Indices drift higher in early trade; Nifty above 17,950

The key equity indices were trading with decent gains in early trade. The Nifty traded above the 17,950 level. PSU bank, IT and oil & gas shares were in demand while metal, pharma and media shares corrected.

At 09:25 IST, the barometer index, the S&P BSE Sensex, was up 218.23 points or 0.36% to 60,311.20 The Nifty 50 index added 60.20 points or 0.34% to 17,955.05.

In the broader market, the S&P BSE Mid-Cap index slipped 0.02% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was positive. On the BSE, 1,493 shares rose, and 1,070 shares fell. A total of 182 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 750.59 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 685.96 crore in the Indian equity market on 16 January, provisional data showed.

Stocks in Spotlight:

NTPC rose 0.75%. NTPC Renewable Energy Ltd. (NTPC REL) signed a Memorandum of Understanding (MoU) with Government of Tripura for Development of Floating and Ground Mounted based Renewable Energy Projects in the State of Tripura.

Siemens added 1.73%. Siemens has received an order for 1,200 locomotives of 9000 horsepower (HP) from Indian Railways. Siemens will design, manufacture, commission and test the locomotives. The contract has a total value of Rs. 26,000 crore (approximately), excluding taxes and price variation.

Angel One rose 0.91%. Angel One reported 38.3% rise in consolidated net profit to Rs 227.7 crore on a 25.5% increase in total income to Rs 759.7 crore in Q3 FY23 over Q3 FY22.

Global markets:

Asian stocks are trading mixed Tuesday as investors digest the Chinese economic data released today.

China reported 3% GDP growth for 2022. Retail sales in December declined by 1.8% from a year ago. Industrial production rose by 3.6% in 2022. The figure rose by 1.3% in December.

US stock market were closed on Monday, 16 January 2023, in observance of Martin Luther King, Jr. Day.

U.S. Treasury Secretary Janet Yellen is scheduled to hold a meeting with Chinese Vice Premier Liu He on the sidelines of the World Economic Forum, as per reports. The two will hold a meeting to strengthen macroeconomic and financial policy coordination.

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