Sensex down 100 points, Nifty below 24,300; ICICI Bank gains 2% post Q4 results

The Nifty50 and the Sensex were moving in a narrow range as traders assessed the situation in West Asia.

The Nifty50 was trading 0.2 per cent or 59.90 points down at 24,313.40, and the Sensex was trading 0.02 per cent or 14.59 points down at 78,478.95.

Jio Financial Services, Hindalco Industries, and Tata Motors Passenger Vehicles were the top losers in the Nifty50 index.

In the broader markets, the Nifty MidCap and the Nifty SmallCap were trading 0.20 per cent and 0.64 per cent down, respectively.

Sector-wise, the Nifty Metal declined the most. The Nifty Realty and the Nifty Oil and Gas also underperformed. Meanwhile, the Nifty PSU Bank and the Nifty Media outperformed.

The tension renewed in West Asia after the US Navy seized an Iranian-flagged cargo ship in the Gulf of Oman. This followed Iran firing at commercial vehicles passing through the Strait of Hormuz.

The US and Iran are scheduled to meet for another round of negotiation in Pakistan, later today.

Brent crude jumped 5 per cent in early trade following the escalation in West Asia. Its April future contract was trading 4.8 per cent higher at $94.72 per barrel.

Q4 results today

Billionbrains Garage Ventures, Jupiter Infomedia, Bank of Maharashtra, PNB Housing Finance, SML Mahindra, and Ugro Capital will release their fourth-quarter performance reports on Monday.

IPO Today

Citius Transnet InvIT’s initial public offer will enter its second day of subscription. The company aims to raise ₹1,105 crore from the primary market. The IPO was subscribed 0.69 times on the first day.

Similarly, Mehul Telecom IPO will also enter its second day of subscription. It’s a book-build issue worth ₹27.73 crore. The IPO was subscribed 3.64 times.