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Indices off days high; broader mkt underperforms; IT shares advance

Published on Jan 17, 2023 11:33

The headline equity barometers came off the day`s high but traded with modest gains in mid-morning trade. The Nifty traded tad below the 18,000 level. IT shares advanced for the fifth straight day.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 374.02 points or 0.62% to 60,466.99. The Nifty 50 index added 97.80 points or 0.55% to 17,992.65.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.11% while the S&P BSE Small-Cap index shed 0.03%.

The market breadth was almost even. On the BSE, 1,628 shares rose, and 1,632 shares fell. A total of 195 shares were unchanged.


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

New Listing:

Shares of Eastern Logica Infoway were trading at Rs 264.10 at 11:32 IST on the BSE, a premium of 17.38% 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 71,000 shares of the company have changed hands in the counter till now.

Buzzing Index:

The Nifty IT index gained 0.51% to 29,415.30, extending gains for the fifth day. The index advanced 3.20% in two trading sessions.

Among the components of the Nifty IT index, HCL Technologies Ltd (up 1.56%), Tata Consultancy Services Ltd (up 0.63%), Infosys Ltd (up 0.55%), Coforge Ltd (up 0.45%) and Persistent Systems Ltd (up 0.32%) were the top gainers. Among the other gainers were Tech Mahindra Ltd (up 0.3%), LTI Mindtree Ltd (up 0.11%), L&T Technology Services Ltd (up 0.06%).

Stocks in Spotlight:

Angel One slipped 1.17%. 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).

JSW Ispat Special Products declined 0.47% 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.

NTPC rose 0.87% after the company`s wholly owned subsidiary, NTPC Renewable Energy, signed memorandum of understanding (MoU) with Government of Tripura in New Delhi for development of renewable energy projects in the hilly state.

Global markets:

Asian stocks were mostly trading lower on Tuesday as investors digested the Chinese economic data released today.

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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