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Indian benchmark indices ended lower on January 3, breaking a two-day winning streak. The Sensex fell by 720.60 points, or 0.90%, closing at 79,223.11, while the Nifty dropped 183.90 points, or 0.76%, to settle at 24,004.75, with IT, pharma, and banking sectors contributing to the decline.
Markets surged mid-day, with the Sensex climbing 1,025.48 points to 78,181.27 and the Nifty gaining 324.90 points to 23,674.80, driven by strong performances in realty, banking, and IT sectors. Despite challenges like the Russia-Ukraine war and a prolonged selling streak by FIIs, the overall market sentiment remains positive, reflecting a correction rather than a crash.
KR Choksey has maintained an "ACCUMULATE" rating on Sun Pharmaceutical Industries, raising the target price to Rs 1,967 from Rs 1,827, citing strong growth potential in the US specialty business and improved EPS estimates for FY26E. The company's revenue and EBITDA were in line with expectations, but adjusted PAT fell short due to higher finance costs and lower other income. The increase in PE multiple reflects confidence in the company's market leadership and product performance.
The Q2 earnings season for 2024 is in full swing, with major companies like Bharti Airtel, Sun Pharma, and Indian Oil set to release their financial reports today. Earlier, Reliance Industries reported a 4.8% profit decline, while HCL Tech and TCS posted profit increases of 10.5% and 5.0% YoY, respectively. Upcoming reports from giants such as Maruti Suzuki and Dabur India are also anticipated this week.
Several major companies are set to announce their Q2FY25 results today, including Bharti Airtel, Sun Pharmaceutical Industries, Ambuja Cements, and Adani Power. Other key players releasing earnings include Punjab National Bank, Indian Oil Corporation, BHEL, Federal Bank, IOC, JSW Infrastructure, and Motilal Oswal.
Sun Pharmaceutical Industries is set to announce its Q2 earnings on October 28, with expectations of a 22.5% increase in net profit to Rs 2,911 crore, driven by favorable seasonality and strong specialty sales. Revenue is projected to rise over 9% to Rs 13,299 crore. However, increased R&D spending may limit margin growth, with profit forecasts ranging from an 11.5% to over 38% increase among analysts.
Nifty and Sensex have erased early gains, with Nifty failing to hold above 24,500, while the smallcap index rose by 1%. IT and FMCG sectors showed gains, but autos, pharma, and metals lagged behind. Key gainers included Bajaj Finance and Tech Mahindra, while M&M and Sun Pharma were among the top losers.
Sun Pharmaceutical Industries Limited
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