Stock Market HIGHLIGHTS: Sensex ends 49 pts higher, Nifty50 at 17,662 ahead of Budget 2023; Adani FPO fully subscribed
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 inched higher on Tuesday, extending gains to a second straight day, a day before the presentation of Union Budget 2023 in Parliament by Finance Minister Nirmala Sitharaman. On Tuesday, the Economic Survey - tabled by the finance minister in Parliament on January 31 - projected the countrys GDP to expand 6.5 per cent in the year ending March 2024, helping India retain its position as the fastest-growing major economy despite the extraordinary set of challenges across the globe. Globally, equities were a mixed bag ahead of key rate decisions by major central banks including the Fed and the ECB.
Stock Market HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 inched higher on Tuesday, extending gains to a second straight day, a day before the presentation of Union Budget 2023 in Parliament by Finance Minister Nirmala Sitharaman. On Tuesday, the Economic Survey — tabled by the finance minister in Parliament on January 31 — projected the country's GDP to expand 6.5 per cent in the year ending March 2024, helping India retain its position as the fastest-growing major economy despite the extraordinary set of challenges across the globe. (Catch latest updates on Economic Survey here)
Here are key things to know about the January 31 session:
1) Both headline indices finished the day 0.1 per cent higher. The Sensex gained 49.5 points to end at 59,549.9 after gyrating within a 683-point range around the flatline during the session. The Nifty50 settled at 17,662.2, up 13.2 points, having moved broadly in the 17,500-17,750 band in intraday trade.
2) Gains in auto, FMCG and financial shares pushed the headline indices higher, but losses in IT stocks limited the upside.
3) As many as 25 stocks closed higher in the Nifty50 basket, with SBI, Mahindra & Mahindra, PowerGrid, UltraTech, Adani Ports, Eicher, Bharat Petroleum, JSW Steel, Hero MotoCorp and ITC being the top gainers, rising around 2-3 per cent for the day.
4) Bajaj Finance, TCS, Tech Mahindra, Britannia, HDFC Life, Sun Pharma, Cipla, Asian Paints, Divi's and SBI Life — declining around 1-2 per cent — were the top blue-chip laggards.
5) Among heavyweights, ITC, ICICI Bank, SBI and Mahindra & Mahindra were the biggest boosts for both main gauges, whereas TCS, the HDFC twins and Bajaj Finance were the largest drags.
6) The Nifty Bank — whose 12 constituents include SBI, HDFC Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank — finished 0.7 per cent higher at 40,655.1, having moved in a range of nearly 650 points during the session.
Budget 2023 expectations and much more on Zeebiz.com's blog:
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Closing Bell | Sensex up 49 points, Nifty50 at 17,662 ahead of Budget 2023
Here's how the 30-scrip index moved in today's session:
Nifty50
Adani Enterprises FPO fully subscribed
The follow-on public offer (FPO) is fully subscribed, with bids for 4,63,42,780 shares as against the 4,55,06,791 shares on offer, as of provisional exchange data at 3:15 pm.
Category Subscription Qualified institutional buyers 97% Non-institutional investors 3.3 times Retail investors 11% Employees 52% Total 102% Economic Survey optimistic about healthy growth rate in medium-term led by consumption, capex: Geojit's Vinod Nair
Vinod Nair, Head of Research at Geojit Financial Services, believes economic growth can rise to as high as 7-8 percent in the future.
"The fundamentals of the Indian economy are solid, however, in the short-to-medium-term, the widening of current account deficit for an extended period is a concern that could have an implication on growth and depreciation of the rupee. For the Budget, it is going to be a challenge in 2023-24 to plan out the expenditures due to a short-term slowdown in the economy, high core inflation and fiscal deficit," he says.
Catch latest updates on Economic Survey 2022-23 and Union Budget 2023-24 here
Sun Pharma Q3 Results: Drug major beats analysts' estimates with 5% rise in profit, announces dividend
The stock slips deeper into the red zone after the earnings announcement, declining by as much as Rs 24.4 or 2.3 per cent to Rs 1,026.5 apiece on BSE.
Godrej Consumer Products Q3 Results | Net profit up 3.6% at Rs 546.3 crore
The FMCG giant's revenue comes in at Rs 3,598.9 crore for the October-December period, as against Rs 3,302.6 crore for the corresponding period a year ago, according to a regulatory filing."We delivered an all-round performance in 3Q FY 2023. Overall sales grew by 9 per cent and we witnessed a sharp sequential uplift in underlying volume growth," says GCPL Managing Director and CEO Sudhir Sitapati.The stock holds on to the green after the earnings announcement.Indian Oil Q3 Results | Net profit at Rs 450 crore vs loss of Rs 272 crore in previous quarter
The IOC stock trims its intraday gains after the earnings announcement.
Economic Survey | Current account deficit can worsen, needs to be monitored
Here are some other key highlights of the Economic Survey 2022-23:
- Commodity prices can stay at elevated levels globally
- Rupee weakness and Fed rate hikes key challenges
- Controlling inflation a challenge for India
Catch latest updates on Economic Survey 2022-23 and Union Budget 2023-24 here
Economic Survey | Real GDP growth estimated at 6.5% in 2023-24
For the April 2023-March 2024 year, the Economic Survey pegs real GDP growth at 6.5 per cent, and nominal GDP growth at 11 per cent.
For the current financial year, ending in March 2023, the Economic Survey estimates GDP growth at seven per cent.
Catch latest updates on Economic Survey 2022-23 and Union Budget 2023-24 here
Budget 2023 | Finance Minister Nirmala Sitharaman tables Economic Survey 2022-23 in Parliament
According to the Economic Survey, India's GDP growth is pegged at 6-6.8 per cent in the year ending March 2024.
Catch latest updates on Economic Survey 2022-23 and Union Budget 2023-24 here
How brokerages are reading Tech Mahindra Q3 results
Brokerages have lined up target prices to the tune of Rs 975-1,260 for the Tech Mahindra stock after the IT major's earnings announcement:
- CLSA maintains a 'reduce' call and raised its target price by Rs 30 to Rs 1,100
- JPMorgan continues with a 'neutral' rating with a target price of Rs 1,100
- Morgan Stanley retains an 'overweight' with a target price of Rs 1,120
- Jefferies maintains a 'hold' and raised its target for the stock by Rs 20 to Rs 1,030
- Citi retains a 'neutral' and reduces its target by Rs 15 to Rs 1,025
- HSBC maintains a 'hold' on TechM with a target of Rs 975
- Nomura maintains a 'buy' with a target of Rs 1,260
- Macquarie keeps a 'neutral' on Tech Mahindra with a target of Rs 1,110
Tech Mahindra shares under pressure after Q3 results
Tech Mahindra shares decline by as much as Rs 39.8 or 3.8 per cent to Rs 996.4 apiece on BSE, a day after the IT major reported its financial results for the quarter ended December 2022.
Read more on Tech Mahindra Q3 results
Buy Bharat Dynamics for long-term: Vikas Sethi
In an interaction with Zee Business Managing Editor Anil Singhvi, Vikas Sethi of Sethi Finmart suggests Bharat Dynamics as his long-term pick for a target of Rs 1,200-1,300.
BDL is a leading defence sector company and the Union Budget 2023 is likely to be positive for the entire defence space. The stock is at an attractive valuation from a fundamental perspective, he adds.
The man who rattled Asia's richest man and Indian stock market
Indian retains 'bright spot' title in IMF's global outlook
The Indian economy is expected to grow 6.1 per cent in 2023, according to the International Monetary Fund (IMF), as against its projection of 6.8 per cent for 2022.
Axis Bank, Zensar Tech among five stocks analysts suggest for up to 57% return in near term
Check out the complete list of stock investment ideas
Ruchit Jain suggests buying Vedanta shares, target Rs 334
In an interaction with Zee Business Managing Editor Anil Singhvi, Ruchit Jain of 5Paisa suggests going long on Vedanta shares for a target price of Rs 334 with a stop loss at Rs 320.
Jain expects positive traction in metal prices given the sustained weakness in the dollar index — which gauges the greenback against six peers other than the rupee. The Vedanta stock is trading near a key support level, according to Jain.
Vedanta shares have given a return of almost 29 per cent in the past six months while the Sensex has risen nearly two per cent.
Traders' Diary | Buy, sell or hold strategy on Pidilite, Tata Consumer, Asian Paints, Indian Oil, BPCL, 15 other stocks today
In this edition of Traders' Diary, the Zee Business research team shares exclusive research on 20 stocks that investors and traders can track on Tuesday.
- Varun Dubey suggests buying BPCL futures for a target of Rs 347 with a stop loss at Rs 334
- Kushal Gupta recommends going long on L&T for a target of Rs 2,500 with a perspective of 12 months
Buy Container Corporation, Bank of Baroda: Sanjiv Bhasin
In an interaction with Zee Business Managing Editor Anil Singhvi, IIFL Securities Director Sanjiv Bhasin shares two stock picks:
- Buy Concor for a target of Rs 680 with a stop loss at Rs 605
- Buy Bank of Baroda for a target of Rs 180 with a stop loss at Rs 155
Buy Ircon International: Sumeet Bagadia
In an interaction with Zee Busines Managing Editor Anil Singhvi, Sumeet Bagadia, Executive Director at Choice Broking, suggests buying Ircon International shares for targets of Rs 62 and Rs 65 with a stop loss at Rs 55.
Ircon shares have rewarded investors with a return of 54 per cent in the past six months, a period in which the Sensex has risen two per cent.
Infosys, TCS, Larsen & Toubro, Bajaj Finance weigh on headline indices
Here's what the 30-scrip Sensex basket looks like 15 minutes into the opening bell:
Sensex drops nearly 500 pts from day's high, Nifty50 cracks below 17,600 amid volatile trade
Both headline indices give up initial gains within the first 15 minutes of the session, with the Sensex dropping as much as 491 points from its intraday high of 59,787.6 so far to hit 59,296.7 on the downside.
The Nifty50 cracks three points below the 17,600 mark, having risen to as high as 17,735.7 in initial deals.
Pre-Open Market | Sensex up 270 points, Nifty50 above 17,700
Anil Singhvi shares today's market strategy
Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark to come in at 17,500-17,600 levels on Tuesday, and a strong support zone in the 17,350-17,425 area.
For the Nifty Bank, he sees support in the 39,850-39,925 band, and a strong buy area at 39,300-39,425 levels.
Budget 2023 | Finance Minister Nirmala Sitharaman to table Economic Survey in Parliament today
The Economic Survey for the year ending March 2023 will be tabled a day of the presentation of the Union Budget for the next financial year on February 1.
Chief Economic Advisor V Anantha Nageswaran will hold a press conference later today to present various nuances of the Economic Survey.
What Economic Survey really is and what to expect in it | Follow this space for latest on Union Budget 2023
Asian shares a mixed bag this morning
Equities across Asia are seeing mixed moves as investors brace for an eventful week that includes central bank meetings, a multitude of financial results and key US macroeconomic data. MSCI's broadest index of Asia Pacific shares outside Japan down 0.4 per cent at this hour.
Here's what some of the major market barometers look like:
- Japan's Nikkei 225: flat
- China's Shanghai Composite: flat
- Hong Kong's Hang Seng: up 0.3 pre cent
- Singapore's Straits Times: up 0.1 per cent
- South Korea's KOSPI: down 0.4 per cent
Analysts expect the Fed to raise the benchmark interest rate by 25 basis points (bps) on Wednesday at the end of a policy meeting. The Bank of England (BoE) and the European Central Bank (ECB) will announce their rate decisions the next day.
Apple, Alphabet, Amazon drag S&P 500, Dow Jones, Nasdaq ahead of Fed rate decision this week
All three of the main Wall Street indices dropped on Monday amid weakness in tech and other megacap shares ahead of a major week of events including central bank meetings and a slew of earnings reports.
Here's how the main indices fared:
- Dow Jones Industrial Average: down 0.8 per cent
- S&P 500: down 1.3 per cent
- Nasdaq Composite: down two per cent
Apple, Alphabet and Amazon shares slid ahead of the companies' earnings announcements.
SGX Nifty futures indicate a positive opening on Dalal Street today
Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty50 index — is up 81 points or 0.5 per cent at 17,786 at this hour, having gained as much as 102.5 points to touch 17,807.5 earlier in the day so far.
Sensex, Nifty50 rebounded from three-month lows on Monday
Indian equity benchmarks halted a two-day losing streak on Monday with gains of 0.3 per cent each, in a bounceback from three-month lows hit in the previous session. The Sensex gyrated in a 945-point range — between 58,699.2 and 59,644.2 — during the session before settling at 59,500.4.
Adani Enterprises, Adani Power, Adani Ports, Adani Total, Adani Green, Adani Transmission, Adani Wilmar, ACC and Ambuja — remained in focus throughout the volatile session.
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