The benchmark indices managed to settle higher on Monday, snapping a two-day losing streak. Trading was volatile amid the ongoing Adani-Hindenburg saga. Traders were also cautious ahead of India's union budget and the US Fed policy. The Nifty 50 index hit the day's high of 17,709.15 in morning trade. It later slumped to the day's low of 17,405.55 in afternoon trade. The index bounced in late trade and closed above 17,600 mark. IT and PSU banks advanced while oil & gas and FMCG stocks declined.
The barometer index, the S&P BSE Sensex advanced 169.51 points or 0.29% to 59,500.41. The Nifty 50 index added 44.60 points or 0.25% to 17,648.95.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.22% while the S&P BSE Small-Cap index declined 0.10%.
The market breadth was negative. On the BSE, 1,553 shares rose and 2,047 shares fell. A total of 163 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 2.25% to 17.71.
Parliament's Budget session will begin on 31 January and Finance Minister Sitharaman will present the Budget in the Lok Sabha on Wednesday, 1 February.
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US Fed FOMC meeting takes place on 31 January - 1 February, with the rate hike decision to be announced on the first day of February.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.4 from its close of 7.387 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 81.49, compared with its close of 81.59 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement advanced 0.08% to Rs 56,900.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.24% to 101.69.
The United States 10-year bond yield added 0.79% to 3.546.
In the commodities market, Brent crude for March 2023 settlement declined 36 cents or 0.46% to $86.30 a barrel.
Global Markets:
The Dow Jones futures were down 201 points, indicating a negative opening in the US stock market today.
Markets in Europe fell across the board while Asian stocks ended mixed on Monday as investors focus on the next U.S. Federal Reserve meeting that begins Tuesday.
The two-day meeting will conclude with the central bank's Federal Open Market Committee announcing its latest interest rate decision.
The Fed is expected to hike rates by one-quarter of a percentage point. Investors will be looking for clues about how much higher the central bank will take rates in the fight against inflation.
US stocks ended higher on Friday, fueled by gains in Tesla shares and a better-than-expected GDP report on Thursday.
Stocks in Spotlight:
Adani Enterprises jumped 4.21%. The follow-on public offer (FPO) of Adani Enterprises was subscribed 0.03 times on the second day of bidding. As on 16:48 IST on Monday (January 30), the issue received bids for 13,83,116 equity shares against the issue size of 4,55,06,791 equity shares. The issue opened for public participation on 27 January 2023 and it will close on 31 January 2023.
Last week, US-based Hindenburg Research LLC said it shorted Adani Group companies due to brazen market manipulation and accounting fraud. Hindenburg, an US-based investment research firm that specializes in activist short-selling, made wide-ranging allegations of corporate malpractice following a two-year investigation into the Adani group companies.
Adani Group stocks tanked on Friday, 27 January 2023, as the Hindenburg report spooked traders.
The conglomerate led by Asia's richest man, the Indian billionaire Gautam Adani, on Sunday (29 January) published a 413-page rebuttal to a short seller's allegations. The Adani Group said some 65 of the 88 questions raised by Hindenburg Research have already been addressed in public disclosures and called the US firm's conduct "nothing short of a calculated securities fraud under applicable law." It also repeated a threat of legal action.
Tech Mahindra rose 0.58%. On a consolidated basis, the IT major's net profit rose marginally to Rs 1,296.6 crore in Q3 FY23 as against Rs 1,285.4 crore posted in Q2 FY23. Revenue from operations grew 4.61% quarter on quarter (QoQ) to Rs 13,734.6 crore in quarter ended 31 December 2022.
On a year on year (YoY) basis, Tech Mahindra's net profit declined 5.25% while revenue jumped 19.94% in Q3 FY23. EBITDA stood at Rs 2,144 crore in Q3 FY23, up 8.1% QoQ and up 4.1% YoY. EBITDA margin was at 15.6% in Q3 FY23 as against 15.1% in Q2 FY23 and 18% in Q3 FY22.
Bajaj Finserv advanced 2.22%. The company reported 41.9% jump in consolidated net profit to Rs 1,782.02 crore on a 23.47% increase in total income to Rs 21,755.35 crore in Q3 FY23 over Q3 FY22.
Bajaj Finance rallied 4.61% after the NFBC's consolidated net profit surged 39.89% to Rs 2,973 crore on 26.31% jump in total income to Rs 10,785.95 crore in Q3 FY23 over Q3 FY22.
NTPC rose 1.53% after the state-run power major's consolidated net profit rose 6.18% to Rs 4,776.61 crore on 33.97% jump in revenue from operations to Rs 44,601.84 crore in Q3 FY23 over Q3 FY22.
Vedanta added 0.63%. On consolidated basis, the mining company's net profit declined 42.25% to Rs 3,092 crore in Q3 FY23 from Rs 5,354 crore posted in Q3 FY22. Revenue from operations fell marginally to Rs 33,691 crore in Q3 FY23 as against Rs 33,697 crore reported in the corresponding quarter last year.
Data Patterns (India) surged 11.24% after the company's net profit surged 271.88% to Rs 33.32 crore on 155.04% spurt in net sales to Rs 111.81 crore in Q3 December 2022 over Q3 December 2021.
Bharat Electronics (BEL) tumbled 5.67%. BEL reported 2.64% rise in standalone net profit to Rs 598.77 crore in Q3 FY23 as against Rs 583.37 crore in Q3 FY22. The PSU company's net sales increased 10.6% to Rs 4,046.11 crore for the quarter ended 31 December 2022 compared with Rs 3,656.22 crore in the same quarter a year ago.
GAIL (India) slipped 4.24% after the company's consolidated net profit slumped 89.06% to Rs 413.71 crore in Q3 FY23 from Rs 3,780.78 crore in Q3 FY22. However, net revenue from operations during the quarter rose by 37.25% YoY to Rs 35,884.51 crore in the quarter ended 31 December 2022.
Kajaria Ceramics fell 3.65% after the company's consolidated net profit tumbled 39.09% to Rs 74.32 crore in Q3 FY23 as against Rs 122.02 crore in Q3 FY22. Revenue from Operations was at Rs 1,091.13 crore in the quarter ended 31 December 2022, up 2.14% from Rs 1,068.23 crore reported in the same period last year.
CARE Ratings declined 2.48%. The company reported 44% rise in standalone net profit to Rs 21.40 crore on an 18% rise in total income to Rs 65.68 crore in Q3 FY23 over Q3 FY22. Operating profit rose by 49% to Rs. 22.25 crore in the third quarter from Rs. 14.93 crore in the same period last year. The board of directors have declared an interim dividend of Rs 10 per share for the third quarter of FY23.
Hi-Tech Pipes jumped 5.07% after the company's consolidated net profit zoomed 199.65% to Rs 13.02 crore in Q3 FY23 as against Rs 4.34 crore posted in Q3 FY22. Revenue from operations declined 4.89% YoY to Rs 569.28 crore in the quarter ended 31 December 2022.
Five-Star Business Finance rallied 3.72%. The NBFC reported 28% rise in net profit to Rs 151 crore on a 22% increase in total income to Rs 388.7 crore in Q3 FY23 over Q3 FY22. Net Interest Income (NII) for the period under review was Rs 325.6 crore, up 33% YoY. Net Interest Margin was 13.79% in Q3 FY23 as compared with 13.46% in Q3 FY22.
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