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Stock Market LIVE Updates: Sensex drops 150 points, Nifty below 17,900; IT stocks soar; auto pack languishes

Stock Market LIVE Updates: Indian shares opened higher on Monday, helped by a better-than-expected earnings report from HDFC Bank, the country’s largest private lender, although higher oil prices and continued foreign investor selling kept a lid on gains.

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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Zydus Lifesciences Ltd on Monday said its US arm has received tentative approval from the US Food and Drug Administration to market generic Levomilnacipran extended-release capsules used to treat depression. The tentative approval granted by the US Food and Drug Administration (USFDA) to Zydus Pharmaceuticals (USA) Inc is to market Levomilnacipran extended-release capsules of strengths 20 mg, 40 mg, 80 mg, and 120 mg, the company said in a regulatory filing.

Price as on 16 Jan, 2023 01:43 PM, Click on company names for their live prices.

Sensex down 3,000 pts from peak, but these 30 stocks filled investors’ piggy banks!

The BSE Sensex is down more than 3,000 points from the peak tested in December 2022, but more than 130 stocks have given positive returns, and at least 30 of them have seen a double-digit rise in prices. But an analysis of the performance of stocks that are part of the Nifty 500 index showed that select stocks have managed to outperform. Take a look:

Sensex down 3,000 pts from peak, but these 30 stocks filled investors’ piggy banks!

What is happening in Japan’s bond market?

Market forces have pushed Japanese government bond yields above policy targets. The moves are the biggest test in seven years of yield control in Japan, and dealers say the central bank’s dominance of trading is making the market barely functional.

These metal stocks crack the most in trade today

Price as on 16 Jan, 2023 12:56 PM, Click on company names for their live prices.

Market Check | Sensex falls 150 points

Market Check | Sensex falls 150 points

Federal Bank Q3 net profit rises

  • PAT at Rs 804 crore vs Rs 522 crore YoY
  • Interest earned Rs 4433 crore vs Rs 3443 crore
  • Q3 gross NPA at 2.43% vs 2.46% previous quarter
  • Q3 net NPA at 0.73% vs 0.78 % previous quarter

Tokyo stocks end lower on stronger yen

Tokyo stocks ended lower Monday, with exporters hit hard by a stronger yen and investors cautious ahead of a Bank of Japan meeting.
The benchmark Nikkei 225 index was down 1.14 percent, or 297.20 points, to end at 25,822.32, while the broader Topix index lost 0.88 percent, or 16.77 points, to 1,886.31.

The dollar fetched 127.64 yen, against 127.87 yen Friday in New York, firmer than the 129.11 seen in Asia’s Friday trade.

The yen has appreciated rapidly on signs the US Federal Reserve will slow its rate hikes and the Bank of Japan’s decision last month to pivot away from its long-standing ultra-loose monetary policy.

MACRO CHECK: December WPI Inflation

Shares of L&T Finance Holdings rallied 6.3% to Rs 98.25 in Monday’s intraday trade on BSE after the company reported a 39% rise in net profit for the December quarter at Rs 454 crore against Rs 326 crore in the year-ago period. The lender’s interest income rose 15.6% year-on-year to Rs 3,322 crore against Rs 2,874 crore in the same quarter of the last fiscal. The net interest margin for the lender improved to 7.41% for the quarter against 6.9% in the preceding three-month period.

Price as on 16 Jan, 2023 12:12 PM, Click on company names for their live prices.

Describing shares of Varun Beverages are high conviction buy, global brokerage firm Jefferies has a buy call on Varun Beverages with a target price of Rs 1540, which shows an upside potential of 28% from the current market price of Rs 1,200 apiece. Varun Beverages stock is nearly down 20% from its recent peak and trades at 40x CY23E P/E which appears attractive, said Jefferies.

Price as on 16 Jan, 2023 12:03 PM, Click on company names for their live prices.

Tokyo stocks end lower

Tokyo stocks ended lower Monday, with exporters hit hard by a stronger yen against the dollar and investors cautious ahead of a Bank of Japan meeting.

The benchmark Nikkei 225 index was down 1.14 percent, or 297.20 points, to end at 25,822.32, while the broader Topix index lost 0.88 percent, or 16.77 points, to 1,886.31.

Take a look at top laggards from auto sector as Nifty Auto falls 0.9%

Price as on 16 Jan, 2023 11:30 AM, Click on company names for their live prices.

STOCK IN FOCUS: Union Bank of India

L&T Construction awarded contract worth Rs 1000-2500 cr for its buildings & factories fast business

Price as on 16 Jan, 2023 11:15 AM, Click on company names for their live prices.

Rupee held unchanged by portfolio outflows, RBI reservations

The Indian rupee was little changed to the U.S. dollar on Monday, with traders wary that the local currency may not see much upside on foreign equity outflows and the possibility of the central bank’s intervention. The rupee was trading at 81.3150 per dollar by 10:08 a.m. IST, compared with 81.3250 in the previous session. As on Friday, the local currency was finding it difficult to make headway above the 81.20-81.25 levels. “The rupee continues to underperform its peers in Asia due to the FPI (foreign portfolio investment),” said Anindya Banerjee, head of research – fx and interest rates at Kotak Securities.

Shares of Wipro on Monday climbed nearly 2 per cent in early trade after the company reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter. The stock gained 1.81 per cent to Rs 400.80 apiece on the BSE. At the NSE, it climbed 1.80 per cent to Rs 401 apiece.

Price as on 16 Jan, 2023 10:58 AM, Click on company names for their live prices.

Global brokerages on Wipro

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

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%

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.

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.

Good morning, dear reader! Here’s something to kickstart your trading day

Good morning, dear reader! Here's something to kickstart your trading day

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