Oil and gas stocks were up as much as 0.53% after the country, a major consumer and importer of oil, cut its windfall tax on crude oil and exports of aviation turbine fuel and diesel.
Shares of Reliance Industries, Oil India Ltd Chennai Petroleum Corp and Mangalore Refinery And Petrochemicals climbed between 0.5% and 4.4%.
However, those gains were capped on relentless outflows of funds from foreign investors.
Data showed foreign institutional investors extended their selling streak for the seventeenth day in a row – the longest such streak in six months – offloading 7.51 billion rupees ($92.00 million) worth of equities on a net basis on Monday.
In broader markets, the MSCI’s gauge of Asia Pacific stocks outside Japan was down 0.51%.
China’s economy, the world’s second-largest, slowed in the fourth quarter due to stringent COVID curbs, dragging down 2022 growth to one of its worst in nearly half a century and heightening concerns about global growth.
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These stocks gain the most in an exciting day for D-Street bulls!
Price as on 17 Jan, 2023 10:47 AM, Click on company names for their live prices.
Rupee edges lower towards 82/USD as Asian currencies drop
The Indian rupee weakened on Tuesday, slipping back towards the 82 per dollar mark, as the greenback broadly rebounded and Asian currencies weakened. The rupee was trading at 81.84 per dollar by 9:37 a.m. IST, compared to its previous close of 81.6125. The currency saw its worst session in a month on Monday, when traders cited heavy dollar buying by state-run banks and stop-losses being hit to take the rupee to near 81.75-levels from sharp opening gains.
NIFTY TOPS 18,000!
MARKET CHECK | Sensex gains over 400 points
JSW Ispat Special Products Limited (JISPL) on Monday said its consolidated net loss widened to Rs 97.98 crore in the December quarter. The company had posted a Rs 27.12 crore net loss in the year-ago period, according to a statement. Its total income fell to Rs 1,110.33 crore from Rs 1,476.46 crore during the October-December period of the previous year.
Price as on 17 Jan, 2023 09:52 AM, Click on company names for their live prices.
HUL among top 5 gainers from the FMCG pack in morning session
Price as on 17 Jan, 2023 09:36 AM, Click on company names for their live prices.
The dominant trend impacting the near-term texture of the market is the sustained selling by FIIs for the eleventh time this month. There is selling even in bluechip names like HDFC Bank, that too, after impressive Q3 results. The simple logic behind sustained FII selling is that India is the only large market where FIIs are still sitting on good profits after the disastrous 2022 performance in most global markets. FIIs are playing it safe by moving money to cheaper markets where there is valuation comfort. The sustained FII selling has turned the near-term structure of the market weak. The best investment strategy in the present weak market would be to systematically buy high quality large-caps in performing sectors like banking, capital goods, telecom and construction-related segments. Soon, India’s strong fundamentals will bring cheer to 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 turn lower without breaching 18100, and the subsequent fall back below 17960 forced us to abandon the positive stance that we had taken for yesterday. Nevertheless, the slippages not having breached 17800, we will start the day on a neutral stance, with expectation of swings on either side. We will continue to view 17960 as pivot for the day to choose sides, but will wait for a breach of the 17800-18100 band for directional plays.
Top movers in morning trade
Price as on 17 Jan, 2023 09:22 AM, Click on company names for their live prices.
Adani Enterprises, the flagship company of the Adani Group, filed an offer letter with stock exchanges on Monday for a proposed Rs 20,000 crore follow-on public offer (FPO), said people in the know. The company is examining the possibility of launching the public issue in the last week of January, said one of the persons quoted above.
Price as on 17 Jan, 2023 09:21 AM, Click on company names for their live prices.
Opening Bell: Sensex flat, Nifty above 17,900; Nykaa falls 4%, Delhivery 2%
Rupee opens down 0.22% at 81.7900 per U.S. dollar; previous close 81.6125
Pre-open session: Sensex rises 50 points; Nifty above 17,920
Asia shares slip on weak China economic data
Many Asia shares slipped on Tuesday after Beijing released weak fourth-quarter economic data, although investors’ expectations for a strong China rebound remained high even as the global economy edges closer to recession. MSCI’s gauge of Asia Pacific stocks outside Japan was down 0.34% at 0213 GMT, widening morning losses.
Quarterly earnings today
35 companies will release earnings for the quarter ended December. ICICI Prudential Life Insurance Co, Bank of India, Network18 Media & Investments, Mastek, Metro Brands among the major ones.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 30.5 points, or 0.17 per cent, higher at 17.975.50, signaling that Dalal Street was headed for a positive start on Tuesday.
Tech View: Range-bound Nifty forms bearish candle
Headline equity index Nifty, which has been struggling within a bandwidth of 200-300 points, today formed a bearish candle on the daily chart. Now, it has to hold above 17,850 zone for an upmove towards 18,050 and 18,123 zones whereas supports are placed at 17,850 and 17,777 zones, said Chandan Taparia of Motial Oswal.
Tokyo stocks open higher with eyes on yen, China data
Tokyo stocks opened higher on Tuesday, with a lull in the yen’s appreciation against the dollar as investors awaited Chinese economic data due later in the day.The benchmark Nikkei 225 index was up 0.38 percent, or 98.96 points, at 25,921.28 in early trade, while the broader Topix index added 0.18 percent, or 3.35 points, to 1,889.66.
Oil prices slip on global recession gloom
Oil prices fell in early trade on Tuesday as recession fears dominated headlines out of the World Economic Forum’s meeting in Davos, draining optimism that stoked the market last week on prospects of a fuel demand recovery in top oil importer China.Brent crude futures were down 38 cents, or 0.5%, at $84.08 at 0114 GMT, extending a 1% loss in the previous session.
Rupee falls 21 paise to close at 81.59 against US dollar on forex outflows
The rupee pared initial gains and settled 21 paise lower at 81.59 against the US dollar on Monday, tracking a rebound in the greenback overseas and a muted trend in domestic equities.
Sensex, Nifty on Monday
The BSE Sensex index ended 168 points or 0.28% lower at 60,093, while Nifty50 fell 62 points or 0.34% to settle at 17,895.
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