Domestic equity benchmark indices ended with robust gains on Monday, snapping a three-day losing streak. Positive global cues triggere value buying in domestic shares. Global stocks advanced after China resumed quarantine-free travel over the weekend. The Nifty 50 index opened higher at 17,952.55 and extended gains as the day progress. There was intraday profit booking but last-hour buying helped the benchmarks close near the day's high of 18,141.40. Barring the Nifty Consumer Durables index, all the sectoral indices on the NSE ended higher. IT and auto shares rallied.
The barometer index, the S&P BSE Sensex advanced 846.94 points or 1.41% to 60,747.31. The Nifty 50 index added 241.75 points or 1.35% to 18,101.20.
M&M (up 3.57%), SBI Life Insurance (up 3.24%), Indusind Bank (up 3.05%) and HCL Technologies (up 3.02%) were top Nifty gainers.
IT major Tata Consultancy Services (TCS) climbed 3.03% ahead of Q3 results today.
In the past three sessions, the Sensex had declined by 2.27% while the Nifty had lost 2.05%.
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In the broader market, the S&P BSE Mid-Cap index gained 0.93% while the S&P BSE Small-Cap index rose 0.50%.
The market breadth was positive. On the BSE, 2,044 shares rose and 1,585 shares fell. A total of 170 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.47% to 14.65.
Numbers to Track:
The yield on India's 10-year benchmark federal paper fell to 7.343 from its close of 7.373 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 82.34, compared with its close of 82.6675 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement rose 0.51% to Rs 56,030.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 103.70.
The United States 10-year bond yield rose 0.93% to 3.604.
In the commodities market, Brent crude for March 2023 settlement advanced $2.29 or 2.91% to $80.86 a barrel.
Global Markets:
Markets in Europe and Asia advanced across the board on Monday as Hong Kong and mainland China resumed quarantine-free travel over the weekend, signaling the end of zero-Covid policy which kept borders effectively closed for nearly three years.
Meanwhile, the unemployment across the eurozone remained at a record low in November, despite slowing economic growth across the region. Joblessness stood at 6.5% in November, unchanged from October, according to data from Eurostat, totalling 10.97 million people.
Further, French trade data and German industrial production data for the month of November are slated for release later today.
Wall Street's main indices advanced on Friday after December payrolls expanded more than expected even as wage increases slowed and services activity contracted, easing worries about the Federal Reserve's interest rate hiking path.
ISM's non-manufacturing purchasing managers' index showed a contraction in the services sector, adding to hopes that the Federal Reserve's rate hikes are making progress in taming inflation.
Stocks in Spotlight:
Titan Company fell 2.12%. The Tata Group company said that it witnessed healthy double digit growth in Q3FY23 despite a high base in the same period of last year with overall sales growing 12% year on year (YoY). The company said that continuing its network expansion (net), the retail presence stood at 2,362 stores at the end of the quarter.
Asian Paints added 0.12%. The paint major said that its board approved setting up a new water-based paint manufacturing facility with a capacity of 4 lakhs kilolitres per annum at an approximate investment of Rs 2,000 crore.
Tata Steel rose 1.64% after the steel maker said that the crude steel production of the India business in Q3 FY23 stood at 5 million tons and was up 4% on YoY and up 4% on QoQ basis. Deliveries of Tata Steel India were at 4.73 million tons and were up 7% YoY primarily driven by 11% growth in domestic deliveries, which also led to improvement in product mix.
One 97 Communications (Paytm) gained 2.35% after the company's loan distribution business recorded disbursals of Rs 3,665 crore in the month of December, growing 330% YoY. Consequently, total disbursements for three months ended December 2022 was Rs 9,958 crore, a growth of 357% YoY. The number of loans grew 117% YoY to 3.7 million for the month of December, and 137% YoY to 10.5 million cumulative loans for the three months ended December 2022.
Kalyan Jewellers India rallied 4.03% after the company said Q3 December 2022 quarter witnessed positive momentum in footfalls and revenue across all the markets majorly driven by strong festive demand. The company recorded consolidated revenue growth of approximately 13% in Q3 FY2023 as against the same period in the previous financial year, and approximately 35% for YTD (nine months) FY2023 compared with the same period in the previous financial year.
JSW Steel advanced 1.87%. The Mumbai-based steel making company said that the Group's combined crude steel production for Q3 FY23 was 6.24 million tonnes, registering a growth of 17% YoY.
Lupin rose 1.29% after the global pharma major announced that it received approval from the US drug regulator for its Abbreviated New Drug Application (ANDA), Fesoterodine Fumarate extended-release tablets, 4 mg and 8 mg. The drug is a generic equivalent of Toviaz extended-release tablets, 4 mg and 8 mg, of Pfizer Inc. This medication is used to treat certain bladder problems (overactive bladder, neurogenic detrusor overactivity).
Bandhan Bank gained 1.78%. The bank's total loan book and advances increased by 14% YoY to Rs 1,00,520 crore in Q3 FY23. During the quarter, the private bank's loans & advances increased by 5% from Rs 95,835 crore posted in Q2 FY23. Total deposits with the bank as on 31 December 2022 amounted to Rs 1,02,283 crore, which is higher by 21% as compared with Rs 84,500 crore as on 31 December 2021.
Ajmera Realty & Infra India (ARIIL) advanced 2.62% after the company announced that its sales value advanced 19% to Rs 128 crore in Q3 FY23 compared with Rs 108 crore reported in Q3 FY22. The sales value dropped 23% last quarter compared with Rs 166 crore posted in Q2 FY23.
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