Stock Market Live Updates: Indian stocks opened higher on Tuesday on strong third-quarter corporate earnings ahead of the federal budget due next week, while a technology stocks-led rally on Wall Street helped broader sentiment.The Nifty 50 index was up 0.26% at 18,167.85 as of 9:55 a.m. IST, while the S&P BSE Sensex rose 0.32% to 61,145.04.Most major sectoral indexes jumped, with high weightage financials and information technology rising 0.4% and 0.85% respectively, after banks managed to contain bad loans and improve recoveries, while IT companies said they bagged more deals despite a softness in Europe.Auto stocks advanced ahead of quarterly earnings by top carmaker Maruti Suzuki, scheduled to report later in the day.Heavyweight private lender Axis Bank Ltd fell over 1% despite posting a stronger-than-expected jump in third-quarter profit on Monday. The stock had logged gains in each of the last five sessions ahead of its results, adding 2.14%.
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Shares of Gland Pharma declined 2% in morning trade on Tuesday after the company reported a decline in net profit for the third quarter. The stock declined 1.87 per cent to Rs 1,351.65 apiece in early trade on the BSE.
Price as on 24 Jan, 2023 12:24 PM, Click on company names for their live prices.
Blackstone in talks with Bain to sell $480 million stake in top Indian REIT-sources
A deal would mark U.S.-based Bain’s first REIT investment in India where office space is drawing in investors as many workers have returned to offices with the waning of the COVID-19 pandemic. For Blackstone, it would mean a further selldown of its Embassy stake as it adjusts its portfolio.
The talks are still at a preliminary stage, the sources told Reuters. The plan is to execute the transaction via block deals on Indian stock exchanges in the coming weeks, though a timeline or pricing has not been finalized, said the first source who had direct knowledge of the matter.
A spokesperson for Blackstone declined to comment while Bain Capital and Embassy did not respond to requests for comment. The sources did not wish to be named as the discussions are private.
Pre-budget quote by Mr. Karan Desai – Founder at Interface Ventures
Given the Prime Minister’s continuous push on making India a hub for global investment and manufacturing, one can expect some positive moves on pushing the Production Linked Incentive (PLI) schemes, to boost local production, generate employment and reduce the CAD. Capital expenditure, with a focus on infrastructure development, is expected to be closer to 3% of GDP for 2023-24. This will be achieved in tandem with a tapering off of the fiscal deficit, by reallocating funds from subsidy payments to public capex spending. The Central Government will target bringing down the fiscal deficit to below 6% in FY 2024
Tokyo shares jump after US rallies
Tokyo stocks closed higher Tuesday as investors took heart from rallies on Wall Street and a cheaper yen.
The benchmark Nikkei 225 index added 1.46 percent, or 393.15 points, to 27,299.19, while the broader Topix index ended up 1.42 percent, or 27.54 points, at 1,972.92.
Shares of Tata communication in which Jhunjhunwala family owns a stake, fell nearly 4% to Rs 1,330 in Tuesday’s trade after the company reported a consolidated net profit of about Rs 394 crore for the quarter ended December 2022, a tad lower than the year-ago period.
Price as on 24 Jan, 2023 11:44 AM, Click on company names for their live prices.
Take a look at the top laggards from realty pack
Price as on 24 Jan, 2023 11:34 AM, Click on company names for their live prices.
Sector Watch: Nifty IT up 0.94%; Nifty Realty down 1.24%
Shares of Poonawalla Fincorp rallied 6% to Rs 307.8 in Tuesday’s trade after the NBFC firm reported an 88% year-on-year (YoY) rise in its December quarter net profit at Rs 150 crore. The company had reported a net profit of Rs 80.22 crore in the same quarter of the previous fiscal year.
Price as on 24 Jan, 2023 11:00 AM, Click on company names for their live prices.
Torrent Pharma gets USFDA ‘Official Action Indicated’ (OAI) for facility at Indrad, Gujarat.
Price as on 24 Jan, 2023 10:54 AM, Click on company names for their live prices.
Gold prices hit record high, curtail demand -dealers
Domestic gold futures rose to 57,099 rupees ($699.19) per 10 grams, up nearly 4% so far in 2023.
($1=81.6650 Indian rupees)
Jammu & Kashmir Bank up 5% after Q3 profit surges; It reported Q3 net profit of Rs 312 crore, up 79% from a year ago
Price as on 24 Jan, 2023 10:27 AM, Click on company names for their live prices.
Delhivery receives contract form Godrej Appliances for ‘pan-India end-to-end supply chain of their air cooler business’.
Price as on 24 Jan, 2023 10:26 AM, Click on company names for their live prices.
Granules Pharmaceuticals Inc., receives ANDA approval for Amphetamine Mixed Salts ER Capsules
Price as on 24 Jan, 2023 10:24 AM, Click on company names for their live prices.
Bond yields little changed ahead of state debt sale
The benchmark 10-year yield was at 7.3604% as of 9:55 a.m IST, after ending at 7.3515% on Monday.
“We are seeing such a heavy quantum from states after a long gap and it would be interesting to see if all states are able to garner money, at a time when caution has gripped the market,” a trader with a primary dealership said.
Debt supply worth 636.50 billion rupees ($7.80 billion) is scheduled to hit the market over the next three trading sessions, barring the shorter maturity Treasury Bills.
Earnings to watch out for today: Maruti Suzuki | TVS Motor | SBI Cards | United Spirits | HDFC AMC
Price as on 24 Jan, 2023 09:55 AM, Click on company names for their live prices.
Nifty outlook by Anand James – Chief Market Strategist at Geojit Financial Services
Our 18600 view remains, but we will open the day with a modest target of 18270-320 initially, gauge the influence of a truncated week and proceed accordingly. Downside Marker for the day may be placed near 18110, but we will retain upside hopes as long as Nifty does not close below 18000.
Kotak Mahindra Investments to issue multiple-tenor bonds – traders
The company has invited bids from merchant bankers and investors for the issuances on Wednesday.
The issue of bonds maturing in April 2026 has a base size of 250 million rupees and a greenshoe to retain an oversubscription of 750 million rupees. The company will offer a coupon of 7.99% on the issue.
The issue of zero-coupon bonds maturing in May 2026 has a base size of 500 million rupees and a greenshoe option of 2.5 billion rupees.
A significant trend in the global equity market now is the outperformance of the mother market US. Hope of a soft landing for the US economy is increasing and the market is responding to this. The S&P 500 is up by 5.12 percent in January till date. The tech heavy Nasdaq is up by 8.5 percent and this particularly is good news for Indian IT companies, which are likely to do well now. The positive sentiments are favourable for a pre-budget rally, too. The ongoing momentum has the potential to break the 17800-18200 range on the upside. The stellar performance of the banking segment stands out in this Q3 results season. Remain invested in banking stocks, particularly the high quality names, in spite of the run up in prices.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Axis Bank on Monday reported a sharp 62% year-on-year (YoY) growth in net profit for the quarter ended December to Rs 5,853 crore. The net profit was way higher than ET Now poll of Rs 5,500 crore.
Price as on 24 Jan, 2023 09:25 AM, Click on company names for their live prices.
Top movers in morning trade
Price as on 24 Jan, 2023 09:20 AM, Click on company names for their live prices.
Opening Bell: Sensex rises 230 pts, Nifty above 18,150; Lloyd Steel jumps 5%, Tata Communications down 2%
Rupee opens down 0.14% at 81.5000 per U.S. dollar; previous close 81.3900
Pre-open session: Sensex rises 180 points; Nifty above 18,180
Oil rises slightly; focus on China demand and U.S. outlook
Crude oil prices rose slightly in early Asian trade on Tuesday in a market focused on prospects of demand recovery from top importer China and on the global economic outlook ahead of company earnings. Brent crude had risen 5 cents to $88.24 per barrel by 0116 GMT, while U.S. West Texas Intermediate (WTI) crude rose 13 cents to $81.75 per barrel.
Quarterly earnings today
83 companies to detail December quarter earnings. Maruti Suzuki, SBI Cards, HDFC AMC, TVS Motor among the major ones.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 71 points, or 0.39 per cent, higher at 18,217.50, signaling that Dalal Street was headed for a positive start on Tuesday.
Tech View: Nifty forms Doji candle, ends above 20-DMA
The headline equity index Nifty on Monday formed a Doji candle on the daily charts and closed the day with a gain of around 90 points to close above the 20-DMA.
Wall Street extends rally, powered by tech bounce
Wall Street closed sharply higher on Monday, fueled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.
Rupee falls 20 paise to 81.37 against US dollar
The rupee fell 20 paise to close as 81.37 against the US dollar on Monday amid rise in crude prices and unabated foreign fund outflow.
Sensex, Nifty on Tuesday
The BSE Sensex index ended 320 points or 0.53% higher at 60,941, while Nifty50 rose 91 points or 0.50% to settle at 18,118.