, formerly known as Prakash Surya Roshni Limited, is a multinational company headquartered in Delhi. Established in 1973, the company has grown into a diversified manufacturer of steel products, fans, lighting solutions, LED products, kitchen appliances, and PVC pipes.With a strong international presence, Surya exports its products to over 44 countries and is recognised as one of India’s leading LED light manufacturers.
