The frontline indices traded in a narrow range with moderate gains in early afternoon trade. The Nifty hovered above the 17,950 mark. FMCG, IT and auto stocks were in demand while PSU bank, media and healthcare stocks declined
At 12:27 IST, the barometer index, the S&P BSE Sensex, was up 363.09 points or 0.60% to 60,456.06. The Nifty 50 index added 99.80 points or 0.56% to 17,994.65.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index slipped 0.27% while the S&P BSE Small-Cap index shed 0.06%.
The market breadth was negative. On the BSE, 1,593 shares rose, and 1,744 shares fell. A total of 186 shares were unchanged.
Economy:
India's exports contracted 12.2 per cent to USD 34.48 billion in December 2022, mainly due to global headwinds, and the trade deficit widened to USD 23.76 billion during the same period, according to official data released on Monday. Imports in December 2022 also declined 3.5 per cent to USD 58.24 billion as against USD 60.33 billion in the year-ago period. In December 2021, exports stood at USD 39.27 billion and the trade deficit was at USD 21.06 billion.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.06% to 14.86. The Nifty 25 January 2022 futures were trading at 18,048.50, at a premium of 53.85 points as compared with the spot at 17,994.65.
The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 32.1 lakh contracts at the 18,000 strike price. Maximum Put OI of 36.7 lakh contracts were seen at 18,000 strike price.
Buzzing Index:
The Nifty PSU Bank index fell 0.71% to 4,316.The index advanced 2.93% in two trading sessions.
Punjab & Sind Bank (down 3.78%), UCO Bank (down 2.92%), Union Bank of India (down 1.99%), Bank of Maharashtra (down 1.36%), Indian Overseas Bank (down 1.09%), Punjab National Bank (down 0.76%), State Bank of India (down 0.61%), Bank of India (down 0.61%), Bank of Baroda (down 0.11%) and Canara Bank (down 0.08%) edged lower.
Stocks in Spotlight:
TV18 Broadcast declined 1.49% after the company's consolidated net profit slumped 79.22% to Rs 41.64 crore in Q3 FY23 as against Rs 200.34 crore recorded in Q3 FY22. Revenue from operations stood at Rs 1,767.71 crore in the quarter ended 31 December 2022 from Rs 1,567.08 crore posted in the Q3 FY22, registering a growth of 12.8%.
Mastek slipped 2.90% after the IT firm's consolidated net profit tumbled 18.86% to Rs 64.18 crore from Rs 79.10 crore recorded in Q2 FY23. Revenue from operations rose 5.34% quarter on quarter to Rs 658.66 crore in Q3 FY23 over Q2 FY23.
PNB Housing Finance fell 2.33%. The housing finance company said that its board will meet on Tuesday, 24 January 2023 to consider raising of funds through issuance of non-convertible debentures (NCDs) aggregating up to Rs 2,000 crore on private placement basis in one or more tranches.
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