Indices pare some gains; metals shares extend losses for 4th day.

STREET INVESTMENT

The domestic equity barometers pared some of the early gains in morning trade. The Nifty traded below the 18,150 level after hitting the day's high at 18,201.25 in early trade. Metal shares extended their downfall for fourth consecutive session.

The barometer index, the S&P BSE Sensex, was up 126.71 points or 0.21% to 61,068.38. The Nifty 50 index added 27.40 points or 0.15% to 18,145.95.

In the broader market, the S&P BSE Mid-Cap index shed 0.08% while the S&P BSE Small-Cap index was currently trading flat.

The market breadth turned positive. On the BSE, 1,709 shares rose, and 1,466 shares fell. A total of 171 shares were unchanged.

Results Today:

Maruti Suzuki India (up 0.10%), Indus Towers (down 0.32%), TVS Motor Company (down 0.48%), SBI Cards and Payment Services (down 0.93%), Pidilite Industries (down 0.14%), United Spirits (down 0.53%), Macrotech Developers (down 1.62%), Supreme Industries (up 1.50%), CG Power and Industrial Solutions (down 1.30%), Colgate Palmolive (India) (up 0.05%), Sona BLW Precision Forgings (up 1.22%), PNB Housing Finance (up 0.53%), HDFC Asset Management Company (down 1.01%), Motilal Oswal Financial Services (down 0.65%) and UCO Bank (down 1.81%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Metal index fell 0.38% to 6,752.05. The index has declined 2.23% in four sessions.

Steel Authority of India (down 1.56%), Jindal Stainless (down 1.44%), Hindustan Copper (down 1.12%), JSW Steel (down 0.97%) and Jindal Steel & Power (down 0.94%) were the top losers.

Among the other losers were Tata Steel (down 0.7%), National Aluminium Company (down 0.59%), Hindalco Industries (down 0.53%), APL Apollo Tubes (down 0.52%) and Ratnamani Metals & Tubes (down 0.5%).

On the other hand, Welspun Corp (up 1.5%), Hindustan Zinc (up 0.51%) and Adani Enterprises (up 0.4%) turned up.

Stocks in Spotlight:

FSN E-Commerce Ventures (Nykaa) rose 1.36%. Nykaa on Monday (23 January 2023) announced the appointment of P Ganesh as their chief financial officer to further strengthen and boost Nykaa's financial operations and key long-term business strategies.

Sterlite Technologies fell 2.60%. The company's board at their meeting held on 27 January 2023 will consider proposal of fund raising by way of equity shares or other securities through rights issue.

NBCC (India) advanced 1.86%. The company has secured the total business of Rs 309.10 crore in December 2022.

Nifty trades above 18,150 mark; market breadth strong.

STREET INVESTMENT

The key equity benchmarks traded with decent gains in morning trade. The Nifty traded above the 18,150 level. IT, banks and autos advanced while realty and healthcare stocks lagged behind.

The barometer index, the S&P BSE Sensex, was up 236.24 points or 0.39% to 61,177.91. The Nifty 50 index added 62.45 points or 0.34% to 18,181.

Infosys (up 1%), IndusInd Bank (up 0.83%), Asian Paints (up 0.72%), Bajaj Finserv (up 0.68%) and Wipro (up 0.64%) were the top Nifty gainers.

Bharti Airtel (down 0.61%), Power Grid Corp (down 0.51%), Grasim (down 0.50%), SBI Life (down 0.42%) and JSW Steel (down 0.37%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index gained 0.13% while the S&P BSE Small-Cap index rose 0.41%.

The market breadth was strong. On the BSE, 1,779 shares rose, and 801 shares fell. A total of 121 shares were unchanged.

Stocks in Spotlight:

Axis Bank shed 0.55%. The private lender's net profit surged 61.94% to Rs 5,853.07 crore on 27.44% increase in total income to Rs 26,891.87 crore in Q3 FY23 over Q3 FY22.

Tata Motors rose 1.79%. The company has confirmed that the voluntary delisting of its American Depositary Shares (ADS), representing ordinary shares of the company, from the New York Stock Exchange (NYSE) will become effective close of trading on the NYSE on 23 January 2023. This follows the filing by the company of Form 25 with the Securities and Exchange Commission on 13 January 2023.

Poonawalla Fincorp jumped 5.29%. On a consolidated basis, the NBFC reported 44.2% rise in net interest income to Rs 482 crore on 89.1% rise in profit after tax to Rs 182 crore in Q3 FY23 over Q3 FY22.

Global Markets:

Markets in Asia advanced on Tuesday as investor confidence surged into the Lunar New Year with China lifting its stringent Covid curbs and on rising hopes that the end to interest rate hikes may finally be in sight.

US stocks closed sharply higher on Monday, fuelled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.

Benchmarks end with decent gains after volatile session; IT stocks outperform.

STREET INVESTMENT

The key equity benchmarks ended with decent gains after a volatile session on Monday. The Nifty managed to close above the 18,100 level after hitting the day's low at 18,063.45 in early trade. Shares across sectors advanced with IT, auto and healthcare stocks gaining the most.

As per provisional closing data, the barometer index S&P BSE Sensex advanced 319.90 points or 0.53% to 60,941.67. The Nifty 50 index added 90.90 points or 0.5% to 18,118.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index shed 0.30%.

The market breadth turned negative. On the BSE, 1,666 shares rose, and 1,976 shares fell. A total of 189 shares were unchanged.

Buzzing Index:

The Nifty IT index advanced 1.73% to 30,041.50. The index had declined 0.35% to end at 29,529.65 on Friday.

Persistent Systems (up 7.35%), Coforge (up 6.39%), L&T Technology Services (up 2.89%), LTI Mindtree (up 2.36%) and Tech Mahindra (up 1.77%) were the top gainers.

Among the other gainers were Mphasis (up 1.66%), Tata Consultancy Services (up 1.57%), Infosys (up 1.49%), HCL Technologies (up 1.2%) and Wipro (up 0.95%).

Earning Impact:

Reliance Industries (RIL) shed 0.53%. On a consolidated basis, net profit of RIL declined 2.8% to Rs 15,792 crore on 17.4% increase in net sales to Rs 2,17,164 crore in Q3 December 2022 over Q3 December 2021. RIL reported exceptional income of Rs 2,836 crore in Q3 December 2021.

ICICI Bank lost 0.05%. The bank has reported net interest income of Rs 16465 crore in Q3 FY23 from Rs 12236 crore in Q3 FY22. Profit after tax rose to Rs 8312 crore from Rs 6194 crore.

Kotak Mahindra Bank advanced 1.10%. The bank has reported net total income of Rs 7,753 crore in Q3 FY23 from Rs 5698 crore in Q3 FY22. Profit after tax rose to Rs 2,792 crore from Rs 2131 crore.

LTIMindtree gained 2.23%. The L&T Group company has reported 15.82% decline in consolidated net profit to Rs 1,000.5 crore despite of 4.77% increase in revenue to Rs 8,620 crore in Q3 FY23 over Q2 FY23.

SBI Life Insurance Company rose 0.35%. The life insurer has reported 16.5% decline in net profit to Rs 304.13 crore in Q3 FY23 from Rs 364.06 crore posted in Q3 FY22.

UltraTech Cement tumbled 4.43%. The cement maker has reported consolidated profit after tax of Rs 1058 crore in Q3 FY23 from Rs 1173 crore in Q3 FY22. Net sales rose to Rs 15299 crore in Q3 FY23 from Rs 12710 crore in Q3 FY22.

JSW Steel declined 1.30%. The steel maker has reported 90% drop in consolidated net profit to Rs 474 crore in Q3 FY23 from Rs 4,516 crore in Q3 FY22. Revenue from operations rose by 3% YoY to Rs 39,134 crore during the quarter.

RBL Bank fell 2%. The private sector bank has reported 34% rise in net profit to Rs 209 crore on a 14% increase in total income to Rs 2,987 crore in Q3 FY23 over Q3 FY22.

Canara Bank advanced 1.21%. The public sector bank reported a standalone net profit of Rs 2,882 crore in Q3 FY23, which is higher by 91.88% as compared with the same period last year. The bank's net profit in Q3 FY22 was Rs 1,502 crore. Total income rose by 23.01% YoY during the quarter to Rs 26,217 crore.

Meghmani Organics slumped 6.53%. The company's consolidated net profit declined 87.79% to Rs 8.35 crore on 14.19% fall in net sales to Rs 549.43 crore in Q3 December 2022 over Q3 December 2021.

Yes Bank tumbled 8.33% after the private lender's standalone net profit slumped 80.7% to Rs 51.52 crore on 24.6% rise in total income to Rs 7015.18 crore in Q3 FY23 over Q3 FY22. The bank said that net profit was largely impacted due to ageing related provisions.

Tanla Platforms slipped 3.66% after the company's consolidated net profit dropped 26.3% to Rs 116.51 crore on 1.7% decline in revenue from operations to Rs 869.63 crore in Q3 FY23 over Q3 FY22.

Global Markets:

European markets started the new trading week on a high note on Monday as investors reassessed the global economic outlook.

Global markets have been weighing the possibility that the Federal Reserve is getting ready to slow the pace of its inflation-fighting rate hikes after economic data last week showed a decline in wholesale prices and retail sales.

Kristalina Georgieva, managing director of the IMF, has reportedly said on Friday at the World Economic Forum that the global economic outlook is not as bad as feared a couple of months ago — “but less bad doesn't quite yet mean good.”

Meanwhile, shares traded higher in Asia on Monday, but most markets were closed for the Lunar New Year holiday, with markets in Shanghai shut for the whole week.

US stocks rallied to close higher on Friday as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.

On Friday, Fed Gov. Christopher Waller said he favors just a quarter-point hike on Feb. 1, when the central bank gives its next interest rate policy update. Waller also said that rates are already high enough to be slowing the economy. The remarks could have helped calm rising-rate worries in the market.

Nifty hovers above 18,100; Ultratech Cement slips 3.87%.

The key equity indices traded in a narrow range with decent gains in the afternoon trade. The Nifty hovered above the 18,100 level. IT, auto and healthcare stocks were in demand while realty and metal stocks declined.

The barometer index, the S&P BSE Sensex, was up 274.51 points or 0.45% to 60,896.28. The Nifty 50 index added 75.50 points or 0.42% to 18,103.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index shed 0.23%.

The market breadth turned negative. On the BSE, 1,695 shares rose, and 1,852 shares fell. A total of 200 shares were unchanged.

Gainers & Losers:

Eicher Motors (up 1.89%), UPL (up 1.72%), Divi's Laboratories (up 1.67%), Sun Pharmaceutical Industries (up 1.65%) and Hindustan Unilever (up 1.45%) were top Nifty gainers.

Ultratech Cement (down 3.87%), Grasim Industries (down 2.23%), NTPC (down 1.33%), Adani Ports and Special Economic Zone (down 1.32%) and JSW Steel (down 1.22%) were major Nifty losers.

UltraTech Cement slipped 3.87%. The cement maker has reported consolidated profit after tax of Rs 1058 crore in Q3 FY23 from Rs 1173 crore in Q3 FY22. Net sales rose to Rs 15299 crore in Q3 FY23 from Rs 12710 crore in Q3 FY22.

JSW Steel fell 1.22%. The steel maker has reported 90% drop in consolidated net profit to Rs 474 crore in Q3 FY23 from Rs 4,516 crore in Q3 FY22. Revenue from operations rose by 3% YoY to Rs 39,134 crore during the quarter.

Earning Impact:

Reliance Industries (RIL) was down 0.46%. On a consolidated basis, net profit of RIL declined 2.8% to Rs 15,792 crore on 17.4% increase in net sales to Rs 2,17,164 crore in Q3 December 2022 over Q3 December 2021. RIL reported exceptional income of Rs 2,836 crore in Q3 December 2021.

ICICI Bank shed 0.04%. The bank has reported net interest income of Rs 16465 crore in Q3 FY23 from Rs 12236 crore in Q3 FY22. Profit after tax rose to Rs 8312 crore from Rs 6194 crore.

Kotak Mahindra Bank advanced 1.45%. The bank has reported net total income of Rs 7,753 crore in Q3 FY23 from Rs 5698 crore in Q3 FY22. Profit after tax rose to Rs 2,792 crore from Rs 2131 crore.

LTIMindtree gained 0.75%. The L&T Group company has reported 15.82% decline in consolidated net profit to Rs 1,000.5 crore despite of 4.77% increase in revenue to Rs 8,620 crore in Q3 FY23 over Q2 FY23.

SBI Life Insurance Company lost 0.36%. The life insurer has reported 16.5% decline in net profit to Rs 304.13 crore in Q3 FY23 from Rs 364.06 crore posted in Q3 FY22.

Yes Bank tumbled 7.32% after the private lender's standalone net profit slumped 80.7% to Rs 51.52 crore on 24.6% rise in total income to Rs 7015.18 crore in Q3 FY23 over Q3 FY22. The bank said that net profit was largely impacted due to ageing related provisions. NIM for Q3FY23 at 2.5% up nearly 10 bps Y-o-Y and down 10 bps Q-o-Q. Gross slippages were at Rs 1,607 crore. Recoveries & upgrades from fresh slippages have been about Rs 500 crore during Q3, leading to net slippage of about Rs 1,100 crore.

Sensex gains 285 pts, pharma stocks advance.

STREET INVESTMENT

The benchmark indices traded with modest gains in early afternoon trade. The Nifty traded above the 18,100 level. Auto, healthcare and pharma stocks were in demand while metal and realty stocks declined.

The barometer index, the S&P BSE Sensex, was up 285.42 points or 0.47% to 60,907.19. The Nifty 50 index added 77.70 points or 0.43% to 18,105.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index shed 0.19%.

The market breadth was positive. On the BSE, 1,777 shares rose, and 1,734 shares fell. A total of 191 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.06% to 13.64. The Nifty 25 January 2022 futures were trading at 18,144, at a premium of 38.65 points as compared with the spot at 18,105.35.

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 127.8 lakh contracts at the 18,100 strike price. Maximum Put OI of 143.1 lakh contracts were seen at 18,100 strike price.

Buzzing Index:

The Nifty Pharma index rose 0.82% to 12,710.45. The index declined 1.01% in the past two trading sessions.

Sun Pharmaceuticals Industries (up 1.88%), Divis Laboratories (up 1.46%), Ipca Laboratories Ltd (up 1.44%), Biocon (up 1.39%), Lupin (up 1.32%) , Laurus Labs (up 1.08%), Cipla (up 0.79%), Torrent Pharmaceuticals (up 0.7%), Zydus Lifesciences (up 0.59%) and Glenmark Pharmaceuticals (up 0.47%) edged higher.

On the other hand, Glaxosmithkline Pharmaceuticals (down 0.78%), Sanofi India (down 0.74%) and Gland Pharma (down 0.7%) slipped.

Glenmark Pharmaceuticals rose 0.47%. The drug maker has launched I.V. injection formulation, AKYNZEO I.V., under an exclusive licensing agreement with Helsinn, a Swiss biopharma group company. AKYNZEO I.V is used for the prevention of chemotherapy-induced nausea and vomiting (CINV).

Earnings Impact:

Yes Bank tumbled 7.07% after the private lender's standalone net profit slumped 80.7% to Rs 51.52 crore on 24.6% rise in total income to Rs 7015.18 crore in Q3 FY23 over Q3 FY22. The bank said that net profit was largely impacted due to ageing related provisions. NIM for Q3FY23 at 2.5% up nearly 10 bps Y-o-Y and down 10 bps Q-o-Q. Gross slippages were at Rs 1,607 crore. Recoveries & upgrades from fresh slippages have been about Rs 500 crore during Q3, leading to net slippage of about Rs 1,100 crore.

Tanla Platforms slipped 3.51% after the company's consolidated net profit dropped 26.3% to Rs 116.51 crore on 1.7% decline in revenue from operations to Rs 869.63 crore in Q3 FY23 over Q3 FY22.

Punjab & Sind Bank shed 1.72%. The bank reported 24.07% jump in net profit to Rs 373.24 crore on 9.94% increase in total income to Rs 2,245.07 crore in Q3 FY23 over Q3 FY22. Net Interest Income grew 6.2% YoY to Rs 805 crore during the period under review. Net Interest Margin improved by 28 basis points to 3.04%.

Nifty hovers near the 18,150 mark; auto shares in demand.

STREET INVESTMENT

The key equity benchmarks extended gains and hit fresh intraday high in morning trade. The Nifty traded tad below the 18,150 level. Auto shares witnessed some bit of bargain buying after declining in the past three sessions.

The barometer index, the S&P BSE Sensex, was up 439.17 points or 0.72% to 61,060.94. The Nifty 50 index added 116.50 points or 0.65% to 18,144.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.19% while the S&P BSE Small-Cap index shed 0.09%.

The market breadth turned positive. On the BSE, 1,796 shares rose, and 1,486 shares fell. A total of 187 shares were unchanged.

Results Today:

Axis Bank (up 0.33%), Canara Bank (up 0.39%), IDBI Bank (up 0.46%), Jindal Stainless (down 1.66%), Tata Communications (up 2.17%), Jindal Stainless (Hisar) (down 2.12%), Container Corporation of India (down 1.01%), KEI Industries (up 0.59%), Shoppers Stop (down 1.58%), Amber Enterprises India (up 1.04%), Gland Pharma (up 0.70%), Syngene International (up 0.02%), Poonawalla Fincorp (up 1.03%), Supreme Petrochem (up 1.72%) and HFCL (up 0.49%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Auto index rose 1.08% to 12,828.55. The index had declined 1.02% in the past three sessions.

Mahindra & Mahindra (up 1.7%), Eicher Motors (up 1.64%), Hero MotoCorp (up 1.64%), Tata Motors (up 1.48%) and Sona BLW Precision Forgings (up 1.36%) were the top gainers.

Among the other gainers were Ashok Leyland (up 0.97%), Bharat Forge (up 0.92%), Balkrishna Industries (up 0.91%), Bajaj Auto (up 0.91%) and Samvardhana Motherson International (up 0.75%).

Stocks in Spotlight:

LTIMindtree gained 0.26%. The L&T Group company has reported 15.82% decline in consolidated net profit to Rs 1,000.5 crore despite of 4.77% increase in revenue to Rs 8,620 crore in Q3 FY23 over Q2 FY23.

JSW Steel fell 1.70%. The steel maker has reported 90% drop in consolidated net profit to Rs 474 crore in Q3 FY23 from Rs 4,516 crore in Q3 FY22. Revenue from operations rose by 3% YoY to Rs 39,134 crore during the quarter.

RBL Bank rose 0.88%. The private sector bank has reported 34% rise in net profit to Rs 209 crore on a 14% increase in total income to Rs 2,987 crore in Q3 FY23 over Q3 FY22.

Camlin Fine Sciences added 2.52%. The company said that it has commenced commercial production at its composite vanillin manufacturing unit situated at Dahej in Gujarat.

Indices trade with decent gains; market breadth remains strong.

STREET INVESTMENT

The domestic equity barometers traded with decent gains in early trade as the bourses witnessed significant buying in key index pivotals. The Nifty traded tad below the 18,100 level. Barring consumer durables and select metal stocks, shares across sectors advanced with banks, financials and autos rising the most.

The barometer index, the S&P BSE Sensex, was up 246.06 points or 0.41% to 60,867.83. The Nifty 50 index added 69.15 points or 0.38% to 18,096.80.

Tata Motors (up 1.60%), Hindalco (up 1.45%), IndusInd Bank (up 1.19%), UPL (up 1.08%) and SBI (up 1.03%) were the top Nifty gainers.

Bajaj Finserv (down 0.69%), NTPC (down 0.47%), Asian Paints (down 0.39%), Dr Reddy's Lab (down 0.39%) and Tata Consumer (down 0.30%) were the top Nifty losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.13% while the S&P BSE Small-Cap index gained 0.15%.

The market breadth was positive. On the BSE, 1,583 shares rose, and 1,054 shares fell. A total of 167 shares were unchanged.

Stocks in Spotlight:

Reliance Industries (RIL) was up 0.02%. On a consolidated basis, net profit of RIL declined 2.8% to Rs 15,792 crore on 17.4% increase in net sales to Rs 2,17,164 crore in Q3 December 2022 over Q3 December 2021. RIL reported exceptional income of Rs 2,836 crore in Q3 December 2021.

ICICI Bank added 0.30%. The bank has reported net interest income of Rs 16465 crore in Q3 FY23 from Rs 12236 crore in Q3 FY22. Profit after tax rose to Rs 8312 crore from Rs 6194 crore.

Kotak Mahindra Bank advanced 0.95%. The bank has reported net total income of Rs 7,753 crore in Q3 FY23 from Rs 5698 crore in Q3 FY22. Profit after tax rose to Rs 2,792 crore from Rs 2131 crore.

UltraTech Cement fell 1.02%. The cement maker has reported consolidated profit after tax of Rs 1058 crore in Q3 FY23 from Rs 1173 crore in Q3 FY22. Net sales rose to Rs 15299 crore in Q3 FY23 from Rs 12710 crore in Q3 FY22.

Global markets:

Asian stocks are trading higher on Monday as technology stocks tracked Wall Street's strong finish last week and firm crude oil prices lifted energy stocks.

US stocks rallied to close higher on Friday as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.