Ten of the 13 major sectoral indexes advanced, with the heavyweight financials rising more than 0.5%.
HDFC Bank rose 0.5%, and was among the top gainers on the Nifty 50 index, after reporting a jump in third-quarter profit, aided by higher top-line and healthy loan growth.
On the flip side, data shows foreign portfolio investors have sold 150.68 billion rupees ($1.85 billion) worth of equities in 2023 so far.
Meanwhile, oil prices held near 2023 highs on optimism that China’s reopening will lift demand. High crude prices hurt big importers like India as they hurt inflation and government financials.
Among other stocks, Avenue Supermarts slid nearly 4% after reporting its core profit margins fell in the third quarter due to weak demand.
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These 5 auto stocks fall the most in trade today
Price as on 16 Jan, 2023 10:35 AM, Click on company names for their live prices.
PSU bank stocks surge up to 6%; check out the top gainers
Price as on 16 Jan, 2023 10:19 AM, Click on company names for their live prices.
The US health regulator has pulled up drug major Sun Pharma for manufacturing lapses, including failure to follow appropriate written procedures designed to prevent microbiological contamination of drug products, at its Gujarat-based plant. In a warning letter, the US Food and Drug Administration (USFDA) pointed out various lapses at the Halol plant which produces finished pharmaceutical products.
Price as on 16 Jan, 2023 09:59 AM, Click on company names for their live prices.
Avenue Supermarts hits six-month low on Q3 margins drop
Shares of India’s Avenue Supermarts Ltd, which operates the D-Mart retail chain, fell to a six-month low on Monday after the company reported that quarterly core profit margins shrunk due to weak demand. The company said its earnings before interest, taxes, depreciation and amortization (EBITDA) margins fell to 8.34% in the third quarter from 9.39% a year earlier. It said the decline mainly reflected a change in product mix and weaker-than-expected discretionary non-FMCG sales. Avenue Supermarts’s shares fell as much as 5.13% to 3,665.50 rupees on Monday.
A major trend in the market in 2022 was the tug of war between FIIs and DIIs. The massive selling by FIIs was absorbed by DII buying. 2023 has begun on a similar note. Last week, FIIs sold equity for Rs 9605 crores in the cash market and this was easily absorbed by DII buying of Rs Rs 10042 crores. So long as the fundamentals of the economy and corporate earnings are good, FII selling is unlikely to impact the market significantly. India’s macros are stable and early Q3 results indicate good earnings growth. Q3 results of IT majors and HDFC Bank indicate that IT and banking are on strong wicket. Some FIIs are shorting India and moving money to other markets like Taiwan, South Korea and Thailand, purely on valuation concerns. This trend is unlikely to last long. Dollar index dipping to 101.85 is positive for emerging market equity and India cannot be ignored for long.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
RattanIndia Enterprises Ltd on Saturday said it has completed the acquisition of Revolt Motors which is into manufacturing of electric vehicles. Now Revolt Motors has become a 100 per cent subsidiary of RattanIndia Enterprises Ltd, the company said in a statement.
Price as on 16 Jan, 2023 09:44 AM, Click on company names for their live prices.
Maruti Suzuki announces increase in prices across models. An estimated weighted average of increase across models stands at around 1.1%.
Price as on 16 Jan, 2023 09:37 AM, Click on company names for their live prices.
Forex Check
Rupee rises 9 paise to 81.29 against US dollar in early trade
— Press Trust of India (@PTI_News) 1673841662000
Sula Vineyards up more than 9% after co reports higher-ever quarterly revenue
Price as on 16 Jan, 2023 09:35 AM, Click on company names for their live prices.
Local search platform JUST DIAL has reported over three-fold jump in its consolidated net profit at Rs 75.32 crore in the third quarter that ended December 31, 2022. The company had posted a net profit of Rs 19.39 crore in the October-December quarter a year ago.
Price as on 16 Jan, 2023 09:28 AM, Click on company names for their live prices.
Avenue Supermarts (DMart) on Saturday reported a 6.7% (YoY) rise in consolidated net profit for the quarter ended December to Rs 590 crore. But the bottomline was way below the estimated figure of Rs 672 crore. Consolidated revenue increased 25.5% on year to Rs 11,569.05 crore, but higher expenses led to a sharp contraction in the profitability. Operating margin contracted by a sharp 106 basis points to 8.34%.
Price as on 16 Jan, 2023 09:27 AM, Click on company names for their live prices.
SMBC Bank, Oaktree submit expressions of interest for IDBI’s strategic stake sale
Price as on 16 Jan, 2023 09:27 AM, Click on company names for their live prices.
We expect gold and silver to remain volatile in today’s session. Gold has support at $1895-1882 while resistance at $1934-1944. Silver has support at $23.92-23.65, while resistance is at $24.50-24.72. In INR terms gold has support at Rs 56,050-55,780, while resistance is at Rs56,510, 56,650. Silver has support at Rs 68,950-68,420, while resistance is at Rs 69,920–70,680.
– Rahul Kalantri, VP Commodities, Mehta Equities
Top movers in morning trade
Price as on 16 Jan, 2023 09:24 AM, Click on company names for their live prices.
Opening Bell: Sensex jumps 300 pts, Nifty above 18,000; Just Dial rallies 8%, DMart tanks 5%
Pre-open session: Sensex rises 250 points; Nifty above 18,035
US FDA inspected Lupin’s Somerset, New Jersey, USA manufacturing facility from January 2, 2023 to January 13, 2023. The inspection closed with issuance of a Form-483 with two observations. We are addressing the observations comprehensively and will work with the US FDA to resolve these issues at the earliest, said Lupin.
Asian shares cautious, BOJ faces crunch policy decision
Asian shares started cautiously on Monday as investors waited nervously to see if the Bank of Japan (BOJ) will defend its super-sized stimulus policy at a pivotal meeting this week, while a holiday in U.S. markets made for thin trading.
Quarterly earnings today
22 companies will release earnings for the quarter ended December. Federal Bank, Bank of Maharashtra, Angel One among the major ones.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 18 points, or 0.10 per cent, higher at 18,056.50, signaling that Dalal Street was headed for a positive start on Monday.
Tech View: Doji candle on Nifty weekly charts shows tug-of-war
As Nifty failed to end above the 18,000-mark for four days in a row, the headline index formed a Doji candle on the weekly charts. A tug-of-war was visible between bulls and bears throughout the week as wicks of the candle were of equal size on both ends indicating indecision among traders.
Tokyo stocks open lower on strong yen
Tokyo stocks opened lower Monday as the yen strengthened against the dollar, following rallies on Wall Street where investors speculated that the Fed may slow its rate hikes.The benchmark Nikkei 225 index was down 1.14 percent, or 297.98 points, at 25,821.54 in early trade, while the broader Topix index lost 0.62 percent, or 11.89 points, to 1,891.19.
S&P 500 ends at highest in month, indexes gain for week as earnings kick off
The S&P 500 and Nasdaq finished at their highest levels in a month on Friday, with shares of JPMorgan Chase and other banks rising following their quarterly results, which kicked off the earnings season.
Oil dips, but hovers near 2023 highs on China demand optimism
Oil prices dipped in early Asian trade on Monday, but held close to the highest levels since the start of the year on optimism that China’s reopening will lift fuel demand at the world’s top crude importer.Brent crude fell 36 cents, or 0.4%, to $84.92 a barrel by 0116 GMT while U.S. West Texas Intermediate crude was at $79.65 a barrel, down 21 cents, or 0.3%, amid thin trade during a U.S. public holiday.
Rupee falls 8 paise to close at 81.38 against US dollar on forex outflows
The rupee depreciated by 8 paise to close at 81.38 against the US dollar on Friday, tracking a rebound in crude oil prices and sustained foreign fund outflows.
Sensex, Nifty on Friday
The BSE Sensex ended 303 points or 0.51% higher at 60,261, while Nifty50 rose 98 points or 0.55% to settle at 17,957.
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