Indices snap 3-day streak, Nifty regains 21,600 mark; VIX slides below 14

The domestic benchmark indices rebounded today from a three-day losing streak, supported by positive global cues. The auto, metal and railway stocks were in demand, propelling the broader indices to outperform with over a one percent increase. While the Nifty50 has regained the 21,600 mark, it is yet to exhibit decisiveness. Traders remain watchful of corporate earnings and global cues, recognizing their influence on near-term market movements.

The barometer index, the S&P BSE Sensex rose 496.37 points or 0.70% to 71,683.23. The Nifty 50 index added 160.15 points or 0.75% to 21,622.40.

Bharti Airtel (up 3.52%), Titan Company (up 1.97%) and ICICI Bank (up 1.27%) boosted the indices.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index advanced 1.69% and the S&P BSE Small-Cap index rose 1.06%.

The market breadth was strong. On the BSE, 2450 shares rose and 1366 shares fell. A total of 96 shares were unchanged.

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, declined 1.36% to 13.88.

The National Stock Exchange and Bombay Stock Exchange will hold a special live trading session on 20 January 2024 to switch to the Disaster Recovery (DR) site. There will be two sessions � the first from 9:15 am to 10 am and the second from 11:30 am to 12:30 pm.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper added 0.10% to 7.185 as compared with previous close 7.178.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1500, compared with its close of 83.1325 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement gained 0.42% to Rs 62,028.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.15% to 103.38.

The United States 10-year bond yield added 0.04% to 4.146.

In the commodities market, Brent crude for March 2024 settlement advanced 44 cents or 0.56% to $79.54 a barrel.

Global Markets:

Dow Jones index futures were up 116 points, indicating a strong opening in the US stocks today.

European shares advanced while Asian stocks traded mixed on Friday, tracking an overnight rise in US stocks.

Japan�s headline inflation rate fell to 2.6% in December, down from 2.8% in November and hitting its lowest level since June 2022. Japan�s core inflation rate � which strips out prices of fresh food � also fell to 2.3% from November�s figure of 2.5%.

US stocks ended with strong gains on Thursday, as AI optimism drove gains in Nvidia and other chipmakers. Atlanta Fed President Raphael Bostic said he would be open to reducing U.S. interest rates sooner than he had anticipated if inflation fell faster than he expected.

Stocks in Spotlight:

UltraTech Cement added 2.04% after the cement major reported its highest ever quarterly consolidated net profit at Rs 1,774.78 crore in Q3 FY24, registering a growth of 67.03% YoY. Revenue from operations rose 7.85% YoY to Rs 16,739.97 crore in the quarter ended 31 December 2023.

360 ONE WAM declined 2.26%. The company reported 12% rise in consolidated net profit to Rs 192.11 crore on 26.77% jump in total income to Rs 672.06 crore in Q3 FY24 over Q3 FY23.

Innova Captab jumped 4.41% after the company�s consolidated net profit jumped 22.06% to Rs 22.91 crore in Q3 FY24 as against Rs 18.77 crore posted in Q3 FY23. Revenue from operations grew by 16.82% year on year to Rs 282.94 crore in the quarter ended 31 December 2023.

Bajaj Finance rose 0.76%. The NBFC said that its board is scheduled to meet on Monday, 29 January 2024 to consider a proposal for raising funds through issuance of debt instruments.

Metro Brands declined 3.03% after the company reported 3% decline in standalone net profit to Rs 111.19 crore in Q3 FY24 as compared with Rs 114.63 crore in Q3 FY23.

Tata Consumer Products rose 1.26% after the company`s board has approved a proposal to raise funds through the issuance and allotment of commercial papers (CPs), for an amount not exceeding Rs 3,500 crore, to be utilized for bridge funding to facilitate the payment of consideration for proposed acquisition of stakes in Capital Foods and Organic India.

The board has also accorded its approval to raise funds by way of issue of equity shares of the company of face value Re 1 each through rights issue for an amount not exceeding Rs 3,000 crore to the eligible equity shareholders of the company as on the record date, subject to receipt of statutory / regulatory approvals.

Poonawalla Fincorp advanced 2.73% after the NBFC reported 76% jump in net profit to Rs 265 crore in Q3 FY24 from Rs 150 crore in Q3 FY23.

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