Sensex, Nifty end flat after volatile session; broader markets underperform

The domestic equity benchmarks ended flat after a volatile session on Tuesday. The Nifty ended above the 18,100 level after hitting the day's high at 18,201.25 in early trade. Auto, IT and consumer durable stocks advanced while PSU banks, metals and pharma shares lagged behind.

As per provisional closing data, the barometer index, the S&P BSE Sensex, added 37.08 points or 0.06% to 60,978.75. The Nifty 50 index ended flat at 18,118.30.

In the broader market, the S&P BSE Mid-Cap index fell 0.30% while the S&P BSE Small-Cap index lost 0.43%.

The market breadth was negative. On the BSE, 1,536 shares rose, and 1,971 shares fell. A total of 143 shares were unchanged.

Buzzing Index:

The Nifty Auto index rose 1.23% to 12,954.20. The index has gained 2.07% in two sessions.

Sona BLW Precision Forgings (up 3.55%), Tube Investments of India (up 1.97%) and Bajaj Auto (up 1.74%) were the top gainers.

Among the other gainers were Bosch (up 0.73%), Eicher Motors (up 0.72%), Samvardhana Motherson International (up 0.68%), TVS Motor Company (up 0.22%) and MRF (up 0.15%).

On the other hand, Bharat Forge (down 1%), Mahindra & Mahindra (down 0.34%) and Ashok Leyland (down 0.2%) moved lower.

Maruti Suzuki India gained 3.35%. The auto major's standalone net profit zoomed 132.5% to Rs 2,351.3 crore on 25.52% jump in net sales to Rs 27,849.2 crore in Q3 FY23 over Q3 FY22.

Operating EBIT soared 131% to Rs 2,123 crore in Q3 FY23 from Rs 919 crore reported in Q3 FY22. Operating EBIT margin improved to 7.6% as on 31 December 2022 as against 4.1% as of 31 December 2021.

Pending customer orders stood at about 363,000 vehicles at the end of this quarter out of which about 119,000 orders were for newly launched models, the company said.

Tata Motors gained 3.34%. The company has confirmed that the voluntary delisting of its American Depositary Shares (ADS), representing ordinary shares of the company, from the New York Stock Exchange (NYSE) will become effective close of trading on the NYSE on 23 January 2023. This follows the filing by the company of Form 25 with the Securities and Exchange Commission on 13 January 2023.

Stocks in Spotlight:

SBI Cards and Payment Services fell 2.73%. The company reported a 32.06% jump in net profit to Rs 509.46 crore on 16.45% rise in total income to Rs 3,656.15 crore in Q3 FY23 over Q3 FY22.

HDFC AMC slipped 1.85%. The AMC reported 2.68% rise in net profit to Rs 369.40 crore on 4.25% in total income to Rs 662.93 crore in Q3 FY23 over Q3 FY22.

Axis Bank declined 2.50%. The private lender's net profit surged 61.94% to Rs 5,853.07 crore on 27.44% increase in total income to Rs 26,891.87 crore in Q3 FY23 over Q3 FY22.

Colgate-Palmolive (India) fell 2.06%. The company reported a 3.6% decrease in net profit to Rs 243.24 crore in Q3 FY23 from Rs 252.33 crore posted in Q3 FY22.

Gland Pharma declined 1.48%. The pharmaceutical company's consolidated net profit dropped 15% to Rs 231.95 crore on 11.8% decline in net sales to Rs 938.29 crore in Q3 FY23 over Q3 FY22.

Poonawalla Fincorp jumped 4.18%. On a consolidated basis, the NBFC reported 44.2% rise in net interest income to Rs 482 crore on 89.1% rise in profit after tax to Rs 182 crore in Q3 FY23 over Q3 FY22.

FSN E-Commerce Ventures (Nykaa) zoomed 7.70%. Nykaa on Monday (23 January 2023) announced the appointment of P Ganesh as their chief financial officer to further strengthen and boost Nykaa's financial operations and key long-term business strategies.

Syngene International tumbled 4.50%. The company reported a 5.5% rise in consolidated net profit to Rs 109.70 crore in Q3 FY23 as against Rs 104 crore posted in Q3 FY22. Revenue from operations jumped 22.5% to Rs 785.90 crore in the quarter ended 31 December 2022 as compared to Rs 641.40 crore recorded in Q3 FY22.

Container Corporation of India (CONCOR) slipped 2.95%. CONCOR's consolidated net profit rose 3.4% to Rs 294.20 crore on 3.4% increase in revenue from operations to Rs 2,004.46 crore in Q3 FY23 over Q3 FY22.

Route Mobile jumped 7.62%. The company's consolidated net profit surged 85.18% to Rs 82.44 crore on 75.16% increase in revenue from operations to Rs 985.72 crore in Q3 December 2022 over Q3 December 2021.

Tata Communications tumbled 4.26%. The company's consolidated net profit declined marginally to Rs 393.88 crore in Q3 FY23 from Rs 395.21 crore posted in Q3 FY22.

Zensar Technologies rose 2.98%. The IT company reported a 34.68% rise in consolidated net profit to Rs 76.5 crore in Q3 FY23 from Rs 56.8 crore posted in Q2 FY23. However, the company's revenue from operations fell 3% QoQ to Rs 1,197.6 in the quarter ended 31 December 2022. As compared with Q3 FY22, the company's net profit declined 15.9% while revenue was higher by 8.6%.

Indoco Remedies tumbled 10.53%. The company's net profit declined 15% to Rs 27.9 crore despite an 18% rise in net revenues to Rs 410.6 crore in Q3 FY23 over Q3 FY22. Chalet Hotels jumped 4.71%. The company reported consolidated net profit of Rs 102.40 crore in Q3 December 2022 as against net loss of Rs 14.40 crore in Q3 December 2021.

Global Markets:

European markets were mixed on Tuesday with investors digesting the latest flash purchasing managers' index data from the euro zone in January.

PMIs track business activity in the services and manufacturing sectors, and Tuesday's figures showed the euro zone returning to modest growth in December, boosting hopes that the 20-member currency bloc may avoid recession.

The S&P Global euro zone composite PMI, which encompasses manufacturing and services activity, came in at 50.2 in January, up from 49.3 in December and ahead of a consensus forecast of 49.8.

Markets in Asia advanced across the board on Tuesday as investor confidence surged into the Lunar New Year with China lifting its stringent Covid curbs and on rising hopes that the end to interest rate hikes may finally be in sight.

US stocks closed sharply higher on Monday, fuelled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year.

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