Indices edge lower, Nifty below 22,100, Angel One drops 8.45%

The headline equity indices were trading with minor losses in early trade. The Nifty traded below the 22,100 level. Metal, PSU bank and media shares advanced while IT, pharma and healthcare shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 104.98 points or 0.14% to 73,222.96. The Nifty 50 index lost 32.80 points or 0.15% to 22,064.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.27% and the S&P BSE Small-Cap index gained 0.44%.

The market breadth was strong. On the BSE, 1,888 shares rose and 1,084 shares fell. A total of 81 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,085.72 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 820.69 crore in the Indian equity market on 15 January, provisional data showed.

Economy

India�s overall exports (Merchandise and Services combined) in December 2023 is estimated to be $66.33 billion, exhibiting a negative growth of (-) 4.25% over December 2022. Meanwhile, overall imports in December 2023 is estimated to be $71.50 billion, exhibiting a negative growth of (-) 7.18% over December 2022.

India�s overall exports (Merchandise and Services combined) in April-December 2023 is estimated to be $565.04 billion, exhibiting a negative growth of (-) 1.87% over April-December 2022. Overall imports in April-December 2023 are estimated to be $634.39 billion, exhibiting a negative growth of (-) 7.24% over April-December 2022.

Services exports is projected to grow positively at 3.52% during April-December 2023 over April-December 2022.

India�s trade deficit has shown considerable improvement in April-December 2023. Overall trade deficit for April-December 2023 is estimated at $69.34 billion as compared to the deficit of $108.13 billion during April-December 2022, registering a decline of (-) 35.87%. The merchandise trade deficit during April-December 2023 is $188.02 billion compared to $212.34 billion during April-December 2022, registering a decline of (-) 11.45%.

Stocks in Spotlight:

Shakti Pumps (India) rose 1.70% after the company on Monday announced that its board will meet on Thursday, 18 January 2024 to consider a proposal for fund raising through qualified institutional placements (QIP).

Jio Financial Services declined 3.97% after the company reported consolidated net profit of Rs 293.82 crore in Q3 FY24 as compared with Rs 668.18 crore posted in Q2 FY24. Total income stood at Rs 414.33 crore in Q3 FY24 from Rs 608.04 crore recorded in Q2 FY24.

Angel One declined 8.45%. The brokerage firm reported consolidated net profit of Rs 280.3 crore in Q3 FY24 as compared with Rs 228 crore posted in Q3 FY23. Total income stood at Rs 1060.8 crore in Q3 FY24 from Rs 759.7 crore recorded in the same period a year ago.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.03% to 7.150 as compared with previous close 7.148

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.9675, compared with its close of 82.8625 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.18% to Rs 62444.00.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.31% to 102.637.

The United States 10-year bond yield advanced 1.35% to 4.005.

In the commodities market, Brent crude for March 2024 settlement shed 5 cents or 0.06% to $78.24 a barrel.

Global Markets:

Most of the Asian stocks declined on Tuesday, with Japanese stocks also halting their record-breaking rally since the start of the year.

U.S. markets were closed Monday due to the Martin Luther King holiday. Investors are looking ahead to U.S. December retail sales data out Wednesday.

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