Indices trim losses; Nifty above 18,100; oil & gas stocks advance.

The key equity benchmarks pared some of the losses and traded with minor cuts in mid-morning trade. The Nifty traded above the 18,100 level. Barring the Nifty Oil & Gas index, all the other sectoral indices on the NSE were in the red. Trading was expected to be volatile due to expiry of weekly index options on the NSE.

The barometer index, the S&P BSE Sensex, was down 149.69 points or 0.25% to 60,896.05. The Nifty 50 index lost 46.60 points or 0.26% to 18,118.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.07% while the S&P BSE Small-Cap index slipped 0.03%.

The market breadth was negative. On the BSE, 1,561 shares rose, and 1,692 shares fell. A total of 175 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index gained 0.37% to 8,577.25. The index declined 0.07% in the past trading session.

Adani Total Gas (up 1.09%), Indian Oil Corporation (up 0.61%), Oil & Natural Gas Corpn (up 0.54%), Indraprastha Gas (up 0.37%), Bharat Petroleum Corporation (up 0.36%) and Gujarat Gas (up 0.26%) advanced.

On the other hand, Aegis Logistics (down 1.4%), Gujarat State Petronet (down 0.78%) and Oil India (down 0.51%) edged lower.

Stocks in Spotlight:

Persistent Systems advanced 4.69% after the company reported 8.2% rise in net profit to Rs 237.95 crore on a 5.9% increase in revenue to Rs 2,169.37 crore in Q3 FY23 over Q2 FY23.

Aurobindo Pharma rose 0.15%. The drug maker on Wednesday announced that the United States Food and Drug Administration (US FDA) inspected its wholly owned subsidiary, APL Health Care's Unit I & III, at Jadcherla in Telangana, during 9 January to 18 January 2023.

Mahindra Lifespace Developers jumped 7.75% after the company announced its foray into society redevelopment in Mumbai. The company and the two societies will execute definitive documents upon completion of due diligence. The project will offer Mahindra Lifespaces a revenue potential of around Rs 500 crore.

Global markets:

Asian stocks traded mostly higher on Thursday after tracking losses on Wall Street overnight.

US stocks dropped sharply on Wednesday, their biggest daily drops in more than a month, after weak economic data fueled recession worries while hawkish comments from Federal Reserve officials soured investor moods further.

Cleveland Federal Reserve President Loretta Mester said Wednesday that interest rates have to keep moving higher even with recent inflation readings softening. As per reports, the policymaker said the Fed likely will have to take its benchmark interest rate above 5% in order to get inflation moving consistently down to the central bank's 2% goal. She noted that markets and the economy absorbed the half-point December rate hike without a problem.

US retail sales fell by the most in a year in December. Retail sales plummeted 1.1% last month, the biggest drop since December 2021. Data for November was revised to show sales decreasing 1% instead of 0.6% as previously reported. Retail sales rose 6% year-on-year in December.

Sensex down 196 pts; Media shares decline.

STREET INVESTMENT

The domestic equity barometers traded with modest losses in morning trade. The Nifty hovered near the 18,100 level. Barring the Nifty Oil & Gas index, all the other sectoral indices on the NSE were in the red.

The barometer index, the S&P BSE Sensex, was down 195.92 points or 0.32% to 60,849.82. The Nifty 50 index lost 63.80 points or 0.35% to 18,101.55.

In the broader market, the S&P BSE Mid-Cap index fell 0.11% while the S&P BSE Small-Cap index slipped 0.03%.

The market breadth was almost even. On the BSE, 1,568 shares rose, and 1,577 shares fell. A total of 146 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 319.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,225.96 crore in the Indian equity market on 18 January, provisional data showed

Earnings Today:

Hindustan Unilever (down 1.34%), Asian Paints (up 0.01%), AU Small Finance Bank (down 0.12%), Can Fin Homes (down 0.13%), L&T Technology Services (down 1.02%), Happiest Minds Technologies (down 0.05%), Havells India (up 0.25%), Hindustan Zinc (up 2.20%), Anant Raj (up 0.13%), IIFL Wealth Management (up 0.93%), IndiaMART InterMESH (down 0.32%), ICICI Securities (up 0.15%), Mphasis (up 0.57%), Polycab India (down 0.56%), PVR (down 0.98%), and Sterling and Wilson Renewable Energy (up 1.24%) will announce their quarterly results later today.

Buzzing Index:

The Nifty Media index gained 1.16% to 1,911.20. The index rose 0.25% in the past trading session.

Dish TV India Ltd (down 1.96%), Zee Entertainment Enterprises Ltd (down 1.59%), Nazara Technologies Ltd (down 1.33%), Inox Leisure Ltd (down 1%), PVR Ltd (down 0.98%), TV18 Broadcast Ltd (down 0.84%), Navneet Education Ltd (down 0.64%), Network 18 Media & Investments Ltd (down 0.64%), Sun TV Network Ltd (down 0.45%).

Stocks in Spotlight:

Goa Carbon jumped 6.91% after the company's board appointed Vikrant Garg as chief financial officer and as key managerial personnel, effective 18th January 2023.

Rallis India slipped 4.66% after the company reported 43% decline in net profit to Rs 22.55 crore in Q3 FY23 as against Rs 39.55 crore posted in Q3 FY22. Revenue from operations rose marginally to Rs 630.39 crore in quarter ended 31 December 2022 from Rs 628.08 crore recorded in Q3 FY22.

KDDL declined 2.14%. The company's board approved buyback worth upto Rs 21 crore at a price not exceeding Rs 2,100 each. The maximum buyback size represents 9.73% and 8.47% of the aggregate of the total paid-up equity share capital and free reserves of the company.

Benchmarks drift lower in early trade; breadth negative.

STREET INVESTMENT

The key equity indices were trading with small losses in early trade. The Nifty traded below the 18,100 level. All the sectoral indices on the NSE were in the red.

The barometer index, the S&P BSE Sensex, was down 204.79 points or 0.34% to 60,840.95. The Nifty 50 index added 80.75 points or 0.44% to 18,083.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.25% while the S&P BSE Small-Cap index lost 0.15%.

The market breadth was negative. On the BSE, 1,198 shares rose, and 1,410 shares fell. A total of 128 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 319.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,225.96 crore in the Indian equity market on 18 January, provisional data showed

Stocks in Spotlight:

State Bank of India (SBI) fell 0.31%. SBI has raised Rs. 9718 crore through its second infrastructure bond issuance on Wednesday at coupon rate of 7.70%. The proceeds of bonds will be utilized in enhancing long term resources for funding infrastructure and affordable housing segment. The tenor of these bonds is 15 years.

Wipro declined 0.42%. The IT major announced the opening of its newest Wipro-AWS Launch Pad Center in Toronto, Canada. Joining a global network of Wipro-AWS Launch Pad Centers, this new one will enable customers in Canada to accelerate their move to the cloud and build industry leading solutions leveraging Wipro and AWS expertise.

Persistent Systems rose 0.69%. The company reported 8.2% rise in consolidated net profit after reversal of export incentive to Rs 237.95 crore on a 5.9% increase in revenues to Rs 2169.36 crore in Q3 FY23 over Q2 FY23.

Global markets:

Asian stocks were trading mostly higher on Thursday after tracking losses on Wall Street overnight.

US stocks dropped sharply on Wednesday, their biggest daily drops in more than a month, after weak economic data fueled recession worries while hawkish comments from Federal Reserve officials soured investor moods further.

Cleveland Federal Reserve President Loretta Mester said Wednesday that interest rates have to keep moving higher even with recent inflation readings softening. As per reports, the policymaker said the Fed likely will have to take its benchmark interest rate above 5% in order to get inflation moving consistently down to the central bank's 2% goal. She noted that markets and the economy absorbed the half-point December rate hike without a problem.

US retail sales fell by the most in a year in December. Retail sales plummeted 1.1% last month, the biggest drop since December 2021. Data for November was revised to show sales decreasing 1% instead of 0.6% as previously reported. Retail sales rose 6% year-on-year in December.

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.