Domestic stock markets settled with decent gains on Monday. The Nifty 50 index opened at 18,288.10 and marched higher as the session progressed to settle above the 18,400 level. Value buying emerged after indices corrected sharply in the past two sessions. Barring IT and PSU banks, all the sectoral indices settled higher. FMCG, metals and auto shares were in demand. Global cues were mixed as Asian stocks tumbled while European shares rose across the board.
The barometer S&P BSE Sensex advanced 468.38 points or 0.76% to 61,806.19. The Nifty 50 index added 151.45 points or 0.83% to 18,420.45. Both the indices dropped 2% in two trading sessions.
Adani Enterprises (up 2.57%), HDFC (up 1.64%) and Reliance Industries (up 1.36%) pushed the indices higher.
TCS (down 1.13%), Infosys (down 0.97%) and Tata Motors (down 0.8%) were major drags.
The broader market lagged the benchmark indices. The S&P BSE Mid-Cap index gained 0.67% while the S&P BSE Small-Cap index rose 0.29%.
The market breadth was positive. On the BSE, 2,117 shares rose and 1,501 shares fell. A total of 163 shares were unchanged.
More From This Section
Meanwhile, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, slipped 3.67% to 13.55.
Economy:
India's Direct Tax collections for the Financial Year 2022-23, as on 17 December 2022 show that net collections are at Rs 11,35,754 crore, compared to Rs 9,47,959 crore in the corresponding period of the preceding Financial Year i.e FY 2021-22, representing an increase of 19.81%. The Net Direct Tax collection of Rs 11,35,754 crore as on 17 December 2022 includes Corporation Tax (CIT) at Rs 6,06,679 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 5,26,477 crore (net of refund).
The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs 13,63,649 crore compared to Rs 10,83,150 crore in the corresponding period of the preceding financial year, registering a growth of 25.90% over collections of F.Y. 2021-22.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.298 as compared with 7.277 at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.6900, compared with its close of 82.7550 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement gained 0.28% to Rs 54,453
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 104.46.
The United States 10-year bond yield added 1.15% to 3.522.
In the commodities market, Brent crude for February 2023 settlement added 64 cents or 0.81% to $79.68 a barrel.
Global Markets:
The Dow Jones futures were up 93 points, indicating a positive opening in the US stock market today.
Shares in Europe rose across the board while Asian stocks tumbled on Monday.
In China, officials vowed to stabilize its economy in 2023 and maintain ample liquidity in financial markets in order to meet key targets, as per reports.
US stocks dropped for a third straight session on Friday as fears continued to mount that the Federal Reserve's campaign to arrest inflation would tilt the economy into a recession.
Stocks in Spotlight:
Speciality Restaurants jumped 15.77% after the company announced that its board will meet on Wednesday, 21 December 2022 to consider proposal for fund raising by way of issue of equity shares or any other eligible convertible securities.
Marathon Nextgen Realty surged 13.29%. The Mumbai-based real estate developer said it has sold commercial space worth over Rs 400 crore this year alone at its flagship commercial project in Lower Parel - Marathon Futurex. Central Depository Services (CDSL) (India) recently acquired an office space measuring over 46,000 sqft carpet area on the 34th and 35th floors of the tower for Rs 163.16 crore.
Hariom Pipe Industries rose 1.81% after the company announced that HDFC Bank sanctioned credit facilities worth Rs 197.43 crore.
Dr. Reddy's Laboratories rose 2.06% after the pharmaceutical company said that its tocilizumab biosimilar candidate, DRL_TC has met its primary and secondary endpoints in a Phase 1 study.
Glenmark Pharmaceuticals shed 0.13%. The pharmaceutical company said that it has received final approval by the United States Food & Drug Administration (US FDA) for Nicardipine Hydrochloride Capsules, 20 mg and 30 mg. The approved abbreviated new drug application (ANDA) is a generic version of Cardene Capsules, 20 mg and 30 mg, of Chiesi USA, Inc. Nicardipine (Cardene) is a medication used to treat high blood pressure and angina. It is also used for Raynaud's phenomenon.
Dilip Buildcon rallied 4.38% after the company said it has received letter of acceptance (LoA) from the National Highways Authority of lndia (NHAI) for new hybrid annuity model (HAM) projects in the state of Karnataka, Chhattisgarh and Telangana.
KEC International fell 0.19%. The company said it has secured new orders of Rs 1,313 crore across its various businesses. The company's transmission & distribution (T&D) business has secured orders for T&D projects in India, East Asia Pacific and SAARC. These include 220 kV GIS Substation for a refinery project in India; 500 kV Transmission line in Thailand; and 132 kV Transmission line and associated substations in Nepal. The solar business has secured a large order for a 500 MW Solar PV project in India.
Shilpa Medicare advanced 3.60%. The drug maker said that it has introduced Capecitabine (Capebel) dispersible tablet (DT) with technology of faster dispersion within 90 seconds to treat colorectal and metastatic breast cancer.
Spandana Sphoorty Financial gained 1.38% after the company said that its board will consider and approve the issue and offer of non-convertible debentures on Wednesday, 21 December 2022. The company said that this issue will be done on a private placement basis.
Powered by Capital Market - Live News