The equity benchmark indices ended a volatile session with minor cuts on Thursday, extending losses for the third straight session. Trading was volatile due to expiry of weekly index options on the NSE. Media, IT and auto stocks advanced while oil & gas, banks and FMCG shares declined.
After opening at 17,920.85, the Nifty 50 index reversed early gains and declined further as the session progressed to hit the day's low of 17,761.65 in mid-afternoon trade. However, the index pared losses and managed to settle a tad above the 17,850 mark.
As per provisional closing data, the barometer index, the S&P BSE Sensex declined 147.47 points or 0.25% to 59,958.03 . The Nifty 50 index lost 37.50 points or 0.21% to 17,858.20. Both the indices fell 1.3% in three sessions.
In the broader market, the S&P BSE Mid-Cap index slipped 0.24% while the S&P BSE Small-Cap index shed 0.02%.
The market breadth was negative. On the BSE, 1,611 shares rose and 1,885 shares fell. A total of 156 shares were unchanged.
Investors look ahead to the U.S. consumer price index report due later in the day. The December CPI report will inform investors as to whether the Federal Reserve needs to move forward with more aggressive interest rate hikes to tame inflation, or if the central bank can pull back as inflation is showing signs of steadily cooling off.
On the macro front, the Industrial Production and Manufacturing Production data for November will be released today. Inflation rate for December will also be declared today.
Economy:
The provisional figures of direct tax collections up to 10 January 2023 stood at Rs 14.71 lakh crore which is 24.58% higher than the gross collections for the corresponding period of last year.
Direct Tax collection, net of refunds, stood at Rs 12.31 lakh crore which is 19.55 % higher than the net collections for the corresponding period of last year. This collection is 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23.
New Listing:
Shares of Sah Polymers were locked in 5% upper circuit at Rs 89.25 on the BSE, representing a premium of 37.31% compared with the issue price of Rs 65.
The scrip was listed at a price of Rs 85, at a premium of 30.77% as compared to the issue price. So far, the stock has hit a low of 85. On the BSE, over 4.16 lakh shares of the company were traded in the counter so far.
Shares of SVS Ventures were locked in 5% upper circuit at Rs 21.50 on the BSE, representing a premium of 7.5% to the issue price of Rs 20.
The scrip was listed at Rs 20.50, representing a premium of 2.5% to the issue price. So far, the scrip hit a a low of 20.50 during the trading session. Over 18.42 lakh shares of the company had changed hands in the counter till now.
Shares of Rex Sealing and Packing Industries hit an upper circuit of 5% at Rs 143.85 on the BSE, a premium of 6.56% compared with the issue price of Rs 135.
The scrip was listed at Rs 137, representing a premium of 1.48% compared with the initial public offer (IPO) price. So far, the scrip hit a low of Rs 136. Over 1.06 lakh shares of the company have changed hands in the counter till now.
Buzzing Index:
The Nifty Oil & Gas index fell 1.02% to 8,445.55. The index declined 1.49% in three trading sessions.
Hindustan Petroleum Corporation (down 2.53%), Indian Oil Corporation (down 2.39%), Reliance Industries (down 2.02%), Bharat Petroleum Corporation (down 1.99%), Gujarat Gas (down 0.9%), Castrol India (down 0.84%), Mahanagar Gas (down 0.74%), Petronet LNG (down 0.68%), Indraprastha Gas (down 0.5%) and GAIL (India) (down 0.46%) slipped.
On the other hand, Gujarat State Petronet (up 1.94%), Adani Total Gas (up 1.06%) and Oil India (up 0.94%) edged higher.
Stocks in Spotlight:
State Bank of lndia (SBI) shed 0.26%. The public sector bank said that the Central Government has extended the term of Challa Sreenivasulu Setty as the managing director of SBI for a period of two years, effective from 20 January 2023.
Hindustan Unilever (HUL) skid 0.22%. The FMCG major announced on Wednesday that it has completed the acquisition of 51% shareholding of Zywie Ventures for total consideration of Rs 264.28 crore. Consequently, Zywie Ventures Private Limited has become a subsidiary of the company.
TVS Motor Company fell 0.60%. The company announced its intention to invest in Madhya Pradesh (MP) for its potential future two-wheeler and three-wheeler expansion in electric and internal combustion engine vehicles. This expansion plan entails an investment of over Rs 1,000 crores and could create direct and indirect employment in Madhya Pradesh of over 2,000 jobs.
Container Corporation of India added 0.42%. The company said that its total throughput in quarter ended December 2022 was 10,85,154 twenty foot equivalent units (TEUs), up by 5.18% from 10,31,701 TEUs recorded in the same period last year. While the company's export-import (EXIM) volumes rose by 0.62% to 8,33,796 TEUs, domestic (DOM) volumes jumped by 23.80% to 2,51,358 TEUs in Q3 FY23 over Q3 FY22.
Zydus Lifesciences declined 0.65%. The drug maker said that Worldwide DMCC , subsidiary of Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to market Brexpiprazole tablets and 180 days shared exclusivity for Brexpiprazole Tablets. Brexpiprazole is an atypical antipsychotic indicated for use as an adjunctive therapy to antidepressants for the treatment of major depressive disorder (MDD) in adults.
Berger Paints India rose 0.18%. The company said that the board today has approved the appointment of Kaushik Ghosh as the vice president & chief financial officer and key managerial personnel of the company with immediate effect. Concurrently, the board has noted the resignation of Vikash Sarda as the chief financial officer (key managerial personnel) of the company.
IIFL Wealth Management gained 1.97% after the company said that its board will consider a proposal of split of shares and issue of bonus shares in its meeting to be held on 19 January 2022.
The board will also mull standalone and consolidated unaudited financial results for the quarter and nine months ended 31 December 2022. Further, the board will also consider declaration of fourth interim dividend, if any, for the financial year 2022-23, to the equity shareholders of the company.
G M Breweries rose 0.89%. The company reported a 30.98% jump in net profit to Rs 25.92 crore on 17.41% increase in revenue to Rs 153.66 crore in Q3 FY23 over Q3 FY22. Sequentially, the company's net profit rose 14.69% and revenue increased by 8.32% in Q3 FY23.
Stove Kraft slipped 4.50% after its chief executive officer (CEO) and whole time director, Rajiv Nitin Mehta informed that he intents to resign from the company to pursue opportunities outside the group. The company said that the formal resignation of Rajiv Mehta will be placed before the board of directors at the forthcoming meeting.
Global Markets:
Markets in Europe and Asia advanced on Thursday as investors look ahead to the U.S. consumer price index report due later in the day.
Inflation in China accelerated 1.8% in December compared with a year ago as food prices rose, data from the National Bureau of Statistics showed. The CPI figure was in line with expectations and higher than the previous month's reading of 1.6%.
US stocks ended up sharply on Wednesday as investors were optimistic ahead of an inflation report that could give the Federal Reserve room to dial back on its aggressive interest rate hikes.
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