Market extends losses; Nifty slides below 17,800; media shares advance

The key equity indices extended losses and traded near the day's low in the afternoon trade. The Nifty slipped below the 17,800 level after the hitting the day's high of 17,945.80 in early trade. Barring the Nifty Media index, all the other sectoral indices on the NSE traded in the red. Trading was volatile due to expiry of weekly index options on the NSE.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was down 393.24 points or 0.65% to 59,712.26. The Nifty 50 index lost 106.65 points or 0.60% to 17,789.05.

In the broader market, the S&P BSE Mid-Cap index slipped 0.44% while the S&P BSE Small-Cap index shed 0.24%.

The market breadth was weak. On the BSE, 1,386 shares rose and 2,005 shares fell. A total of 167 shares were unchanged.

Investors look ahead to the U.S. consumer price index report due later in the day. The December CPI report will inform investors as to whether the Federal Reserve needs to move forward with more aggressive interest rate hikes to tame inflation, or if the central bank can pull back as inflation is showing signs of steadily cooling off.

On the macro front, the Industrial Production and Manufacturing Production data for November will be released today. Inflation rate for December will also be declared today.

Economy:

The provisional figures of direct tax collections up to 10 January 2023 stood at Rs 14.71 lakh crore which is 24.58% higher than the gross collections for the corresponding period of last year.

Direct Tax collection, net of refunds, stood at Rs 12.31 lakh crore which is 19.55 % higher than the net collections for the corresponding period of last year. This collection is 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23.

Gainers & Losers:

Divi's Laboratories (down 3.63%), Axis Bank (down 2.40%), Bharat Petroleum Corporation (BPCL) (down 2.23%), Reliance Industries (down 2.02%) and Hindalco Industries (down 1.60%) were the top Nifty losers.

Meanwhile, Larsen & Toubro (up 1.52%), HCL Technologies (up 1.48%), Ultratech Cement (up 1.41%), SBI Life Insurance Company (up 0.95%) and Maruti Suzuki (up 0.82%) outperformed.

New Listing:

Shares of Sah Polymers were currently trading at Rs 89.25 at 13:20 IST on the BSE, representing a premium of 37.31% compared with the issue price of Rs 65.

The scrip was listed at a price of Rs 85, at a premium of 30.77% as compared to the issue price. So far, the stock has hit a high of 89.25 and a low of 85. On the BSE, over 4.14 lakh shares of the company were traded in the counter so far.

Shares of SVS Ventures were locked in 5% upper circuit at Rs 21.50 on the BSE, representing a premium of 7.5% to the issue price of Rs 20.

The scrip was listed at Rs 20.50, representing a premium of 2.5% to the issue price. So far, the scrip hit a a low of 20.50 during the trading session. Over 17.94 lakh shares of the company had changed hands in the counter till now.

Shares of Rex Sealing and Packing Industries hit an upper circuit of 5% at Rs 143.85 on the BSE, a premium of 6.56% compared with the issue price of Rs 135.

The scrip was listed at Rs 137, representing a premium of 1.48% compared with the initial public offer (IPO) price. So far, the scrip hit a low of Rs 136. Over 98,000 shares of the company have changed hands in the counter till now.

Stocks in Spotlight:

State Bank of lndia (SBI) skid 0.88%. The public lender announced that the Central Government has extended the term of Challa Sreenivasulu Setty, managing director of State Bank of lndia (SBI) for a period of two years effective from 20 January 2023.

Hindustan Unilever (HUL) fell 0.53%. The FMCG major announced on Wednesday that it has completed the acquisition of 51% shareholding of Zywie Ventures for total consideration of Rs 264.28 crore. Consequently, Zywie Ventures Private Limited has become a subsidiary of the company.

TVS Motor Company declined 0.80%. The company announced its intention to invest in Madhya Pradesh (MP) for its potential future two-wheeler and three-wheeler expansion in electric and internal combustion engine vehicles. This expansion plan entails an investment of over Rs 1,000 crores and could create direct and indirect employment in Madhya Pradesh of over 2,000 jobs.

Container Corporation of India rose 0.02%. The company said that its total throughput in quarter ended December 2022 was 10,85,154 twenty foot equivalent units (TEUs), up by 5.18% from 10,31,701 TEUs recorded in the same period last year. While the company's export-import (EXIM) volumes rose by 0.62% to 8,33,796 TEUs, domestic (DOM) volumes jumped by 23.80% to 2,51,358 TEUs in Q3 FY23 over Q3 FY22.

Global Markets:

Asian stocks advanced as investors look ahead to the U.S. consumer price index report Thursday.

Inflation in China accelerated 1.8% in December compared with a year ago as food prices rose, data from the National Bureau of Statistics showed. The CPI figure was in line with expectations and higher than the previous month's reading of 1.6%.

US stocks ended up sharply on Wednesday as investors were optimistic ahead of an inflation report that could give the Federal Reserve room to dial back on its aggressive interest rate hikes.

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