The benchmark indices registered strong gains on Wednesday, led by metals and financial stocks. Positive global cues and buying by foreign portfolio investors (FPIs) boosted investors sentiment. The Nifty closed above the 18,150 mark after hitting the day's low of 18,032.45 in early trade. The market started the day almost flat, but pick-up the pace as the session progressed.
The barometer index, the S&P BSE Sensex gained 390.02 points or 0.64% to 61,045.74. The Nifty 50 index added 112.05 points or 0.62% to 18,165.35. Both the indices have risen over 1.5% in two consecutive sessions.
Hindalco Industries (up 2.93%), Tata Steel (up 2.39%) and Larsen & Toubro (up 2.35%) were top Nifty gainers.
In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 0.17%.
The market breadth was positive. On the BSE, 1,873 shares rose, and 1,638 shares fell. A total of 138 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, down 1.49% to 14.3725.
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FIIs turned buyers on Tuesday for the first time in 2023 after selling off for 17 straight days.
Foreign portfolio investors (FPIs) bought shares worth Rs 211.06 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 90.81 crore in the Indian equity market on 17 January, provisional data showed.
Economy:
The index of mineral production of mining and quarrying sector for the month of November, 2022 (Base: 2011-12=100) at 105.8, is 9.7% higher as compared to the level in the month of November, 2021. As per the provisional statistics of Indian Bureau of Mines (IBM), the cumulative growth for the period April-November, 2022-23 over the corresponding period of previous year is 4.7%.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper declined to 7.324 from its close of 7.333 recorded in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.25, compared with its close of 81.69 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement declined 0.01% to Rs 56,344.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.39% to 101.99.
The United States 10-year bond yield declined 1.21% to 3.492.
In the commodities market, Brent crude for March 2023 settlement rose 1.09 cents or 1.27% to $87.01 a barrel.
Global Markets:
Shares in Europe and Asia advanced on Wednesday.
The annual rate of inflation in the U.K. fell in December to 10.5%. It marked the second month of falls, after the rate slipped from a 41-year high to 10.7% in November.
Meanwhile, the Bank of Japan announced no change to its yield curve control policy.
US stocks saw mixed trend on Tuesday as weak earnings from Goldman Sachs dragged the Dow Jones Industrial Average index lower, but a jump in Tesla shares helped the Nasdaq Composite stay postive as the corporate earnings season took center stage.
Stocks in Spotlight:
Nykaa hit a new all-time low after falling for the 5th day in a row. The stock fell 3.19% to settle at Rs 129.
IndusInd Bank fell 0.63%. 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.
Rail Vikas Nigam (RVNL) rose 4.97% after winning multiple orders worth over Rs 1,000 cr from the Gujarat Metro Rail Corporation.
EID Parry rose 1.77% after the company started production at its new ethanol plant in Andhra Pradesh.
Sundram Fasteners rose 3.35% after the company announced that it secured a $250-million contract from a leading global automobile manufacturer for supplying sub-assemblies for its electric vehicle (EV) platform.
Deep Industries rose 1.27% after the company said it will consider the proposal of a stock split on 6 February 2023.
ITC rose 0.74% The FMCG major on Tuesday announced that it will acquire 100% stake in Sproutlife Foods (SFPL), engaged in the manufacture and sale of health food brand 'Yoga Bar' for over a period of three to four years. By 31 March 2025, the company will acquire 47.5% stake in SFPL in tranches, and the balance stake will be acquired, basis pre-defined valuation criteria, subject to other conditions agreed to in the binding documents.
Adani Green Energy slipped 3.30%. The company said that its wholly-owned subsidiary, Adani Renewable Energy Holding Two has entered into a binding term sheet for acquisition of 50% equity interest in Essel Saurya Urja Company of Rajasthan (ESUCRL) for Rs 15 crore. The transaction is expected to be completed by 28 February 2023.
Maruti Suzuki India rose 0.27%. The car major has recalled a total of 17,362 vehicles manufactured between 8 December 2022 and 12 January 2023 to inspect and replace airbag controller (affected part), free of cost, if required in these vehicles. The affected models are Alto K10, S-Presso, Eeco, Brezza, Baleno and Grand Vitara.
ICICI Prudential Life advanced 0.58%. The life insurer's consolidated net profit declined 29% to Rs 221.56 crore on 78% rise in total income to Rs 17778.51 crore in Q3 FY23 over Q3 FY22. The net premium income for the quarter rose 4.3% on-year to Rs 9,465 crore. The first year gross premium income for the insurer declined 11% on-year to Rs 1,378 crore, while single premium income increased 12.6% to Rs 2,649 crore.
ICICI Lombard General Insurance Company fell 4%. The general insurer reported 11% rise in net profit to Rs 352.53 crore on 13.7% increase in total income to Rs 4,570.11 crore in Q3 FY23 over Q3 FY22.
Delta Corp slipped 3.76%. The gaming and casino firm's consolidated net profit rose 20.5% to Rs 84.82 crore on 10.58% increase in net sales to Rs 273.37 crore in Q3 FY23 over Q3 FY22.
Tata Investment Corporation dropped 4.10% after the company's consolidated net profit declined 13.2% to Rs 34.53 crore as against Rs 39.80 crore posted in Q3 FY22.
Eris Lifesciences declined 2.93% after the pharma company's consolidated net profit rose marginally to Rs 101.86 crore in Q3 FY23 as against Rs 100.77 crore recorded in Q3 FY22. Revenue from operations jumped 27.4% to Rs 417.84 crore in quarter ended 31 December 2022 as compared to Rs 328.07 crore in Q3 FY22.
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