Stock Market HIGHLIGHTS: Sensex recovers 326 points from days low, Nifty near 17,850; Infosys, HCL Tech gain
Stock Market Today LIVE: Indian equity benchmarks Sensex and Nifty50 gave up initial gains in volatile trade on Thursday. One can expect stock specific action in HCL Tech and Infosys, which will announce their October-December quarter results later in the day. Auto stock could also see action with news emerging from the ongoing Auto Expo 2023.
Stock Market Today HIGHLIGHTS: Indian equity benchmarks S&P BSE Sensex and NSE Nifty recovered two-thirds of their intraday losses in a volatile session on Thursday. Investors awaited the corporate earnings season to pick up for domestic cues. Globally, equities rose ahead of a key inflation reading from the US that could lead to the Fed slowing its current pace of hikes in interest rates.
Here are 10 key things to know about the January 12 session on Dalal Street:
1) The Sensex ended 147.5 points or 0.3 per cent lower at 59,958 and the Nifty50 settled at 17,858.2, down 37.5 points or 0.2 per cent from its previous close.
2) The Nifty basket was divided between an equal number of gainers and losers at the close. SBI Life, UltraTech, HCL Tech, L&T and Dr Reddy's were the top gainers, rising around two per cent each. On the other hand, Divi's, Reliance, BPCL, Axis Bank and Tata Motors were the top laggards, declining around 1-3 per cent.
3) Reliance, ICICI Bank and Axis Bank were the biggest drags on both headline indices.
4) Most of NSE's sectoral gauges finished the day lower. The Nifty IT bucked the trend with a gain of 0.4 per cent, led by stocks such as Infosys and HCL Tech, which would report their financial results later in the day.
5) Overall market breadth favoured the bears, with an advance-decline ratio of 4:5 as 1,514 stocks rose and 1,992 fell on BSE.
6) The rupee inched higher to 81.55 against the US dollar at the open.
7) Analysts awaited an official reading on consumer inflation in the country due post-market hours for cues.
8) European shares fell in early hours, with the Stoxx 600 index edging 0.1 per cent lower.
9) Equities in other Asian markets strengthened, with MSCI's broadest index of Asia Pacific shares outside Japan rising 0.7 per cent to a seven-month peak. Japan's Nikkei 225 rose 0.4 per cent.
10) S&P 500 futures were up 0.4 per cent, suggesting a higher start ahead on Wall Street.
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Latest Updates
Closing Bell | Sensex recovers 326 points from day's low, Nifty50 at 17,858
Infosys Results | Attrition at IT major eases to 24.3% in Q3 from 27.1% in Q2 to Rs 6,590 crore, meets Zee Business research estimates
“Attrition reduced meaningfully during the quarter and is expected to decline further in the near term," said Infosys CFO Nilanjan Roy. (Read more on Infosys attrition)
Navin Fluorine, BCG, RVNL rise most among 220 gainers in BSE 500 universe
Infosys, HCL Tech shares in the green ahead of results due today
Infosys shares are quoting higher by Rs 4.6 or 0.3 per cent at Rs 1,476 apiece on BSE at this hour. The HCL Tech stock is at Rs 1,070.2, up by Rs 15.4 or 1.5 per cent from its previous close. Both companies will report their financial results for the October-December period later in the day.
Catch minute-by-minute updates on Infosys and HCL Tech Q3 results with Zeebiz.com's LIVE blog
UltraTech, Larsen & Toubro, HCL Tech, Maruti Suzuki top Sensex gainers
HDFC, PowerGrid, Nestle, HDFC Bank and Sun Pharma are also among the top gainers in the 30-scrip basket, which is split between 15 gainers and laggards each at this hour.
On the flipside, Axis Bank, Reliance, Bajaj Finserv, Kotak Mahindra Bank, Tata Motors and ICICI Bank are the top laggards.
Paytm shares now available at 70% discount to IPO price. Should you buy, sell or hold One97 stock now?
Paytm shares are quoting lower by Rs 32.1 or 5.5 per cent at Rs 547.4 apiece on BSE, having dropped by as much as Rs 51.2 to Rs 528.4 apiece earlier in the day.
Nilesh Jain, Assistant Vice President-Lead Derivative and Technical Research at Centrum Broking, suggests buying Paytm for targets of Rs 600 and Rs 650 with a stop loss at Rs 540. Investors can look to buy the One97 stock at the current market price or on declines, he says.
The Paytm chart structure looks positive, he tells Zeebiz.com, and the stock can rise about 14 per cent from Rs 571, Jain adds. (Read more on Paytm shares)
Auto Expo 2023 | Maruti Suzuki unveils Fronx, 5-door Jimny
Maruti Suzuki India unveils two new SUVs: the Fronx and the Jimny (a compact SUV) at the ongoing Auto Expo 2023 taking place in Greater Noida. The two offerings are set to further strengthen Maruti Suzuki's SUV line-up.
L&T, HCL Tech, HDFC, TCS help Nifty50 keep downside in check
Heavyweights such as Reliance, ICICI Bank, Axis Bank, Kotak Mahindra Bank and ITC continue to weigh on the 50-scrip benchmark.
Editor's Take | Market abuzz with concerns about sustained selling by FIIs
Zee Business Managing Editor Anil Singhvi points out that concerns remain on Dalal Street about sustained selling by foreign institutional investors. "FIIs are probably selling due to redemption pressure or their view about the markets from a longer-term perspective, though nothing is wrong on the domestic and global fronts," he says in this special Zee Business segment.
All eyes on consumer inflation data due later today
Official data on consumer inflation in the economy is due at 5:30 pm. The RBI tracks retail inflation -- measured by the Consumer Price Index (CPI) -- closely for formulating its monetary policy.
Besides, a key inflation reading from the US later in the day will be on investors' radar globally that could leave room for the Fed to ease its current pace of hikes in benchmark interest rates.
FIIs remain net sellers, net outflow at Rs 19,802.5 crore in 14 straight sessions
As of Wednesday, foreign institutional investors (FIIs) have net sold Indian shares worth Rs 19,802.5 crore in 14 back-to-back sessions, though domestic institutional investors (DIIs) have made net purchases worth Rs 17,179 crore, according to provisional exchange data.
RailTel Corp shares surge after firm wins orders worth Rs 293 crore
RailTel Corporation shares are quoting stronger by Rs 3.6 or 2.9 per cent at Rs 127.8 apiece on BSE, having gained by as much as Rs 4.9 or 3.9 per cent to Rs 129.1 apiece. In regulatory filings, the company said it won two orders worth a total Rs 292.6 crore.
Here are details of the oders:
- Order from NMDC worth Rs 122.6 crore (including GST) with an implementation period of 26 weeks
- Order worth up to Rs 170 crore from the Puducherry government
Budget 2023 Stock Picks | Sharad Avasthi suggests buying LIC shares
Market expert Sharad Avasthi recommends Zee Business viewers to go long on LIC ahead of the Union Budget. Catch more such calls in this special Zee Business segment, Budget 2023-My Pick.
Stocks Ideas | ITC, Bata, NTPC among five stocks analysts suggest you buy now
- Nuvama Wealth suggests going long on ITC for a target price of Rs 400 per share.
- Sharekhan recommends buying Bata shares for a target of Rs 2,055 apiece. (Check out top stock ideas today)
Sensex drops over 400 points from day's high, Nifty50 cracks below 17,850 as market gives up initial gains
Overall market breadth favours the bulls
Nifty IT, Nifty Consumer Durables, Nifty Auto in the green
Here's what the sectoral gauges look like 45 minutes into the opening bell:
Markets LIVE: Nifty Movement in Charts
Source: NSE Commodity Markets LIVE: MCX Snapshot
Markets LIVE: Stocks in Ban
F&O Ban Update:
Already In Ban: GNFC, IBull Housing Finance
New In Ban: Nil
Out Of Ban: Nil
Anil Singhvi Strategy on Nifty, Bank Nifty
Positive closing of US markets ahead of December inflation numbers augurs well for stock markets, Zee Business Managing Editor Anil Singhvi said while spelling out his strategy on Nifty and Bank Nifty. He said that Indian markets are already in a weak territory and have not give enough reactions from global cues. If US markets gain from inflation numbers, local markets could give strong reaction on Friday, Singhvi added.
Amid positive global markets, positive domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), neutral futures & options (F&O) and neutral sentiment cues, the short-term trend of the Indian stock markets will be positive on Thursday, January 12, 2023.
Markets LIVE: Stocks in News are RailTel, PB Fintech, Tata Motors, IIFL Wealth
Stocks that are likely to remain in focus based on news
RailTel: The company has received orders from the Government of Puducherry for designing, development, operations and maintenance of Integrated Command Control Center and other associated activities for Puducherry Smart City. The order is worth Rs 170.11 crore.
IIFL Wealth Management: The company is likely to consider the declaration of a fourth interim dividend, if any, for FY23 as well as a sub-division of equity shares. The board members will also consider the issue of fully paid-up bonus equity share(s) to the shareholders of the company. The board of the company will meet on January 19.
Tata Communications: Indian stock market investor Rekha Rakesh Jhunjhunwala has increased her stake to 1.79 per cent in Tata Communications. Earlier, the stake was 1.61 per cent.
Indian Start-up Funding - 33% Drop
Funding for the Indian startups in CY22 was nearly $24 billion, a drop of 33 per cent in comparison to CY21 but was still more than twice the funds raised in CY20 and CY19 each, a report showed on Wednesday.
Early-stage deals accounted for 60-62 per cent of the total funding in CY21 and CY22 (in volume terms). Average ticket size per deal was $4 million per deal, according to the PwC India report.
"With significant dry powder waiting to be invested, it seems likely that the funding scenario will begin to normalise after 2-3 quarters," said Amit Nawka, Partner-Deals and India Startups Leader, PwC India.
Many startups are using this time to tighten operating models and optimise their cash runway by deferring discretionary spends and investments, he added.
The software-as-a-service (SaaS) segment witnessed an increase of 20 per cent in funding values during CY22 compared to CY21 and accounted for nearly 25 per cent of all funding activity.
Boost to Indian Economy
India’s gross direct tax collection for this financial year grew by 24.58 per cent to Rs 14.71 lakh crore as of January 10, 2023, buoyed by an upsurge in personal income tax mop-up, according to the government data released on Wednesday.
Net direct tax collection, after adjusting refunds, stood at Rs 12.31 lakh crore, 19.55 per cent higher than the net collections for the corresponding period of last year.
The net collection is 86.68 per cent of the total budget estimates of direct taxes for the current fiscal. The Budget had estimated direct tax collection at Rs 14.20 lakh crore this fiscal.
On gross basis, collections from corporate income tax (CIT) grew 19.72 per cent, while that for personal income tax (PIT) increased 30.46 per cent.
"The provisional figures of direct tax collections up to 10th January 2023 continue to register steady growth. Direct tax collections up to 10th January 2023 show that gross collections are at Rs 14.71 lakh crore which is 24.58 per cent higher than the gross collections for the corresponding period of last year," the Central Board of Direct Taxes (CBDT) said in a statement.
Global Markets at Glance
Dow 30 ended at 33,973, up 268.91 points or 0.80 per cent while S&P 500 finished at 3,969.61, higher by 50.36 points or 1.28 per cent. Nasdaq Composite settled 189 points or 1.76 per cent higher at 10,931.70.
Nasdaq ended positive for fourth consecutive session. Buyinh was seen across 11 sectors with strong action in IT stocks. Apple, Microsoft and Alphabet shares gained bewtween 2-3.5 per cent. Amazon was up 6 per cent while Tesla shot up 4 per cent.
10-year bond yields slipped to 3.55 per cent. European markets also ended with gains pf nearly 1 per cent.
Asian benchmark indices were also trading with strength. China's Shanghai Composite was up by 0.28 per cent while Hang Seng was trading at 21,560.55, up 124.50 points or 0.58 per cent. Meanwhile, Japanese Nikkei 225 was trading at 26,423.30, down by 22.66 points or 0.09 per cent.
Source: Comex Wednesday Market Recap
Closing Bell: Indian frontline indices ended flat on Wednesday though with a negative bias. This was the second successive loss for S&P BSE Sensex and NSE Nifty50, this week. While the former ended at 60,105.50, down 10 points or 0.02 per cent, the broader market Nifty50 closed the day 17,895.70, lower by 18.45 points or 0.10 per cent. Banking gauge Nifty Bank ended in the green at 42,232.70 with nearly 220 points 0r 0.52 per cent lead.
In the 50-stock Nifty50, 18 stocks advanced with Hindalco Industries, BPCL, Sun Pharmaceuticals, UltraTech Cement Company and HDFC Bank while the top losers were Bharti Airtel, Cipla, Divi's Laboratories, Apollo Hospitals and Hindustan Unilever (HUL).
Good Morning! This is Shivendra Kumar and I am back with all the LIVE action. Watch this space to remain updated.
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