The key equity barometers ended with minor gains after a volatile session on Thursday. The Nifty closed above the 18,000 level after hitting the day's high in 18,134.75 in early trade. While IT, metal and healthcare stocks outperformed, financials, banks and auto shares lagged behind. Trading was volatile on account of weekly index options expiry on the NSE.
As per provisional closing data, the barometer index, the S&P BSE Sensex, gained 44.42 points or 0.07% to 61,319.51. The Nifty 50 index added 20 points or 0.11% to 18,035.85.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.93% while the S&P BSE Small-Cap index advanced 0.90%
The market breadth was positive. On the BSE, 1,885 shares rose and 1,580 shares fell. A total of 160 shares were unchanged.
The overall gains remained capped as higher-than-estimated January US retail sales data further flamed concerns about further interest rate hikes by the Fed. US retail sales rose to 3% in January 2023 after two consecutive monthly declines, due to a rise in motor vehicle purchases. The number is the highest since the 4.9% revised jump for January 2022.
Economy:
India's trade deficit narrowed in January as imports fell at a faster rate than exports. The trade deficit narrowed to $17.75 billion in January, compared with $23.76 billion in December 2022.
India's exports in January dipped by 6.58% to $32.91 billion, as against $35.23 billion in the same month last year. Imports in January also declined by 3.63% to $50.66 billion, as against $52.57 billion in the same month last year.
Engineering exports dipped by 3.37% to $88.27 billion during April-January 2022-23. In the same period, gems and jewellery shipments declined by 0.54% to $31.61 billion. Gold imports during April-January this fiscal declined by 11.26% to $29 billion, as against $40.35 billion in the same period last year.
Stocks in Spotlight:
Nestle India advanced 1.64%. The FMCG major reported 65.5% jump in net profit to Rs 628.06 crore on 13.58% rise in revenue from operations to Rs 4,256.79 crore in Q4 CY22 over Q4 CY21.
Total sales increased 13.96% year on year to Rs 4,233.27 crore in Q4 CY22 against Q4 CY21. Domestic sales and export sales for the quarter ended December 2022 rose by 13.83% and 17.07% respectively. Domestic sales growth was broad based.
NTPC added 1.06%. The state-run power major said that it declared commercial operation of third part capacity of 50 megawatt (MW) out of 300 MW Nokhra Solar PV project at Bikaner, Rajasthan.
Vedanta advanced 0.48%. The company was declared the preferred bidder for Sijimali Bauxite Block, located in Rayagada and Kalahandi districts of Odisha, under the mineral block auction conducted by the Odisha government. The block has estimated reserves of 311 million tonnes of bauxite.
InterGlobe Aviation (IndiGo) tumbled 4.39%. On the BSE, over 1.70 crore shares of the company had changed hands in the counter as against an average trading volume of 0.23 lakh shares in the past twi weeks. Shobha Gangwal, the wife of IndiGo co-promoter Rakesh Gangwal, was to reportedly sell her 4% stake in the aviation company via a block deal today.
Mishra Dhatu Nigam (MIDHANI) jumped 5.34%. MIDHANI has signed eleven MoUs with various organization. These MoUs are in the area of developing and manufacturing Aerospace and Naval materials, R&D, Exports, Health Care and Training etc.
RateGain Travel Technologies (RateGain) rose 0.43%. The company announced that Air Cairo, Egypt's second-largest carrier has selected AirGain to gather essential pricing insights and competitive intelligence data to speed up growth in a constantly evolving market.
Ambuja Cements added 0.99%. The company has been declared the preferred bidder for the Uskalvagu limestone block in Odisha. The block contains an estimated limestone resource of 141 million tonnes.
Aurobindo Pharma gained 1.31%. The Unit I & III of APL Healthcare, the company's subsidiary, based in Telangana, was inspected by the U.S. FDA from Jan. 9 to 18, 2023. These facilities have now been classified as Voluntary Action Indicated by the U.S. FDA.
Hindustan Aeronautics (HAL) zoomed 7.15%. HAL and Argentinian Air Force has signed a pact for supply of spares and engine repair of legacy two tonne class helicopters.
Patel Engineering surged 4%. The company, along with its joint venture partners, has been chosen for projects worth Rs 1,567 crore in Madhya Pradesh and Maharashtra, to be completed within 36 months.
Dalmia Bharat rose 0.53% while Jaiprakash Associates gained 0.44%. The Competition Commission of India approved the acquisition by Dalmia Cement (Bharat), wholly owned subsidiary of Dalmia Bharat, of clinker, cement and power plants belonging to Jaiprakash Associates and its associate.
Shalby added 0.81%. Shalby Global Technologies Pte. Ltd, Singapore, a step-down subsidiary of the company, has received regulatory approval to market and sell knee implants, hip systems, knee and hip instruments, etc. by Ministry of Health, Indonesia.
Global markets:
Shares in Europe and Asia advanced on Thursday as investors digested Japan's record trade deficit of $26 billion. Investors also digested a stronger than expected US retail sales report from Wall Street.
US stocks ended higher on Wednesday after stronger-than-expected retail sales data offered evidence of resilience in the U.S. economy, but gains were capped as investors worried about more interest rate hikes by Federal Reserve in the months ahead.
US retail sales increased by the most in nearly two years in January after two straight monthly declines. The Commerce Department said on Wednesday that retail sales surged 3% percent last month, the largest increase since March 2021, after declining by an unrevised 1.1% in December.
Production at US factories rebounded in January. Manufacturing output increased 1% last month, the Federal Reserve said on Wednesday. Data for December was revised down to show production at factories declining 1.8% instead of the previously reported 1.3%.
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