Barometers trade with tiny cuts; breadth positive

The key equity indices were trading with small losses in early trade. The Nifty traded below the 18,100 level. Banking and financial services shares advanced while consumer durables, pharma and health care stocks declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 38.91 points or 0.06% to 60,819.52. The Nifty 50 index lost 16.10 points or 0.09% to 18,091.75.

In the broader market, the S&P BSE Mid-Cap index fell 0.16% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was positive. On the BSE, 1,544 shares rose, and 1,065 shares fell. A total of 146 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 399.98 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 128.96 crore in the Indian equity market on 19 January, provisional data showed.

Stocks in Spotlight:

Hindustan Unilever (HUL) shed 1.90%. The FMCG major reported 12% rise in standalone net profit to Rs 2,505 crore on a 16% increase in turnover to Rs 14,986 crore in Q3 FY23 over Q3 FY22.

The board of directors of HUL approved the proposal to enter a new arrangement with Unilever group entities for the provision of technology, trademark licenses and services to HUL. In the new agreement, the royalty and central services fees will increase from 2.65% (FY22) to 3.45% of turnover. This increase will be effected in a staggered manner over a period of 3 years.

L&T Technology Services (LTTS) slipped 3.15%. The company reported 7.5% rise in consolidated net income to Rs 303.6 crore on a 2.7% increase in revenue to Rs 2048.6 crore in Q3 FY23 over Q2 FY23.

Bharat Heavy Electricals (Bhel) rose 1.19%. Bhel said that it has won an order for the renovation & modernisation (R&M) of steam turbines at Ukai Thermal Power Station (TPS) in Gujarat. Valued at about Rs 300 crore, the order for R&M of the 200 MW Unit-3 and the 210 MW Unit-5, has been placed on Bhel by Gujarat State Electricity Corporation.

Global markets:

Asian stocks were trading mostly higher on Friday as investors digested Japan's inflation data. The nationwide core consumer price index rose 4% in December on an annualized basis, the fastest pace since 1981. The reading climbed from the inflation print of 3.7% seen in November.

The People's Bank of China left the loan prime rates for 1-year and 5-year unchanged, widely in line with expectations. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, both unchanged since August, 2022.

US stocks fell Thursday as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation.

Boston Federal Reserve President Susan Collins said Thursday that she thinks the central bank can enact smaller interest rate hikes after a series of aggressive moves last year. Collins said she is reasonably optimistic that there is a pathway to reducing inflation without a significant economic downturn.

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