Most of the major sectoral indexes logged losses. Twenty-five of the Nifty 50 constituents fell, with information technology stocks declining ahead of the third quarter earnings season, set to begin on Monday.
Wall Street equities closed lower overnight after data showed private employers hired more workers than expected in December, suggesting strength in the labour market. The resilience could allow the Fed to boost its target interest rate above the 5.1% peak projected earlier.
Asian markets shrugged off rate worries on Friday, with the MSCI Asia ex Japan rising 0.77%.
Adding to losses in Indian equities is the rebound in oil prices, which rose over 1% on lower fuel inventories in the U.S.
Higher oil prices are a negative for oil-importing countries like India, where crude constitutes the bulk of the country’s import bill.
Among individual stocks, Sobha rose over 2% after the company posted its best-ever sales in the third quarter, according to its business update.
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Precision Wires India approved issue of 5.2 million shares via preferential allotment for Rs 73.29 each
Price as on 06 Jan, 2023 02:21 PM, Click on company names for their live prices.
These FMCG stocks gain in a weak market
Price as on 06 Jan, 2023 01:58 PM, Click on company names for their live prices.
The Indian equity markets have begun the new year on a slightly cautious note, in line with the global markets, continuing the trend visible in December 2022. While expectations remain of softer rate tightening by the global central banks from hereon, concerns remain on the overall economic environment amidst the high interest rates and sticky core inflation. 2023 is expected to be ‘the year of cool down’; both growth and inflation rates globally are likely to slow down, as monetary policy normalisation takes its toll and some of the pandemic-related constraints ease. Overall, the inflation rate is expected to fall more than the growth rates. Indian markets have been one of the best performing markets globally in CY22, aided by its relatively strong growth – both GDP and corporate earnings – and resilient domestic liquidity, a trend likely to continue in CY23 as well. However, in the near term, the markets seem to be running into a few headwinds – record high valuation premium to EMs (although the valuations are only slightly above its own historical averages) which may attract some tactical shifts to other EMs, potential slowdown in exports on the back of global slowdown, and Fixed Income emerging as a viable investment option. Hence, while we continue to remain constructive on the markets, we believe there could be several interim opportunities in the near term as the markets adjust to the headwinds.
– Milind Muchhala, Executive Director, Julius Baer India
These 10 stocks are the top losers at this hour on NSE
Price as on 06 Jan, 2023 01:22 PM, Click on company names for their live prices.
Market live updates: Sensex tanks 500 pts, gives up 60,000
Demand trends for the industry remained weak during Q3 FY23 with rural markets continuing to remain under pressure. This was further accentuated by late onset of winter in north India. However, early signs of moderate recovery were visible towards latter part of the quarter coupled with some abatement in inflation. The improving macroeconomic environment, positive steps being taken by the government and the expected stimulus of the upcoming Union Budget should help speed up the recovery of the industry.
Price as on 06 Jan, 2023 01:04 PM, Click on company names for their live prices.
Top Sensex drags in afternoon trade
Market Check: Sensex tanks 400 points in early afternoon trade
Japan’s Nikkei ends higher in bargain buying as yen weakens
The Nikkei rose 0.59% to close at 25,973.85, after opening lower following Wall Street’s weak finish overnight. The index lost 0.46% for the holiday-shortened week. Wall Street’s main indexes lost more than 1%, with the Nasdaq leading the declines, as evidence of a tight labour market eroded hopes that the Federal Reserve could pause its rate hike cycle anytime soon as it stays focused on taming inflation. The broader Topix rose 0.37% to 1,875.76 and lost 0.84% for the week.
Source: Reuters
Zydus launches Topiramate extended-release capsules after approval from USFDA.
Price as on 06 Jan, 2023 12:20 PM, Click on company names for their live prices.
Maruti Suzuki India on Friday said it has launched two CNG powertrain options of its mid-sized SUV Grand Vitara, priced at Rs 12.85 lakh and Rs 14.84 lakh (ex-showroom Delhi). The country’s largest carmaker said the CNG trims come with a five-speed manual gearbox with a fuel efficiency of 26.6 km/kg.
Price as on 06 Jan, 2023 12:10 PM, Click on company names for their live prices.
Sigachi Industries board will meet on Jan 10 to consider fund raising
Price as on 06 Jan, 2023 11:55 AM, Click on company names for their live prices.
Alembic Pharma gets final approval for Fesoterodine Fumarate ER pills (From Agencies)
Price as on 06 Jan, 2023 11:53 AM, Click on company names for their live prices.
Earnings Preview by Kotak Institutional Equities
December 2022 quarter earnings preview. We expect net income of the KIE universe to increase 1% yoy and 11% qoq in 3QFY23. Excluding metals & mining sector, net income of the coverage universe is expected to increase 14% yoy and 11% qoq. We expect net income of (1) automobiles (margin expansion of OEMs owing to low commodity prices and better product mix offsetting weak volume growth) and (2) banks (strong loan growth, stable NIMs and a steady decline in loan-loss provisions) to increase sharply on a yoy basis but net income of (1) downstream oil companies (continued auto fuel under-recovery) and (2) metals & mining (lower commodity prices, weak realization) to decline sharply on a yoy basis. We expect single-digit yoy growth in net income for (1) capital goods (strong order books), (2) consumer staples (modest volume growth offsetting improvement in gross margin) and (3) IT services (muted c/c revenue growth). We expect 3QFY23 net profits of the BSE-30 Index to increase 9% yoy and 6% qoq and for the Nifty-50 Index to increase 11% yoy and 9% qoq.
Satin Creditcare Network approved issuance of non-convertible debentures worth Rs 25 crore.
Price as on 06 Jan, 2023 11:41 AM, Click on company names for their live prices.
State-owned energy giant NTPC Ltd. crossed the 300 billion units (BU) mark of electricity generated as of today. The PSU accounts for one-fourth of the electricity supplied in the country. As of 5 January, NTPC had recorded a PLF (plant load factor or capacity utilisation) of 73.7%, compared to 68.5% a year ago, and against the overall all-India PLF of 63.2%, the company said in a statement. NTPC’s captive coal production remained at 14.6 MMT in the said period, up 51% year-on-year.
Price as on 06 Jan, 2023 11:09 AM, Click on company names for their live prices.
Gujarat Gas stock in focus
#StocksInNews | Gujarat Gas in focus! Dealers indicate that larger players are also contemplating similar price cut… https://t.co/O7iwkWcfAI
— ET NOW (@ETNOWlive) 1672982666000
Kewal Kiran Clothing: The company, which runs the fashion brand Killer, has entered a strategic partnership Board of Control for Cricket in India to become an official partner of the Indian cricket team.
Price as on 06 Jan, 2023 10:59 AM, Click on company names for their live prices.
JPMorgan prefers Tata Steel, and SAIL from the steel sector while it prefers Hindalco, Vedanta and Nalco from the base metals space. “China reopening should still be the key driver in the near term for the metal sector. The global investment bank prefers steel business over base metals, and over Coal,” said the brokerage.
Price as on 06 Jan, 2023 10:52 AM, Click on company names for their live prices.
RHI Magnesita: The board approved acquiring Dalmia OCL from Dalmia Bharat Refractories in a share swap, where the company will allot 2.7 crore shares at issue price of Rs 632.50 apiece to DBRL in exchange for its 8.25 crore shares.
Price as on 06 Jan, 2023 10:44 AM, Click on company names for their live prices.
Market LIVE Updates: Sensex sheds over 200 points
These stocks are the top gainers in today’s morning session
Price as on 06 Jan, 2023 10:38 AM, Click on company names for their live prices.
Vodafone Idea (Vi) has dialled a host of lenders — State Bank of India, Punjab National Bank, HDFC Bank and IDFC First, among others — to line up loans aggregating upward of Rs 7,000 crore. The bulk of the loans will be used to clear a portion of its dues to Indus Towers, three people aware of the matter said.
Price as on 06 Jan, 2023 10:12 AM, Click on company names for their live prices.
Jefferies’ outlook on midcap stocks
#MarketsWithETNOW | @Jefferies India midcap outlook 2023: Recommend a bottom-up approach in small and midcap Space… https://t.co/pEizu0zdk1
— ET NOW (@ETNOWlive) 1672973841000
Rail Vikas Nigam’s joint venture receives letter of award worth Rs 166 crore for Surat Metro Rail project.
Price as on 06 Jan, 2023 10:03 AM, Click on company names for their live prices.
LKP initiates coverage on CSB Bank: The bank is well equipped to report superlative return ratios (FY24E ROA/ROE of 2.1%/18.7%) driven by better operating performance, balance sheet growth and improving asset quality. The stock trades at 1.2xFY24E Adj. BVPS of Rs 209. We value the bank at 1.5xFY23E Adj. BVPS and arrive at a price target of Rs 313; a potential upside of 25%.
Price as on 06 Jan, 2023 09:39 AM, Click on company names for their live prices.
Rupee rises 12 paise to 82.50 against US dollar in early trade.
That the falls failed to find much acceleration after a breach of our turnaround point of 17,960 encourages us to look for recovery runs today. However, as maintained yesterday, 18,150 will need to be overcome before strength returns. Else, expect weakness to persist, aiming 17,670-500.
– Anand James – Chief Market Strategist at Geojit Financial Services
Sector Watch: Look which indices gained and lost in opening deals
The Securities and Exchange Board of India (SEBI) has given its consent to reclassify the government’s stake in IDBI Bank as “public” after the strategic disinvestment. The consent has been given on the condition that the government’s voting rights in the lender should not exceed 15% of the total voting rights of the bank.
Price as on 06 Jan, 2023 09:25 AM, Click on company names for their live prices.
The major drag on the market now is the sustained selling by FIIs. FIIs sold for the 10th consecutive day yesterday taking the cumulative selling to Rs 11400 crores. The underperformers of last year like China and Europe are doing well. Clearly, FII money is chasing lower valuations by selling in overvalued markets like India. This trend might continue imparting weakness in the Indian market. This trend will open opportunities for investors. FIIs will sell stocks in which they are sitting on profits, like the banking segment. And this segment continues to be strong. Last year, too, selling by FIIs in banks turned out to be opportunities for domestic investors. Globally, the phenomenon of good economic news becoming bad news for markets might continue in the near term. The latest data from the US show increasing job creation and declining jobless claims.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Active stocks
Price as on 06 Jan, 2023 09:20 AM, Click on company names for their live prices.
SOBHA Q3 BUSINESS UPDATE
Stock trades 1% higher on BSE
Opening Bell: Sensex up 75 pts, Nifty above 18,000; IDBI Bank jumps 4%, MMTC falls 3%
Budget discipline would give most support to Indian rupee: Poll
Source: Reuters
Lodha achieved its best-ever Q3 pre-sales performance of Rs 3,035 crore showing a growth of 16% on a YoY basis
Pre-open session: Sensex rises 30 points; Nifty above 17,995
Asian stocks edge up before U.S. jobs data, defying Wall Street selloff
Asian equities gained on Friday while the dollar hovered near a one-month high as investors braced for crucial U.S. jobs data later in the day that should provide clues on how aggressive the Federal Reserve will be in tightening policy.
Oil prices extend gains on lower U.S. fuel inventories
Oil prices rose around 1% on Friday, extending gains from the previous trading session after data showed lower fuel inventories following a winter storm that hit the United States at the year end. Brent crude futures last gained 79 cents, or 1%, to $79.48 a barrel at 0203 GMT, after settling up 85 cents at $78.69 on Thursday.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 31.5 points, or 0.17 per cent, lower at 18,033.50, signaling that Dalal Street was headed for a negative start on Friday.
Tech View: Nifty charts show bears in control
As Nifty ended below the psychological 18000-mark, the headline equity index on Thursday formed a bearish candle on the daily charts with a long lower shadow, indicating that downside continuation pattern but buying at lower levels.
Tokyo markets flat in cautious early trade
Tokyo stocks opened nearly flat Friday in cautious trade after falls on Wall Street, where better-than-expected jobs data reinforced concerns that the Federal Reserve will pursue more interest rate hikes.
Wall Street drops more than 1% with jobs data feeding fears of more Fed tightening
Wall Street’s main indexes lost more than 1% on Thursday, with Nasdaq leading the declines, as evidence of a tight labor market eroded hopes that the Federal Reserve could pause its rating hiking cycle anytime soon as it keeps focused on inflation.
Rupee climbs 37 paise to 82.45 against US dollar
Rallying for the second straight session, the rupee jumped 37 paise to close at 82.45 against the US dollar on Thursday amid a weak greenback overseas.
Sensex, Nifty on Thursday
The Nifty50 index closed 51 points or 0.28% lower at 17,992, while S&P BSE Sensex fell 304 points or 0.50% to settle at 60,353.
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