Sensex drops 221 pts day ahead of RBI decision; Adani Ent up 15%, Paytm 5%

CLOSING BELL: Adani Enterprises (up 15 per cent), Dr Reddy's Labs, Adani Ports, Kotak Bank, IndusInd Bank, Bajaj Finance, Bajaj Auto, ONGC, JSW Steel, and Eicher Motors led the recovery

9:07 AM

Pre-open Session :: Sensex holds tepid gains

9:04 AM

Rupee Opening :: INR starts higher after Monday's steep fall

9:01 AM

COMMENT :: 'Wait and watch for the dust to settle'

There are huge uncertainties in the global equity markets now. The biggest uncertainty pertains to how the US economy is likely to perform this year. The surprise 517,000 job number in the US in January indicates a tight labour market and a strong economy.

This means the Fed might continue to raise interest rates, perhaps twice more by 25 bp, this year. This has pushed up the bond yields with the 10-year at 3.62% now. This is negative for capital flows to emerging markets. Therefore, FIIs might continue to sell in India.

In 2023, so far, FIIs were buyers only on 3 days and sold on all other trading days. Sustained FII selling and the Adani crisis have temporarily impacted sentiments. Investors may wait and watch for the dust to settle.

 

Meanwhile high quality stocks, particularly those which have declared good results, may be slowly accumulated.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

8:58 AM

AEL's growth in m-cap was 9X of net profit even before Hindenburg struck

Since then, various Adani Group stocks have lost 16 per cent (in case of ACC) to 60 per cent of their market capitalisation or m-cap (in case of Adani Total Gas) READ MORE

8:55 AM

Q3 results review :: PSBs' net profit jumps 66% on healthy interest margins

Eleven public-sector banks (PSBs) reported an average of 65.7 per cent year-on-year (YoY) growth in net profit at Rs 28,620 crore in the third quarter ended December 2022 (Q3FY23). Growth came primarily on the back of a steady rise in net interest income (NII). READ MORE

8:51 AM

WATCH :: Is the selling in bank stocks after Adani group fallout overdone?

8:49 AM

Early breakeven positive for Paytm; Should you buy?

According to the management, Paytm was expecting to achieve breakeven only in the Q2 of FY24 whereas it has managed this (if we exclude ESOP pay-outs) three quarters early. The results, and the absence of any UPI incentives implies that the company will book UPI incentives only in Q4. It is likely to easily over-achieve its Q4 projections for the top line. READ MORE

8:44 AM

Vodafone Idea plans to get back in the game but fundraising a challenge

Vodafone-Idea is working on a multi-pronged strategy to begin its long journey to get back in the game but much hinges on how much money it can raise following the government’s decision to go for equity conversion last week. READ MORE

8:41 AM

Result today :: Airtel's Q3 revenue may rise 20% YoY

According to brokerage estimates, the telecom major is likely to report up to 19.7 per cent YoY growth in revenue to Rs 35,750 crore in Q3FY23 from Rs 29,867 crore in Q3FY22. Sequentially, they expect up to 4 per cent revenue growth from Rs 34,527 crore in Q2FY23, with increase in India and South Africa wireless revenue. READ MORE

8:36 AM

Stocks to Watch: Tata Steel, Hindalco, JK Paper

Tata Steel: The company reported a consolidated net loss of Rs 2,223.84 crore in the December quarter (Q3FY23) on the back of a sharp drop in realisations in Europe coupled with a non-cash deferred tax expense on account of British Steel Pension Scheme. In the year-ago period, the firm had posted a net profit of Rs 9,572.67 crore.

 

Muthoot Finance: India’s largest gold financing company in terms of loan portfolio, has posted an 11 per cent dip in consolidated net profit during the third quarter of 2022-23 to Rs 934 crore. The firm had posted a net profit of Rs 1,044 crore a year ago. READ MORE

8:34 AM

Mehul Kothari suggests going long on these 2 stocks

BUY BAJFINANCE NEAR Rs 6,100 | TARGET: Rs 6,700 | STOP LOSS: Rs 5,750

 

Recently, the stock has turned from the long term rising trend line support placed near Rs 5,700 mark. On the daily scale, we are witnessing a fresh breakout which indicates a short term reversal. In such a scenario; the stock might provide a pullback towards the placement of its 200-day moving average. READ MORE

8:32 AM

Ravi Nathani shares his views on financial sector

A sharp rally of over 4 per cent that was observed in the preceding three trading sessions portends that the imminent trend is likely to be bullish. Moreover, the bullish momentum is reinforced by the convergence of MACD signal line and price line, which exhibits an upward slope and imminent to intersect. READ MORE

8:29 AM

Fund Flow :: DIIs buy equities worth Rs 1,203.09 crore on Monday

8:28 AM

Fund Flow :: FIIs sell equities worth Rs 1,218.14 on Monday

8:24 AM

Currency check :: Rupee falls 1% as robust US jobs data stokes Fed rate hike fears

The rupee weakened by 89 paise, or 1.08 per cent, vis-à-vis the US dollar on Monday, suffering its biggest single-day fall in four months on the back of unexpectedly strong US employment data, which stoked fears that the US Federal Reserve would hike rates for longer than anticipated. READ MORE