Market ends with minor cuts; Nifty holds 18,100; VIX down 2.87%

The domestic equity benchmarks ended with limited losses on Thursday. The Nifty closed tad above the 18,100 level. PSU bank, oil & gas and IT stocks edged higher while media, FCMG and consumer durables shares witnessed a bit of a selling pressure. Trading was volatile due to expiry of weekly index options on the NSE.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 187.31 points or 0.31% to 60,858.43. The Nifty 50 index lost 57.50 points or 0.32% to 18,107.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.06% while the S&P BSE Small-Cap index shed 0.24%.

The market breadth was negative. On the BSE, 1,591 shares rose, and 1,914 shares fell. A total of 121 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.87% to 13.96.

New Listing:

Shares of Ducol Organics and Colours settled at Rs 117.50 on the NSE, a premium of 50.64% compared with the issue price of Rs 78.

The scrip was listed at Rs 111.95, representing a premium of 43.53% compared with the initial public offer (IPO) price.

So far, the scrip hit a high of Rs 117.50 and a low of Rs 106.35. Over 26.81 lakh shares of the company have changed hands in the counter till now.

Stocks in Spotlight:

Adani Enterprises tumbled 3.88%. The company said it will offer Rs 20,000 crore worth of shares in a price band of Rs 3,112 to Rs 3,276 each through a follow-on public offer (FPO). The FPO is slated to open on 27 January 2023 and close on 31 January 2023. The floor price is at a discount of 13.44% to Wednesday's Rs 3,595.35 closing price of the stock on BSE.

The FPO committee of the board of directors of the company, at its meeting held on 18 January 2023, approved a discount of Rs 64 per FPO equity share for retail individual investors bidding in the retail portion of the offer.

Vedanta advanced 3.05%. The mineral and metal miner said that it will acquire the debt- laden power company, Meenakshi Energy for a total cash consideration of Rs 1,140 crore. Out of the total consideration Rs 312 crore shall be paid upfront and balance Rs 1,128 crore in the form of secured unlisted non-convertible debentures issued by Meenakshi Energy to the financial creditors. The consideration will mature in five equal instalments over a period of five years, the mining company stated in the press release.

Asian Paints slipped 3.09%. The paint major's consolidated net profit rose 5.61% to Rs 1,072.67 crore on 1.72% increase in revenue from operations to Rs 8,607.50 crore in Q3 FY23 over Q3 FY22.

IndusInd Bank slipped 1.76%. The private lender's standalone net profit surged 68.71% to Rs 1,959.20 crore on 19.96% rise in total income to Rs 11,533.74 crore in Q3 FY23 over Q3 FY22. IndusInd Bank's consolidated net profit stood at Rs 1,963.64 crore in quarter ended 31 December 2022 as compared to Rs 1,241.55 core posted in Q3 FY22, registering a growth of 58.16%. Consolidated total income rose by 19.96% year on year to Rs 11,533.89 crore during the period under review.

Persistent Systems jumped 6.98% after the company reported 8.2% rise in net profit to Rs 237.95 crore on a 5.9% increase in revenue to Rs 2,169.37 crore in Q3 FY23 over Q2 FY23.

ICICI Securities shed 0.08% after the company reported 26.1% fall in consolidated net profit to Rs 380.35 crore on a 6.7% fall in total revenue from operations to Rs 941.64 crore in Q3 FY23 over Q3 FY22.

Oracle Financial Services Software declined 0.64%. The company reported a consolidated net profit of Rs 437.33 crore in Q3 FY23, which is higher by 10% as compared with PAT of Rs 397.75 crore recorded in Q2 FY23. Revenue rose by 5% QoQ to Rs 1,449.30 crore during the period under review.

Aurobindo Pharma rose 0.18%. The drug maker on Wednesday announced that the United States Food and Drug Administration (US FDA) inspected its wholly owned subsidiary, APL Health Care's Unit I & III, at Jadcherla in Telangana, during 9 January to 18 January 2023.

Rallis India dropped 8.80% after the company reported 43% decline in net profit to Rs 22.55 crore in Q3 FY23 as against Rs 39.55 crore posted in Q3 FY22. Revenue from operations rose marginally to Rs 630.39 crore in quarter ended 31 December 2022 from Rs 628.08 crore recorded in Q3 FY22.

Global Markets:

Markets in Europe tumbled while Asian stocks ended mixed on Thursday after tracking losses on Wall Street overnight.

US stocks dropped sharply on Wednesday, their biggest daily drops in more than a month, after weak economic data fueled recession worries while hawkish comments from Federal Reserve officials soured investor moods further.

Cleveland Federal Reserve President Loretta Mester said Wednesday that interest rates have to keep moving higher even with recent inflation readings softening. As per reports, the policymaker said the Fed likely will have to take its benchmark interest rate above 5% in order to get inflation moving consistently down to the central bank's 2% goal. She noted that markets and the economy absorbed the half-point December rate hike without a problem.

US retail sales fell by the most in a year in December. Retail sales plummeted 1.1% last month, the biggest drop since December 2021. Data for November was revised to show sales decreasing 1% instead of 0.6% as previously reported. Retail sales rose 6% year-on-year in December.

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