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Foreign institutional investors snapped their seventeen-day sales run, purchasing 2.11 billion rupees ($25.85 million) worth of equities on a net basis on Tuesday. They had sold shares worth 246.51 billion rupees ($3.02 billion) since Dec. 23.
Domestic valuations are not cheap after India outperformed major global benchmarks last year, and with China reopening its borders, funds are being reallocated to those markets where valuations are relatively attractive, analysts have said.
The blue-chip Nifty 50 index added 4.33% in 2022, while the MSCI’s gauge of stocks across the globe slumped 19.8%.
Sustained gains in shares, however, will be seen if foreign investors continue to allocate funds to the market.
Metal stocks in domestic trading advanced 1%, the most among other sectors. Hindalco Industries and Tata Steel rose 2% and 1.8%, respectively, to be among the top gainers on the Nifty 50 so far.
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Persistent Systems Q3 Results: Cons Pat at 237.9 cr vs Rs 220 QoQ | Cons revenue at 2169.4 vs | Approves interim dividen of Rs 28
After the adverse performance during the last one and a half months, Indian market has been advancing in the last 2-3 trading days. The trend is supported by the marginal improvement in FIIs inflows and upside in domestic investments. The domestic investors are adopting buy on dip strategy.
– Vinod Nair, Head of Research at Geojit Financial Services
Earnings Preview: Asian Paints
#EarningsWithETNOW | Asian Paints expected to report a decent set of numbers Volume growth expected to be 5% on Yo… https://t.co/56hw31zXsA
— ET NOW (@ETNOWlive) 1674036326000
INDUSIND BANK: PAT at Rs 1963.6 cr vs poll of Rs 1950 cr | Provisions & contingencies at Rs 1065 cr vs Rs 1654 cr YoY
Bond yields dip on BOJ policy decision, after 3 sessions of rise
The benchmark 10-year yield ended at 7.3243%, after closing higher at 7.3335% on Tuesday. The yield rose by an aggregate of five basis points (bps) in the last three sessions.
“There was some buying, tracking moves in other bond yields after the BOJ decision,” said Rajeev Pawar, head of treasury at Ujjivan Small Finance Bank. “Broadly, caution will still prevail till the federal budget announcement,” he added.
Earlier in the day, the BOJ said it will keep its yield curve control targets, set at -0.1% for short-term interest rates and around 0% for the 10-year yield, unchanged.
Top gainers & losers in closing trade
Price as on 18 Jan, 2023 03:38 PM, Click on company names for their live prices.
Rupee firms as Asian currencies rebound; forward premiums jump: Agencies
The rupee finished the session at 81.24 per dollar, recovering from trading near its Tuesday’s close of 81.76 for the better part of the session. It had declined 0.5% in the first two days of the week.
State-run banks sold dollars on the day, four traders said, but were unsure of the purpose. They also reckoned some bond-related inflows were trickling into the market.
Rupee forward premiums jumped, with 1-year implied yield at a two-month high of 2.35%, with traders again pointing to public sector bank action.
Closing Bell: Sensex surges for 2nd day, ends 390 points higher; Nifty tops 18,150; Siemens, SAIL rise 4% each
Girish Sodani, Head of Equity Market at Swastika Investmart on Adani Enterprises FPO
For retail investors perspective that it will be a good opportunity to buy stocks in the FPO at a discounted valuation since the stock has done remarkably well in past, entering into new businesses and expanding its business at a rapid pace. The same is shown in his results also as Sep 22 Qtr. its net profit more than doubled to Rs 460.94 Cr compared with Rs 212 Cr & Its revenue from operations jumped 189%. (compare from last year).
Adani Enterprises FPO to open on Jan 27
#StocksInNews | Adani Enterprises files for follow-on-share sale; seeks Rs 20,000 cr in FPO #StockMarket… https://t.co/NmWojlQQOH
— ET NOW (@ETNOWlive) 1674032559000
Homegrown Salasar Techno Engineering Ltd (STEL) on Wednesday said it has secured a Rs 143 crore contract from the Nepal government. “The order is for procurement of materials, associated accessories and necessary installation services including design and commissioning of 33/11 KV substations and 33 KV, 11 KV, 400 V lines and distribution systems networks,” the steel structurals maker said in regulatory filing.
Price as on 18 Jan, 2023 01:58 PM, Click on company names for their live prices.
CCL Products India declared dividend of Rs 3 per share; approved unit setting up 6000 TPA freeze dried coffee manufacturing facility; unit project cost $50 million
Price as on 18 Jan, 2023 01:31 PM, Click on company names for their live prices.
Shares of Quess Corp fall as much as 2.9% to 386.10 rupees – their lowest since Oct. 29, 2020; stock of the tech outsourcing firm and parent company of monster.com has been under selling pressure in the past few sessions
Price as on 18 Jan, 2023 01:25 PM, Click on company names for their live prices.
These auto stocks are moving in slow lane
Price as on 18 Jan, 2023 12:57 PM, Click on company names for their live prices.
PSP Projects Dec-quarter consol net profit falls
- Profit at Rs 35.36 crore vs Rs 50.13 crore
- Revenue at Rs 500 crore vs Rs 486 crore
STOCK IN FOCUS: HDFC & HDFC BANK
#StocksToWatch | HDFC BANK & HDFC in focus Strategists say HDFC & HDFC Bank merged entity have $3-6 bn inflow in… https://t.co/bfVhN9murF
— ET NOW (@ETNOWlive) 1674023993000
Torrent Investment on Tuesday urged the National Company Law Tribunal (NCLT) to quash the lenders’ plans to hold a fresh auction for the takeover of the Anil Ambani-promoted Reliance Capital. Darius Khambata, representing Torrent Investments, in a plea said the Committee of Creditors have been saying that the ‘challenge mechanism’ or the fresh round of auction is a continuing process of the last round.
Price as on 18 Jan, 2023 12:44 PM, Click on company names for their live prices.
ICICI Prudential Life Insurance on Tuesday reported a 29 per cent decline in its profit at Rs 221 crore for the third quarter ended December 2022. The company had posted a profit of Rs 311 crore in the same quarter a year ago. During the third quarter of this fiscal the net premium income increased to Rs 9,465 crore as against Rs 9,074 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing.
Price as on 18 Jan, 2023 12:41 PM, Click on company names for their live prices.
Shares of FSN E-Commerce Ventures, which runs Nykaa, tumbled 7.5% to hit a fresh all-time low of Rs 123.3 in Wednesday’s trade amid a heavy selloff in the counter. With today’s fall, the stock has lost 20.5% in the last five days. In the last six months, the stock has fallen nearly 45%, while it has also plunged about 21% in the last month.
Price as on 18 Jan, 2023 12:38 PM, Click on company names for their live prices.
Aimco Pesticides received an environment clearance from govt for new manufacturing unit
Price as on 18 Jan, 2023 12:13 PM, Click on company names for their live prices.
Krsnaa Diagnostics has operationalized diagnostics center at four more locations in state of Punjab
Price as on 18 Jan, 2023 12:11 PM, Click on company names for their live prices.
These bank stocks tumble up to 3%
Price as on 18 Jan, 2023 12:10 PM, Click on company names for their live prices.
Shares of Vedanta group firm Hindustan Zinc rose 4.5% to Rs 364 in Wednesday’s intraday trade on BSE ahead of December quarter earnings. The company will also consider the third interim dividend for FY23 in its meeting, which is to be held tomorrow. “The board will consider a third interim dividend on equity shares, if any, for the financial year 2022-23 in its meeting to be held on Thursday, January 19, 2023,” the company said in a BSE filing.
Price as on 18 Jan, 2023 11:37 AM, Click on company names for their live prices.
Heavy commercial vehicle maker Ashok Leyland has bagged an order from the Sri Lankan Transport Board to supply 500 buses. Sri Lanka Transport Board is the state owned single largest bus transport provider with 110 depots throughout the island nation and operates buses in city routes, hilly and rural routes and also in long distance inter-city routes.
Price as on 18 Jan, 2023 11:25 AM, Click on company names for their live prices.
These metal stocks surge the most in today’s trade
Price as on 18 Jan, 2023 11:13 AM, Click on company names for their live prices.
STOCK IN FOCUS: Strides Pharma
#StocksInNews | @strides_pharma: Receives EIR from USFDA on successful closure of inspection specific to drug-devic… https://t.co/4MqB7r3qzQ
— ET NOW (@ETNOWlive) 1674017305000
Drug major Cipla on Wednesday said it has launched a diagnostic device for various conditions including diabetes, infectious diseases and thyroid function. The product — Cippoint — a point-of-care testing device offers a wide range of testing parameters including cardiac markers, diabetes, infectious diseases, fertility, thyroid function, inflammation, metabolic markers, and coagulation markers, the Mumbai-based drug maker said in a statement.
Price as on 18 Jan, 2023 10:58 AM, Click on company names for their live prices.
Oyo to refile DRHP with updates to Sebi by mid-Feb
Oravel Stays, that operates hospitality chain Oyo, is planning to refile its public listing application of the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) by the middle of February this year, a company spokesperson said. Oyo had earlier indicated that the process of refiling the document could take up to two to three months. ET reported on December 31 that Sebi had asked Oyo to update the draft IPO papers.
We expect gold and silver to remain volatile in today’s session. Gold has support at $1892-1880 while resistance at $1924-1940. Silver has support at $23.75-23.50, while resistance is at $24.22-24.40. In INR terms gold has support at Rs 56,110-55,780, while resistance is at Rs 56,580, 56,710. Silver has support at Rs 68,550-68,120, while resistance is at Rs69,620–70,080.
– Rahul Kalantri, VP Commodities, Mehta Equities
“Nifty target of 21500 for this year; in next 3 months, will see a lot of global markets reaching their lifetime highs,” says Atul Suri
#MarketsWithETNOW | "Nifty target of 21500 for this year; in next 3 months, will see a lot of global markets reachi… https://t.co/LMOeAhV9zn
— ET NOW (@ETNOWlive) 1674016370000
Sensex jumps 200 points
IndusInd Bank Q3 Results: Here’s what to expect
ITC on Tuesday said it has signed an agreement to acquire direct-to-consumer (D2C) start-up Sproutlife Foods Pvt Ltd with a view to strengthen its presence in the fast-growing nutrition health foods space.
Price as on 18 Jan, 2023 09:35 AM, Click on company names for their live prices.
Sundram Fasteners gets electric vehicle contract worth $250 million; order for supply of sub-assemblies for EV platform
Price as on 18 Jan, 2023 09:34 AM, Click on company names for their live prices.
Yen sinks after BOJ sticks to ultra-easy policy
The central bank stunned the market last month by raising its cap on the 10-year yield to 0.5% from 0.25%, doubling the band it would permit above or below its target of zero. Since then, speculation has swirled that the BOJ was likely to tweak its yield curve control (YCC) policy further.
The Japanese yen weakened 2.06% versus the greenback at 130.80 per dollar on Wednesday, its biggest one-day percentage drop since June. The dollar index, which measures the safe-haven dollar against six peers, rose 0.352% at 102.750.
The 10-year yield on Japanese government bond breached the BOJ’s ceiling for fourth straight session on Wednesday after the decision.
SENSEX HEATMAP: Majority of the stocks trade in green
India’s outperformance in 2022 has been temporarily reversed in January 2023, till date, mainly due to FII outflows to other markets, mainly China. Consequently, Hang Seng and Shanghai Composite have appreciated by 9 percent and 4.4 percent respectively YTD while Nifty is down by around 0.3%. India’s current underperformance is likely to be temporary since India has the best growth and earnings prospects among large economies. However, concerns of global slowdown this year and the possibility of FIIs again turning sellers at higher levels will cap the upside to the market in the near-term. From now on Budget expectations also are likely to influence the market trend. IT stocks which have bounced back after the good Q3 results and high quality banking and capital goods stocks along with RIL have the strength to support the market.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Nifty outlook by Anand James – Chief Market Strategist at Geojit Financial Services
The fall in VIX as Nifty headed into the 18040 vicinity that had hitherto been a significant challenge, encouraged us to look beyond 18100, and potentially 18270-300. We will continue to view 17960 as an important pivot, but will wait for a breach of 17800 for major downside plays.
Indian rupee opens up 0.02% at 81.7400 per U.S. dollar; previous close 81.7600
Top movers in morning trade
Price as on 18 Jan, 2023 09:22 AM, Click on company names for their live prices.
Opening Bell: Sensex flat, Nifty holds above 18,050; ICICI Lombard falls 4%, Bank of India 3%
Pre-open session: Sensex rises 40 points; Nifty above 18,070
Asian shares tentative, Japan yields close to policy cap ahead of BOJ meeting
Asian shares were mixed on Wednesday while Japanese yields hugged a policy cap, with markets anxiously awaiting a pivotal Bank of Japan (BOJ) meeting that could see the world’s third largest economy shift away from decades of ultra-low interest rates.
Oil prices extend gains on optimism over China’s fuel demand recovery
Oil prices rose on Wednesday, extending the previous session’s gains, driven by optimism that a relaxation of China’s strict COVID-19 curbs will lead to a recovery in fuel demand in the world’s top oil importer.
Quarterly earnings today
28 companies will release earnings for the quarter ended December. Central Bank of India, IndusInd Bank, Persistent Systems, and Rallis India among the major ones.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 46 points, or 0.25 per cent, higher at 18,122, signaling that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty charts hint at chances of upside breakout
While making higher highs for the last three sessions, the headline equity index Nifty on Tuesday formed a long bull candle on the daily chart that has engulfed the negative candle of the previous session. Analysts say the pattern indicates chances of an upside breakout of the sideways range movement of 18100-17800 levels in the short term.
Tokyo stocks open higher ahead of BoJ decision
Tokyo stocks opened higher Wednesday encouraged by a stable dollar-yen rate, as investors awaited the result of a Bank of Japan policy meeting that could potentially rattle financial markets.The benchmark Nikkei 225 index was up 0.54 percent, or 140.57 points, at 26,279.25 in early trade, while the broader Topix index added 0.42 percent, or 7.92 points, to 1,910.81.
Goldman, Travelers drag Dow lower as earnings season picks up
The Dow fell more than 1% on Tuesday as weak earnings from Goldman Sachs dragged the index lower, but a jump in Tesla shares helped the Nasdaq stay postive as the corporate earnings season took center stage.
Rupee falls by 12 paise to close at 81.70 against US dollar on firm crude oil prices
The rupee settled 12 paise lower at 81.70 against the US dollar on Tuesday, tracking a rebound in the greenback overseas and firm crude oil prices. Forex traders said sustained foreign fund outflows further weighed on investor sentiment.
Sensex, Nifty on Tuesday
The BSE Sensex index ended 563 points or 0.94% higher at 60,656, while Nifty50 rose 158 points or 0.89% to settle at 18,053.
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