Business Standard

Sensex ends choppy day 170 pts up, Nifty at 17,650; IT stocks lead gains

Closing Bell: Broader markets trailed gains in benchmark indices. The BSE Midcap and Smallcap indices closed up to 0.2 per cent lower

Image SI Reporter New Delhi
bse

CLOSING BELL: Following a sharp selloff over the last two days, equity markets were in a tight grip of volatility on Monday with benchmark indices managing to eke out nominal gains by close. The BSE Sensex oscillated 945 points between gains and losses during the day. It touched an intra-day low of 58,699 to eventually recover and close 170 points higher at 59,500. The NSE Nifty also rose 243 points from its day's low to end at 17,649, up 45 points. 

The top stocks that helped the indices edge higher included Adani Enterprises, Bajaj twins, Ultratech Cement, HCL Tech, NTPC, Asian Paints, Infosys, Wipro, Maruti and Reliance, which gained 1-5 per cent.

On the flip side, Power Grid, L&T, IndusInd Bank, Bajaj Auto, HUL, Tata Steel and JSW Steel were the leading frontline losers that dropped up to 3 per cent. 

Meanwhile, broader markets trailed gains in benchmark indices. The BSE Midcap and Smallcap indices closed up to 0.2 per cent lower. Among sectors, Nifty IT gained the most by 1 per cent followed by PSB index, while oil & gas pocket was the top loser, down over 3 per cent. 

Buzzing stocks

Adani group stocks were mixed on Monday with Adani Enterprises, Ambuja Cements and ACC gaining 1.4-4 per cent following the group's detailed rebuttal to allegations made by Hindenburg Research. While Adani Transmission, Adani Total Gas, Adani Green ended 15-20 per cent lower. Adani Wilmar, Adani Power and NDTV lost 5 per cent each. With this, the group's market rout has exceeded $66 billion. READ

Meanwhile, Bajaj Finance was the top index winner that ended around 5 per cent higher on reporting its highest-ever consolidated quarterly profit of Rs 2,973 crore in Q3. READ

Quiet response to Adani Ent's OFS

As of 3:40 pm, Adani Enterprises' OFS had been subscribed only 2 per cent with bids made for 9,10,140 shares versus 4,55,06,791 shares on offer. The stock ended at Rs 2878.5, down 8.1 per cent over the floor price of the OFS. 
4:14 PM

TECHNICAL OUTLOOK: Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

Continuing with the bearish momentum from the last week the Nifty opened gap down & went down to breach the last week’s low of 17493. On the downside it received support near 17400 & recovered sharply towards the end of the session, resulting in a positive daily close. Consequently, the Nifty managed to hold above the 61.8% retracement of the Sept – Dec 2022 rise & 200 DEMA, which are near 17550. This makes today’s low of 17405 a crucial support. On the higher side, the index can test 17800, which will now act as a resistance as per the principle of role reversal.

BSE

4:10 PM

MARKET COMMENT: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The response by Adani had a mixed effect on the stock group and market. The saga is likely to continue as a hanging risk in the minds of the investors in the medium-term. To expect a scientific assessment report either by a strong independent third party or government is dim in the short-term. Now the focus of the market will be on budget and fed policy.
 
3:57 PM

Over 1,500 stocks advanced, while 2,040 declined

3:53 PM

Broader markets bleed; India VIX jumps over 2%



3:47 PM

Nifty IT best sectoral performer, gains over 1% in a tepid market



3:45 PM

Power Grid, Bajaj Auto, IndusInd Bank top Nifty50 losers

3:41 PM

Bajaj Finance, Adani Enterprises, Ultratech Cement top Nifty50 gainers

3:38 PM

SENSEX HEATMAP: 19 out of 30 index constituents in positive territory

3:35 PM

CLOSING BELL: Nifty50 closes firmly at 17,650 levels



3:32 PM

CLOSING BELL: Sensex rises over 150 pts to close at 59,500



3:25 PM

ALERT: SRF gains 2% after revenue grows 4% YoY in Q3FY23

3:15 PM

Indian Bank nears 52-week high in a weak market; stock up 19% in 3 months

Indian Bank nears 52-week high in a weak market; stock up 19% in 3 months. READ MORE
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3:01 PM

Global Check:: US, UK stock futures down up to 1%

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Source: Investing.com

2:52 PM

Earnings Alert: Exide Industries Q3 net up 9%; stock dips 4%

Exide Industries net profit grew 9.3 per cent to Rs 223.18 crore in Q3FY23 as against Rs 204.10 crore in Q3FY22. Total income was up 6.8 per cent YoY at Rs 3,428.70 crore.

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Europe steps up rollback of Russia energy ties with ban on diesel import

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Russian President Vladimir Putin

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Paint biz goes off-colour, likely to see a fresh coat of downside in demand

The paint sector has been an underperformer, with most listed majors shedding 24-30 per cent since their highs in August and September of 2022-23 (FY23). Except for AkzoNobel, paint companies have lagged behind benchmarks and peer indices on returns during this period. READ MORE

Increasing disposable incomes, surge in sales of high-end products and rapid urbanisation, among other things, are driving demand for luxury and premium paints. Source: Adobe Stock
2:31 PM

Earnings Alert: Gail India Q3 net slumps 92%; stock slips 5%

Gail India Q3 net plunged 92.5 per cent to Rs 245.73 crore for the quarter ended December 2022 when compared with Rs 3,287.99 crore in the corresponding quarter a year ago. Total income was up 36.5 per cent YoY at Rs 36,069 crore.

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2:24 PM

Resilient growth outlook seen bringing FPI flows back to India

Following a year of heavy capital outflows, Indian financial markets are likely to be recipients of overseas portfolio investment in 2023 as domestic economic growth, while seen slowing, is still likely to outpace that in several pockets of the world, analysts said. READ MORE

FPIsFPIs

2:16 PM

BSE 500:: EID Parry, BEL, Adani Group stocks among top losers

Adani Total Gas, Adani Transmission and Adani Green were locked at the 20 per cent lower circuit and were the top losers among the BSE 500 stocks. EID Parry and Bharat Electronics, down 7 - 8 each were the other major losers so far on Monday. VIEW MORE

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2:07 PM

Laurus Labs posts 32% profit jump on demand for drug ingredients

Laurus Labs Ltd reported a 32.1% rise in third-quarter profit on Monday, boosted by strong demand in its businesses that make chemicals and other ingredients used in medicines. READ MORE

Photo: Bloomberg

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First Published: Jan 30 2023 | 8:18 AM IST

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