Indices nudge higher in volatile trade; strong market breadth

The domestic equity barometers are trading with modest gains in early trade amid volatility. The Nifty was trading below the 18,300 mark.

At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 128.32 points or 0.21% to 61,351.35. The Nifty 50 index advanced 31.15 points or 0.17% to 18,286.90.

Tata Motors (up 2.12%), Bajaj Auto (up 1.10%), ONGC (up 1.06%) and SBI (up 0.96%) were the top index gainers.

Ultratech Cement (down 1.46%), Asian Paints (down 1.23%), Axis Bank (down 1.12%) and Coal India (down 1.06%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index added 0.53%.

Buyers outpaced sellers. On the BSE, 2037 shares rose and 922 shares fell. A total of 115 shares were unchanged.

Stocks in Spotlight:

HDFC Bank shed 0.47% to Rs 1538. The private sector bank`s net profit rose 18.08% to Rs 10,342.20 crore on 8.33% increase in total income to Rs 40,651.60 crore in Q3 December 2021 over Q3 December 2020.

HCL Technologies slumped 6.03% to Rs 1256.95. The IT major reported 5.4% rise in consolidated net profit to Rs 3,442 crore and revenue increased by 8.1% to Rs 22,331 crore in Q3 FY22 over Q2 FY22. HCL Tech expects revenue to grow in double digits in constant currency, while EBIT margin is projected to be between 19% and 21% for FY22.

Hero MotoCorp gained 3.20% to Rs 2652.80. The two-wheeler maker said that its board has approved an investment of up to Rs 420 crore in one or more tranches, in Ather Energy.

Maruti Suzuki India rose 2.40% to Rs 8275.85. The car major announced price change across models owing to increase in various input costs. The weighted average price increase in ex-showroom prices (Delhi) across models is 1.7%. The new prices are effective from Saturday, 15 January 2022.

Global markets:

Asian stocks were trading mixed on Monday after the release of Chinese economic data.

China`s economy grew by 8.1% in 2021, and industrial production rose steadily through the end of the year and offset a drop off in retail sales, according to official data from China`s National Bureau of Statistics released on Monday. China`s gross domestic product grew by 2.2% in 2020 from the prior year.

China`s central bank on Monday cut the borrowing costs of its medium-term loans for the first time since April 2020. The People`s Bank of China (PBOC) said it was lowering the interest rate on 700 billion yuan ($110.19 billion) worth of one-year medium-term lending facility (MLF) loans to some financial institutions by 10 basis points to 2.85% from 2.95% in previous operations.

U.S. markets will remain closed today for Martin Luther King Jr. Day. US stocks ended mixed Friday after sentiment on Wall Street appeared to sour on heightened anticipation for higher interest rates and concerns over the economic outlook.

New York Fed President John Williams, a key ally of Fed Chairman Jerome Powell, said Friday that he expects economic growth to slow in 2022 to a 3.5% annual rate, from an estimated 5.5% rate last year, on the spread of omicron.

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