The key equity indices ended with modest gains on first trading day of 2023. Strong domestic economic data boosted sentiment. GST collections rose 15% YoY to Rs 1.5 lakh crore and manufacturing activity hit a 2-year high of 57.8 in December. After opening at 18,131.70, the Nifty 50 index briefly slipped into the negative terrain to hit the day's low of 18,086.50 in morning trade. However, the index soon bounced back and traded with decent gains throughout the session and settled near the 18,200 level. Metal, media and realty shares advanced. On the other hand, consumer durables and healthcare shares were under pressure.
The barometer index, the S&P BSE Sensex advanced 327.05 points or 0.54% to 61,167.79. The Nifty 50 index added 92.15 points or 0.51% to 18,197.45.
Tata Steel (up 5.86%), ICICI Bank (up 1.35%), Reliance Industries (up 1.06%) and Infosys (up 1.03%) boosted the indices.
In the broader market, the S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 0.84%.
The market breadth was strong. On the BSE, 2,306 shares rose and 1,304 shares fell. A total of 178 shares were unchanged.
Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.22% to 14.69.
Economy:
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The S&P Global India Manufacturing PMI climbed to 57.8 in December 2022 from 55.7 in the prior month, pointing to the highest reading since October 2020 and marking the 18th straight month of expansion.
Meanwhile, India's gross goods and services tax (GST) collection for December stood at Rs 1,49,507 crore, the data released by the finance ministry showed. This is a surge of 15% year-on-year, mainly driven by increase in retail prices of consumption items, high inflation, and action taken to ensure compliance.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose to 7.340 from its close of 7.327 recorded in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7550, compared with its close of 82.61 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement added 0.29% to Rs 55,175.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% 103.49.
The United States 10-year bond yield advanced 1.24% to 3.879.
In the commodities market, Brent crude for March 2023 settlement rose $2.77 cents or 3.32% to $86.23 a barrel.
Global Markets:
The Dow Jones index futures were down 60 points, indicating a negative opening in the US stocks today.
European shares advanced in the first trading session of 2023 on Monday. Most Asian indices were shut for public holiday.
U.S. stocks ended slightly lower on Friday to book their worst annual losses since 2008 amid worries about the economic and corporate earnings outlook.
Stocks in Spotlight:
Zomato rose 1.52% after chief executive Deepinder Goyal tweeted that the company's online food orders on new year's eve rose 45% over the previous year.
NCC surged 9.04% after the company said it received five new orders aggregating Rs 3601 crore in December 2022.
Bandhan Bank rose 2.54% after the bank said it has transferred its Group Loan and SBAL technical written-off portfolio amounting to Rs 8,897 crores to an Asset Reconstruction Company (ARC), pursuant to Swiss Challenge Method, for a consideration amounting to Rs 801 crore, on Security Receipt consideration basis.
Ashok Leyland rose 3.63% after the company's total sales (including domestic and exports) for December 2022 stood at 18,138 units, up by 45% as against 12,518 units in December 2021.
Jindal Poly Films fell 1.41% after a fire broke out at its key Nashik manufacturing unit.
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