Market trades sideway; Nifty below 17,950; IT shares advance

The key equity benchmarks traded sideways near the flat line in mid-morning trade. The Nifty traded below the 17,950 mark. IT stocks advanced for the fourth day in a row.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 37.36 points or 0.06% to 60,298.54. The Nifty 50 index lost 12.80 points or 0.08% to 17,942.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.07% while the S&P BSE Small-Cap index gained 0.19%.

The market breadth was positive. On the BSE, 1,838 shares rose, and 1,560 shares fell. A total of 192 shares were unchanged.

New Listing:

Shares of Chaman Metallics was trading at Rs 64.60 at 11:25 IST on the NSE, a premium of 70% compared with the issue price of Rs 38.

The scrip was listed at Rs 68, representing a premium of 79% compared with the initial public offer (IPO) price.

So far, the scrip hit a high of Rs 68 and a low of Rs 64.60. Over 30.12 lakh shares of the company have changed hands in the counter till now.

Buzzing Index:

The Nifty IT index gained 1.21% to 29,284.10, extending gains for the fourth day. The index jumped 2.74% in four trading sessions.

Tech Mahindra (up 2.17%), HCL Technologies (up 1.6%), Infosys (up 1.4%), Wipro (up 1.17%), L&T Technology Services (up 1.07%), Persistent Systems (up 1.01%), Coforge (up 0.58%), LTI Mindtree (up 0.22%) advanced.

On the other hand, Tata Consultancy Services (down 0.64%) and Mphasis (down 0.11%) edged lower.

Stocks in Spotlight:

Avenue Supermarts (DMart) dropped 4.91% after the company reported 6.72% rise in consolidated net profit to Rs 589.68 crore on 25.51% increase in revenue from operations to Rs 11,569.05 crore in Q3 FY23 over Q3 FY22.

Whirlpool of India rose 1.82%. The company on Friday said that its managing director, Vishal Bhola, has decided to leave the company to pursue other interests. Bhola will be relieved from the services of the company as managing director with effect from 3 April 2023. The board has approved the appointment of Narasimhan Eswar as managing director and additional director with effect from 4 April 2023 for period of 5 years.

Lupin shed 0.55%. The US Food and Drug Administration (USFDA) inspected the drug maker's Somerset, New Jersey, U.S.A. manufacturing facility from 2 January to 13 January 2023. The inspection closed with issuance of a Form-483 with two observations, the pharmaceutical company said.

Global markets:

Asian stocks traded mixed 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 US markets made for thin trading.

Over the weekend, China reported a surge of nearly 60,000 Covid deaths since dropping restrictions last month. On Sunday, the high-speed rail connecting mainland China and Hong Kong reopened for the first time in three years.

US stock market will be closed on Monday, 16 January 2023, in observance of Martin Luther King, Jr. Day. US stocks ended higher on Friday, with shares of JPMorgan Chase and other banks rising following their quarterly results, which kicked off the earnings season.

The University of Michigan consumer sentiment survey released on Friday showed the one-year inflation outlook fell to 4%, the lowest level since April 2021. December's CPI report showed prices declined 0.1% compared with a month ago, raising hopes that the Federal Reserve may soon slow its rate hikes.

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