Indices end with major gains; Nifty settles above 18,050; VIX down 2.87%

The domestic equity benchmarks ended near the day's high with strong gains on Tuesday. The Nifty closed above the 18,050 mark after hitting a day's low of 17,886.95 in early trade. While large caps settled higher, broader market witnessed selling. FMCG, realty and oil & gas shares advanced. On the other hand, PSU banks, media and consumer durable shares were under pressure.

As per provisional closing data, the barometer index, the S&P BSE Sensex gained 562.75 points or 0.94% to 60,655.72. The Nifty 50 index added 158.45 points or 0.89% to 18,053.30.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.06% while the S&P BSE Small-Cap index shed 0.13%.

 

The market breadth was negative. On the BSE, 1,714 shares rose and 1,787 shares fell. A total of 143 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 2.87% to 14.59.

Economy:

India's exports contracted 12.2% to $34.48 billion in December 2022, mainly due to global headwinds, and the trade deficit widened to $23.76 billion during the same period, according to official data released on Monday. Imports in December 2022 also declined 3.5% to $58.24 billion as against $60.33 billion in the year-ago period. In December 2021, exports stood at $39.27 billion and the trade deficit was at $21.06 billion.

New Listing:

Shares of Eastern Logica Infoway were locked in an upper circuit of 5% at Rs 283.50 on the BSE, a premium of 26% compared with the issue price of Rs 225.

The scrip was listed at Rs 270, representing a premium of 20% compared with the initial public offer (IPO) price.

So far, the scrip hit a high of Rs 283.50 and a low of Rs 256.50. Over 1.28 lakh shares of the company have changed hands in the counter till now.

Earnings Impact:

Bank of India slumped 4.40%. The state-run bank's net profit increased 12% to Rs 1,151 crore on 26.3% rise in total income to Rs 14,159.60 in Q3 FY23 over Q3 FY22. Net interest income (NII) increased by 64% YoY to Rs 5,596 crore for Q3 FY23 as against Rs 3,408 crore for Q3 FY22. Net interest margin (NIM) (domestic) improved to 3.72% in Q3 FY23 as compared to 2.51% in Q3 FY22.

Angel One shed 1.70%. The brokerage company's consolidated net profit (from continuing operations) surged 38.53% to Rs 228.04 crore on 25.5% jump in total income to Rs 759.66 crore in Q3 FY23 over Q3 FY22. Average daily turnover (ADTO) was Rs 14,50,000 crore in Q3 FY23 (up 19% QoQ and up 108.4% YoY).

TV18 Broadcast declined 1.35% 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 1.58% after the IT company's consolidated net profit tumbled 18.86% to Rs 64.18 crore as against Rs 79.10 crore recorded in Q2 FY23. In dollar terms, the firm's revenue was $80.1 million (CC growth of 3.1% QoQ and 20% YoY). The board of directors has recommended an interim dividend Rs 7 per equity share, which will be paid to the eligible shareholders within 30 days. The record date for the same is fixed on Wednesday, 1 February 2023.

Newgen Software Technologies were down 2.53%. The software solutions provider's consolidated net profit jumped 59.23% to Rs 48.20 crore on 12.74% increase in net revenue to Rs 254.92 crore in Q3 December 2022 over Q2 September 2022.

Network18 Media & Investments skid 3.28% after the media company reported a consolidated net loss of Rs 7.68 crore in Q3 FY23 as against a net profit of Rs 97.10 crore posted in Q3 FY22. Revenue from operations was at Rs 1,850.49 crore in Q3 FY23, registering a growth of 11.65% as against Rs 1,657.43 crore recorded in the corresponding quarter a year ago.

Tinplate Company of India fell 0.88% after the company announced that its net profit declined 61.7% to Rs 36.38 crore on 18.7% decrease in net sales to Rs 867.06 crore in Q3 FY23 over Q3 FY22.

JSW Ispat Special Products declined 0.31% after the compnay reported a consolidated net loss of Rs 96.87 crore in Q3 FY23 as against a net loss of Rs 28.24 crore posted in Q3 FY22. Net sales tumbled 25.19% to Rs 1,097.55 crore in quarter ended 31 December 2022 from Rs 1,465.32 crore recorded in Q3 FY22.

Kesoram Industries tumbled 8.09% after the company reported a consolidated net loss of Rs 47.98 crore in Q3 FY23 as against a net loss of Rs 31.97 crore recorded in Q3 FY22. Revenue from operations stood at Rs 986.12 crore in Q3 FY23, registering a growth of 12.6% from Rs 876.01 crore reported in the corresponding quarter previous year.

Global markets:

European shares tumbled while most Asian stocks ended lower on Tuesday as investors digested the Chinese economic data released today.

Concerns over the direction of the global economy, persistent inflation, fragmentation and sluggish growth are high on the agenda at the World Economic Forum in Davos this week, as well as the war in Ukraine.

China reported 3% GDP growth for 2022. Retail sales in December declined 1.8% from a year ago. Industrial production rose by 3.6% in 2022. The figure rose by 1.3% in December.

US stock market were closed on Monday, 16 January 2023, in observance of Martin Luther King, Jr. Day.

U.S. Treasury Secretary Janet Yellen is scheduled to hold a meeting with Chinese Vice Premier Liu He on the sidelines of the World Economic Forum, as per reports. The two will hold a meeting to strengthen macroeconomic and financial policy coordination.

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