Nifty and Sensex End in Negative Territory as HUL and RIL Results Disappoint

Nifty and Sensex End in Negative Territory as HUL and RIL Results Disappoint

Nifty and Sensex End in Negative Territory as HUL and RIL Results Disappoint

Shares of Reliance Industries (RIL) and Hindustan Unilever (HUL) among the top drags as their December quarter results fail to impress investors.

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RIL and HUL Quarterly Performance Falls Short of Expectations

Reliance Industries (RIL) reported a consolidated profit after tax (PAT) of ₹19,641 crore, a 10.9% YoY increase. HUL posted a standalone net profit of ₹2,519 crore for Q3FY24, growing by 0.55% from the same quarter in the previous fiscal year. However, the figures failed to meet analysts’ predictions, affecting market sentiment.

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Market Indices Experience Decline, Midcaps and Smallcaps Outperform

Nifty 50 and Sensex ended in the negative, with the Nifty closing at 21,571.80, down 0.23%, and Sensex closing at 71,423.65, down 0.36%. Midcap and Smallcap indices, however, outperformed, rising by 0.46% and 0.41%, respectively.

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Top Gainers and Losers in Nifty 50

Top gainers included Coal India (4.11%), Adani Ports (3.34%), and Kotak Mahindra Bank (2.59%). Top laggards comprised HUL (down 3.72%), TCS (down 2.12%), and Mahindra and Mahindra (down 1.91%).

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As many as 30 stocks closed lower in the Nifty 50 pack, while the remaining 20 ended with gains.

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Sectoral Performance

Nifty FMCG index fell 1.17%, and the IT index declined by 1%. Pharma and Realty indices also saw decreases, while Nifty PSU Bank recorded a robust gain of 1.86%, and Nifty Bank rose 0.78%.

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Expert’s Views and Technical Analysis

Market expert Vinod Nair highlighted subdued market trends influenced by extended holidays, low volumes, and weekly option expiration. Technical analyst Rupak De emphasized the consolidation phase, predicting the Nifty’s range between 21,500 and 21,700, with breakout directions determining the market’s next move.

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