Sensex, Nifty end mixed; Kotak Bank surges, Titan falls after Q4 earnings

Stock market closes flat: The stock market on Monday ended flat with the Bombay Stock Exchange’s Sensex closing at 73,895.54 points with 17 point gain while the Nifty 50 closed in red, 33 points or 0.15 per cent lower at 22,442.70. 

The market could not sustain the strong opening momentum in which Sensex gained 400 points, while the Nifty 50 was above 22,550 with a 0.4 per cent gain. 

In the early trading session on Monday, Kotak Mahindra Bank pushed the market up as it gained 4.76 per cent or 73.65 points to reach Rs 1,621 apiece. The shares of the leading bank closed at 5.01 per cent or 77.50 points higher at Rs 1624.75. 

The positive momentum for the bank was driven by strong Q4 performance and Jefferies upgrading the rating for the bank from ‘Neutral’ to ‘Outperform.’

Apart from Kotak Mahindra Bank, Britannia, TCS, Hindustan Unilever, and M&M were some of the top gainers for the day. 

The shares of Tata Group-backed jewellery retailer, Titan Company, fell as much as 7.02 per cent to hit an intraday low of Rs 3,287 on the BSE, posting its worst day since March 18, 2020, after it missed earnings estimate in the last quarter of the financial year 2024 on higher gold prices and bigger discounts.

Titan on Friday announced fourth-quarter profit that fell below expectations, attributed to its offering of discounts on products to attract customers amid high gold prices.

At the market closing, Titan Company shares were trading 7.18 per cent or 253.75 points lower at Rs 3,281. 

Following the Titan, Adani Enterprises, Coal India, BPCL, and SBI were some of the major losers for the day. 

Ajit Mishra, SVP, Research, Religare Broking Ltd said, “The market began the week quietly and concluded with little change, influenced by mixed signals. Despite an initial rise, the Nifty quickly gave up its gains and traded within a narrow range until the close, finishing at 22,442.70 levels. Various sectors saw a mixed performance, with realty and IT showing modest gains while energy and metal sectors saw declines. Broader indices performed weaker than the benchmark, experiencing losses ranging from 0.5 per cent to 1.50 per cent.” 

Mishra mentioned that an increase in the market volatility Index has started affecting broader market sentiment, potentially continuing to exert pressure on the Nifty as it rises. 

“Although the recovery in US markets and the resilience of certain heavyweights have mitigated some damage thus far, a clear break below 22,400 in the Nifty could dampen bullish sentiment. Traders are advised to maintain a hedged approach and focus on selective stock picking,” added Mishra.