As per provisional closing data, the barometer index, the S&P BSE Sensex declined 168.21 points or 0.28% to 60,092.97. The Nifty 50 index shed 61.75 points or 0.34% to 17,894.85.
In the broader market, the S&P BSE Mid-Cap index fell 0.34% while the S&P BSE Small-Cap index lost 0.10%.
The market breadth was negative. On the BSE, 1,694 shares rose, and 1,904 shares fell. A total of 180 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.89% to 15.0225.
Economy:
India's annual wholesale price index (WPI) inflation for the month of December 2022 eased to 4.95%, at a 22-month low, mainly due to fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85% in November 2022 and 14.27% in December 2021.
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"Decline in the rate of inflation in December 2022 is primarily contributed by fall in prices of food articles, mineral oils, crude petroleum & natural gas, food products, textiles and chemicals & chemical products", the Ministry of Commerce & Industry said in a statement today.
Separately, India's merchandise exports declined by 12.2% to $34.48 billion in December 2022, as against $39.27 billion recorded in the same month of the preceding year, as per the government data shared on 16 January 2023.
The country's imports in December declined to $58.24 billion as against $60.33 billion recorded in the year-ago period.
The merchandise trade deficit fell further to $23.76 billion in December, after declining to a seven-month low of $23.89 billion in November.
Stocks in Spotlight:
HDFC Bank slipped 0.96%. The private lender's net profit rose 18.54% to Rs 12,259.49 crore on 25.97% increase in total income to Rs 51207.61 crore in Q3 FY23 over Q3 FY22. Net interest income (interest earned less interest expended) for the quarter ended 31 December 2022 grew by 24.6% to 22,987.8 crore from 18,443.5 crore for the quarter ended 31 December 2021. The total credit cost ratio was at 0.74%, as compared to 0.94% for the quarter ending 31 December 2021.
Wipro rose 1.32%. The IT major's consolidated net profit jumped 14.81% to Rs 3,052.9 crore on 3.06% rise in revenue from operations to Rs 23,229 crore in Q3 FY23 over Q2 FY23. For the year ending 31 March 2023, Wipro expects revenue from its IT Services business for the full year to be in the range of 11.5% to 12%, in constant currency terms. The company delivered record total bookings of over $4.3 billion in total contract value (TCV) terms grew 26% YoY for the quarter.
Avenue Supermarts (DMart) dropped 4.65% after the company reported 6.72% rise in consolidated net profit to Rs 589.68 crore on 25.51% increase in revenue from operations to Rs 11,569.05 crore in Q3 FY23 over Q3 FY22.
Dr.Reddy's Laboratories fell 0.01%. The drug major announced that it acquired the trademark rights of the breast cancer drug, Primcyv, from Pfizer for use in the Indian market.
L&T Finance Holdings gained 2.76% after the company's consolidated net profit jumps 39.2% to Rs 453.64 crore in in Q3 FY23 as against Rs 325.99 crore posted in Q3 FY22. Total income soared 80% to Rs 5,671.60 crore in quarter ended 31 December 2022 from Rs 3,150.50 crore recorded in Q3 FY22.
Bank of Maharashtra jumped 4.57% after the state-run lender's standalone net profit zoomed 138.74% to Rs 775.03 crore in Q3 FY23 as against Rs 324.63 crore reported in Q3 FY22. Total income surged 22.51% to Rs 4,769.78 crore in quarter ended 31 December 2022 from Rs 3,893.23 crore recorded in Q3 FY22.
Federal Bank advanced 1.30% after the private bank posted a 54.03% surge in standalone net profit to Rs 803.61 crore on a 26.5% increase in total income to Rs 4,967.25 in Q3 FY23 over Q3 FY22.
Just Dial hit an upper circuit of 10% after the company reported a consolidated net profit of Rs 75.32 crore in Q3 FY23, steeply higher than Rs 19.39 crore posted in Q3 FY22. Net revenue from operations stood at Rs 221.37 crore in Q3 FY23, registering a growth of 39.3% from Rs 158.89 crore recorded in the corresponding quarter previous year.
Sula Vineyards surged 14.49% after the company said that it has recorded its highest ever quarterly gross billings overall, both for its own brands as well as the wine tourism business.
The company's own brands sales stood at Rs 187.2 crore in Q3 FY23, recording a growth of 13% from Rs 165.7 crore posted in the same quarter a year ago. The growth in firm's own brands revenues was mainly driven by strong growth in volumes as well as realisations. Wine tourism business jumped 13% to Rs 23 crore in quarter ended 31 December 2022 as against Rs 20.3 crore reported in Q3 FY22.
Global markets:
Shares in Europe and Asia mostly advanced on Monday, buoyed by cooling inflation data in the U.S. last week which has lifted investor sentiment. Investors waited nervously to see if the Bank of Japan (BOJ) will defend its super-sized stimulus policy at a pivotal meeting this week, while a holiday in US markets made for thin trading.
Over the weekend, China reported a surge of nearly 60,000 Covid deaths since dropping restrictions last month. On Sunday, the high-speed rail connecting mainland China and Hong Kong reopened for the first time in three years.
US stock market will be closed on Monday, 16 January 2023, in observance of Martin Luther King, Jr. Day. US stocks ended higher on Friday, with shares of JPMorgan Chase and other banks rising following their quarterly results, which kicked off the earnings season.
The University of Michigan consumer sentiment survey released on Friday showed the one-year inflation outlook fell to 4%, the lowest level since April 2021. December's CPI report showed prices declined 0.1% compared with a month ago, raising hopes that the Federal Reserve may soon slow its rate hikes.
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