Nifty tops 18,150; Sensex gains 390 pts; metals shine.

STREET INVESTMENT

The key equity indices ended with strong gains amid positive global cues on Wednesday. The Nifty closed above the 18,150 mark after hitting the day's low of 18,032.45 in early trade. Metal, financial services and healthcare shares were in demand while PSU banks, oil & gas and auto shares tumbled.

As per provisional closing data, the barometer index, the S&P BSE Sensex gained 390.02 points or 0.64% to 61,045.74. The Nifty 50 index added 112.05 points or 0.62% to 18,165.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 0.17%.

The market breadth was positive. On the BSE, 1,953 shares rose, and 1,559 shares fell. A total of 137 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.49% to 14.3725.

Economy:

The index of mineral production of mining and quarrying sector for the month of November, 2022 (Base: 2011-12=100) at 105.8, is 9.7% higher as compared to the level in the month of November, 2021. As per the provisional statistics of Indian Bureau of Mines (IBM), the cumulative growth for the period April-November, 2022-23 over the corresponding period of previous year is 4.7%.

Buzzing Index:

The Nifty Metal index rose 0.91% to 4,228.25. The index has declined 2.73% in two trading sessions.

Welspun Corp (up 4.43%), Steel Authority of India (up 4.19%), APL Apollo Tubes (up 4.18%), Hindustan Zinc (up 3.65%), Hindalco Industries (up 3.14%), Tata Steel (up 2.64%), Jindal Steel & Power (up 2.63%), Vedanta (up 1.93%), Hindustan Copper (up 1.75%) and JSW Steel (up 1.21%) advanced.

Hindalco Industries advanced 3.14% after the company's board approved allotment of 70,000 non-convertible debentures (NCDs) of Rs 1 lakh each aggregating to Rs 700 crore, on private placement basis.

Stocks in Spotlight:

ITC was up 0.89% The FMCG major on Tuesday announced that it will acquire 100% stake in Sproutlife Foods (SFPL), engaged in the manufacture and sale of health food brand 'Yoga Bar' for over a period of three to four years. By 31 March 2025, the company will acquire 47.5% stake in SFPL in tranches, and the balance stake will be acquired, basis pre-defined valuation criteria, subject to other conditions agreed to in the binding documents.

Adani Green Energy slipped 3.54%. The company said that its wholly-owned subsidiary, Adani Renewable Energy Holding Two has entered into a binding term sheet for acquisition of 50% equity interest in Essel Saurya Urja Company of Rajasthan (ESUCRL) for Rs 15 crore. The transaction is expected to be completed by 28 February 2023.

Maruti Suzuki India rose 0.20%. The car major has recalled a total of 17,362 vehicles manufactured between 8 December 2022 and 12 January 2023 to inspect and replace airbag controller (affected part), free of cost, if required in these vehicles. The affected models are Alto K10, S-Presso, Eeco, Brezza, Baleno and Grand Vitara.

ICICI Prudential Life advanced 0.72%. The life insurer's consolidated net profit declined 29% to Rs 221.56 crore on 78% rise in total income to Rs 17778.51 crore in Q3 FY23 over Q3 FY22. The net premium income for the quarter rose 4.3% on-year to Rs 9,465 crore. The first year gross premium income for the insurer declined 11% on-year to Rs 1,378 crore, while single premium income increased 12.6% to Rs 2,649 crore.

ICICI Lombard General Insurance Company tumbled 4.10%. The general insurer reported 11% rise in net profit to Rs 352.53 crore on 13.7% increase in total income to Rs 4,570.11 crore in Q3 FY23 over Q3 FY22.

Delta Corp slipped 3.74%. The gaming and casino firm's consolidated net profit rose 20.5% to Rs 84.82 crore on 10.58% increase in net sales to Rs 273.37 crore in Q3 FY23 over Q3 FY22.

Tata Investment Corporation dropped 4.20% after the company's consolidated net profit declined 13.2% to Rs 34.53 crore as against Rs 39.80 crore posted in Q3 FY22.

Eris Lifesciences declined 3.45% after the pharma company's consolidated net profit rose marginally to Rs 101.86 crore in Q3 FY23 as against Rs 100.77 crore recorded in Q3 FY22. Revenue from operations jumped 27.4% to Rs 417.84 crore in quarter ended 31 December 2022 as compared to Rs 328.07 crore in Q3 FY22.

Global markets:

Markets in Europe and Asia traded mostly higher on Wednesday.

The annual rate of inflation in the U.K. fell in December to 10.5%. It marked the second month of falls, after the rate slipped from a 41-year high to 10.7% in November.

Meanwhile, the Bank of Japan announced no change to its yield curve control policy.

US stocks saw mixed trend on Tuesday as weak earnings from Goldman Sachs dragged the Dow Jones Industrial Average index lower, but a jump in Tesla shares helped the Nasdaq Composite stay postive as the corporate earnings season took center stage.

Sensex jumps 421 pts, IT stocks in demand.

STREET INVESTMENT

The headline equity indices marched higher and hit a fresh intraday high in early afternoon trade. The Nifty scaled above the 18,150 mark. IT shares rallied for the sixth consecutive trading session.

The barometer index, the S&P BSE Sensex, was up 420.78 points or 0.69% to 61,076.50. The Nifty 50 index added 118.35 points or 0.66% to 18,171.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.27% while the S&P BSE Small-Cap index gained 0.28%.

The market breadth was positive. On the BSE, 1,933 shares rose, and 1,458 shares fell. A total of 153 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.59% to 14.36. The Nifty 25 January 2022 futures were trading at 18,203.25, at a premium of 31.6 points as compared with the spot at 18,171.65.

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 33.4 lakh contracts at the 19,000 strike price. Maximum Put OI of 55.9 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty IT index rose 0.67% to 29,696.55. The index jumped 4.19% in sixth sessions.

Wipro (up 1.55%), Tata Consultancy Services (up 0.79%), HCL Technologies (up 0.79%), Persistent Systems (up 0.63%), Infosys (up 0.54%), Mphasis (up 0.46%), Coforge (up 0.36%), LTI Mindtree (up 0.29%), L&T Technology Services (up 0.21%) and Tech Mahindra (up 0.08%) advanced.

Stocks in Spotlight:

Hindalco Industries advanced 2.12% after the company's board approved allotment of 70,000 non-convertible debentures (NCDs) of Rs 1 lakh each aggregating to Rs 700 crore, on private placement basis.

Adani Green Energy slipped 2.88%. The company said that its wholly-owned subsidiary, Adani Renewable Energy Holding Two has entered into a binding term sheet for acquisition of 50% equity interest in Essel Saurya Urja Company of Rajasthan (ESUCRL) for Rs 15 crore. The transaction is expected to be completed by 28 February 2023.

Tata Investment Corporation dropped 3.87% after the company's consolidated net profit declined 13.2% to Rs 34.53 crore as against Rs 39.80 crore posted in Q3 FY22.

Benchmarks trade with minor gains; Nifty above 18,100.

STREET INVESTMENT

The key equity barometers were trading with decent gains in morning trade. The Nifty traded above the 18,100 level. Metal, financial services and IT shares were in demand while PSU bank, realty and auto shares saw a bit of selling pressure.

The barometer index, the S&P BSE Sensex, was up 203.05 points or 0.33% to 60,858.77. The Nifty 50 index added 56.80 points or 0.31% to 18,110.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index gained 0.28%.

The market breadth was strong. On the BSE, 1,911 shares rose, and 1,236 shares fell. A total of 182 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 211.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 90.81 crore in the Indian equity market on 17 January, provisional data showed.

Earnings Today:

IndusInd Bank (up 0.27%), Persistent Systems (up 0.33%), Central Bank of India (down 0.77%), Rallis India (down 0.34%), Oracle Financial Services Software (down 0.18%), CCL Products (India) (up 2.53%), Alok Industries (up 1%), PSP Projects (down 0.06%), Stylam Industries (up 1.67%), Surya Roshni (up 0.71%), Wendt (India) (up 2.58%) will announce their quarterly results later today.

Buzzing Index:

The Nifty Metal index gained 1.19% to 29,634.70, extending gains for the second day. The index advanced 1.40% in two trading sessions.

Hindustan Zinc (up 3.9%), APL Apollo Tubes (up 2.83%), Jindal Steel & Power (up 2.04%), Hindalco Industries (up 1.85%), Tata Steel (up 1.84%), Steel Authority of India (up 1.61%), Vedanta (up 1.51%), Jindal Stainless (up 1.41%), JSW Steel (up 0.83%) and MOIL (up 0.74%) advanced.

On the other hand, Adani Enterprises (down 0.77%) and Ratnamani Metals & Tubes (down 0.05%) edged lower.

Stocks in Spotlight:

Maruti Suzuki India rose 0.17%. The car major has recalled a total of 17,362 vehicles manufactured between 8 December 2022 and 12 January 2023 to inspect and replace airbag controller (affected part), free of cost, if required in these vehicles. The affected models are Alto K10, S-Presso, Eeco, Brezza, Baleno and Grand Vitara.

Delta Corp slipped 4.09%. The gaming and casino firm's consolidated net profit rose 20.5% to Rs 84.82 crore on 10.58% increase in net sales to Rs 273.37 crore in Q3 FY23 over Q3 FY22.

Sundram Fasteners rose 1.36% after the company announced that it secured a $250-million contract from a leading global automobile manufacturer for supplying sub-assemblies for its electric vehicle (EV) platform.

Indices drift higher in early trade; Nifty above 18,050

STREET INVESTMENT

The key equity indices were trading with small gains in early trade. The Nifty traded above the 18,050 level. Metal, IT and health care shares were in demand while PSU bank, realty and media shares corrected.

The barometer index, the S&P BSE Sensex, was up 21.83 points or 0.04% to 60,677.55. The Nifty 50 index added 14.80 points or 0.09% to 18,069.30.

In the broader market, the S&P BSE Mid-Cap index rose 0.21% while the S&P BSE Small-Cap index gained 0.18%.

The market breadth was strong. On the BSE, 1,533 shares rose, and 901 shares fell. A total of 119 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 211.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 90.81 crore in the Indian equity market on 17 January, provisional data showed.

Stocks in Spotlight:

E.I.D. - Parry (India) rose 0.32%. The new 120 KLPD distillery of the company at its sugar unit at Sankili, Andhra Pradesh, has commenced commercial operations with effect from 17th January 2023.

Tata Metaliks gained 1.58%. The company reported net profit of Rs 9.48 crore in Q3 FY23 as compated to net profit of Rs 35.88 crore in Q3 FY22. Total income rose to Rs 792.43 crore in Q3 FY23 from Rs 693.12 crore in Q3 FY22.

Shalby declined 3.68%. The company reported consolidated net profit of Rs 15.27 crore in Q3 FY23 as compated to net profit of Rs 18.40 crore in Q3 FY22. Total income rose to Rs 206.5 crore in Q3 FY23 from Rs 207.1 crore in Q3 FY22.

Global markets:

Asian stocks are trading mostly higher even as the Bank of Japan announced no change to its yield curve control policy.

US stocks saw mixed trend on Tuesday as weak earnings from Goldman Sachs dragged the Dow Jones Industrial Average index lower, but a jump in Tesla shares helped the Nasdaq Composite stay postive as the corporate earnings season took center stage.

Barometers trade with modest gains; Sensex adds 351 pts.

 

The key equity indices continued to trade with modest gains in mid-afternoon trade. The Nifty hovered above the 17,950 mark. While large caps were trading higher, broader market witnessed selling. FMCG, IT and auto shares advanced while PSU bank, metal and media shares corrected.

The barometer index, the S&P BSE Sensex, was up 351.03 points or 0.58% to 60,444. The Nifty 50 index added 95.10 points or 0.53% to 17,989.95.

The broader market declined. The S&P BSE Mid-Cap index slipped 0.39% while the S&P BSE Small-Cap index shed 0.22%.

The market breadth was negative. On the BSE, 1532 shares rose, and 1931 shares fell. A total of 140 shares were unchanged.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.336 from its close of 7.327 recorded in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.81, compared with its close of 81.5825 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement lost 0.11% to Rs 56,421.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 102.29.

The United States 10-year bond yield rose 1.30% to 3.557.

In the commodities market, Brent crude for March 2023 settlement lost 49 cents or 0.57% to $84.79 a barrel.

Buzzing Index:

The Nifty Auto index rose 0.36% to 12,794.75. The index has declined 0.65% in the past trading session.

Tube Investments of India (up 1.15%), Eicher Motors (up 1.15%), Maruti Suzuki India (up 0.93%), Balkrishna Industries (up 0.86%), Tata Motors (up 0.81%), MRF (up 0.64%), Bajaj Auto (up 0.5%) and Bharat Forge (up 0.27%) advanced.

Stocks in Spotlight:

Mastek slipped 3.49% after the IT company's consolidated net profit tumbled 18.86% to Rs 64.18 crore as against Rs 79.10 crore recorded in Q2 FY23. In dollar terms, the firm's revenue was $80.1 million (CC growth of 3.1% QoQ and 20% YoY). The board of directors has recommended an interim dividend Rs 7 per equity share, which will be paid to the eligible shareholders within 30 days. The record date for the same is fixed on Wednesday, 1 February 2023.

Bank of India slumped 5.47%. The state-run bank's net profit increased 12% to Rs 1,151 crore on 26.3% rise in total income to Rs 14,159.60 in Q3 FY23 over Q3 FY22. Net interest income (NII) increased by 64% YoY to Rs 5,596 crore for Q3 FY23 as against Rs 3,408 crore for Q3 FY22. Net interest margin (NIM) (domestic) improved to 3.72% in Q3 FY23 as compared to 2.51% in Q3 FY22.

Glenmark Pharmaceuticals declined 0.75%. The drug maker launched the sacubitril + valsartan tablets in India, for the treatment of heart failure marketed under the brand name 'Sacu V'.

Nifty climbs above 18,000; Sensex adds 387 pts; FMCG shares gain.

 

STREET INVESTMENT

The domestic equity benchmarks traded with moderate gains in morning trade. The Nifty marched above the key 18,000 level. FMCG shares advanced for the second straight day.

The barometer index, the S&P BSE Sensex, was up 386.63 points or 0.64% to 60, 479.60. The Nifty 50 index added 107.65 points or 0.60% to 18,002.50.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index shed 0.02%.

The market breadth was strong. On the BSE, 1,670 shares rose, and 1,456 shares fell. A total of 185 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,422.39 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,953.40 crore in the Indian equity market on 13 January, provisional data showed.

Earnings Today:

Bank of India (up 1.23%), ICICI Lombard General Insurance Company (up 0.06%), ICICI Prudential Life Insurance Company (down 0.92%), Delta Corp (down 1.56%), Eris Lifesciences (down 0.05%), Hathway Cable & Datacom (up 0.90%), Mastek (down 1.68%), Metro Brands (up 0.93%), Network18 Media & Investments (up 0.53%), TV18 Broadcast (down 0.13%) and Tata Investment Corporation (up 1.42%) will announce their quarterly results later today.

Buzzing Index:

The Nifty FMCG index gained 1.22% to 44,544.50, extending gains for the second day. The index advanced 1.34% in two trading sessions.

Hindustan Unilever (up 2.79%), Radico Khaitan (up 2.25%), ITC (up 0.86%), Godrej Consumer Products (up 0.84%), Dabur India (up 0.71%), Marico (up 0.62%), Britannia Industries (up 0.59%), Nestle India (up 0.39%), Colgate-Palmolive (India) (up 0.36%) and Tata Consumer Products (up 0.28%) advanced.

Stocks in Spotlight:

Siemens rose 0.67% after it received an order for 1,200 locomotives of 9000 horsepower (HP) from Indian Railways, marking the single largest locomotive order in the history of Siemens Mobility and single largest order in the history of Siemens in India. The contract has a total value of Rs 26,000 crore (approximately), excluding taxes and price variation.

Tinplate Company of India slipped 1.08% after the company announced that its net profit declined 61.7% to Rs 36.38 crore on 18.7% decrease in net sales to Rs 867.06 crore in Q3 FY23 over Q3 FY22.

V-Mart Retail fell 0.93% after a fire accident took place at one of the company's store at Kanpur in Uttar Pradesh on Monday, 16 January 2023. V-Mart Retail clarified that there was no loss or injury to human life.

Indices drift higher in early trade; Nifty above 17,950

STREET INVESTMENT

The key equity indices were trading with decent gains in early trade. The Nifty traded above the 17,950 level. PSU bank, IT and oil & gas shares were in demand while metal, pharma and media shares corrected.

The barometer index, the S&P BSE Sensex, was up 218.23 points or 0.36% to 60,311.20 The Nifty 50 index added 60.20 points or 0.34% to 17,955.05.

In the broader market, the S&P BSE Mid-Cap index slipped 0.02% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was positive. On the BSE, 1,493 shares rose, and 1,070 shares fell. A total of 182 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 750.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 685.96 crore in the Indian equity market on 16 January, provisional data showed.

Stocks in Spotlight:

NTPC rose 0.75%. NTPC Renewable Energy Ltd. (NTPC REL) signed a Memorandum of Understanding (MoU) with Government of Tripura for Development of Floating and Ground Mounted based Renewable Energy Projects in the State of Tripura.

Siemens added 1.73%. Siemens has received an order for 1,200 locomotives of 9000 horsepower (HP) from Indian Railways. Siemens will design, manufacture, commission and test the locomotives. The contract has a total value of Rs. 26,000 crore (approximately), excluding taxes and price variation.

Angel One rose 0.91%. Angel One reported 38.3% rise in consolidated net profit to Rs 227.7 crore on a 25.5% increase in total income to Rs 759.7 crore in Q3 FY23 over Q3 FY22.

Global markets:

Asian stocks are trading mixed Tuesday as investors digest the Chinese economic data released today.

China reported 3% GDP growth for 2022. Retail sales in December declined by 1.8% from a year ago. Industrial production rose by 3.6% in 2022. The figure rose by 1.3% in December.

US stock market were closed on Monday, 16 January 2023, in observance of Martin Luther King, Jr. Day.

U.S. Treasury Secretary Janet Yellen is scheduled to hold a meeting with Chinese Vice Premier Liu He on the sidelines of the World Economic Forum, as per reports. The two will hold a meeting to strengthen macroeconomic and financial policy coordination.