Sensex climbs 126 pts, Nifty ends above 18,200; HDFC Life jumps 4%

The equity benchmarks ended with decent gains on Tuesday. Positive global cues supported buying in domestic shares. The Nifty 50 index managed to close above the 18,200 level after hitting the day`s low of 18,149.80 in the early trade. Consumer durables, healthcare and IT shares were in demand. Media, metals and auto shares declined.

The barometer index, the S&P BSE Sensex advanced 126.41 points or 0.21% to 61,294.20. The Nifty 50 index added 35.10 points or 0.19% to 18,232.55.

HDFC Life Insurance Company (up 4.54%), SBI Life Insurance Company (up 2.22%), Axis Bank (up 2.21%) and Titan Company (up 2.07%) were top Nifty gainers.

In the broader market, the S&P BSE Mid-Cap index rose 0.22% while the S&P BSE Small-Cap index gained 0.18%.

The market breadth was positive. On the BSE, 2,032 shares rose and 1,491 shares fell. A total of 142 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, slipped 2.04% to 14.39.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper declined to 7.321 from its close of 7.340 recorded in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.895, compared with its close of 82.785 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement added 0.64% to Rs 55,530.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 1.15% 104.71.

The United States 10-year bond yield slipped 2.26% to 3.744.

In the commodities market, Brent crude for March 2023 settlement declined 68 cents or 0.79% to $85.23 a barrel.

Global Markets:

The Dow Jones index futures were up 279 points, indicating a strong opening in the US stocks today. US stock market was shut on Monday on account of New Year holiday.

Shares in Europe and Asia advanced on Tuesday, as investors assessed China`s reopening and awaited key European inflation figures.

Singapore`s economy saw full-year growth of 3.8% for 2022, according to data released by the Ministry of Trade and Industry on Tuesday. The economy grew 2.2% in the fourth quarter compared with a year ago, the slowest pace since mid-2021.

Stocks in Spotlight:

Maruti Suzuki India fell 0.23% after the car major said its total production fell 17.96% to 1,24,722 units in December 2022 compared with 152,029 units in December 2021. However, the company`s total production declined 18.37% as against 152,786 units produced in November 2022.

Zomato fell 2.24% after the food delivery platform informed that its co-founder and chief technology officer, Gunjan Patidar, tendered his resignation on Monday, 2 January 2023.

Zee Entertainment Enterprises (ZEEL) fell 1.23% after an operational creditor filed Rs 211.41 crore insolvency case against the company towards royalty payable for utilization of "literary and musical works". The company said that the expected financial implications, if any, due to compensation, penalty etc is unascertained as the matter is disputed and sub-judice.

Dabur India shed 0.18%. The company has completed the acquisition of 51% equity shareholding of Badshah Masala Private Limited from its shareholders upon fulfillment of terms and conditions as per SPA and SNA.

Hindustan Zinc gained 1.97%. The zinc miner said its mined metal production registered a marginal rise of 1% to 254,000 tonnes in Q3 FY23 as against 252,000 tonnes in Q3 FY22. The growth was mainly driven by higher ore production. Sequentially, it was lower by 1%, due to overall mined metal grades.

Oil and Natural Gas Corporation (ONGC) slipped 0.60%. The company said that the offshore drilling Rig of the company - `Sagar Samrat` - has been commissioned as a mobile offshore production unit (MOPU) on 23 December 2022.

Indian Energy Exchange (IEX) rose 0.21% after the power exchange announced that it has recorded 7,964 MU electricity volume in December 2022, registering a 4% year on year (YoY) growth. On a sequential basis, the company`s electricity volume grew 8% month on month (MoM) in December 2022. For the third quarter of the fiscal year 2023, the power exchange has recorded 24.2 BU volume and achieved 5% QoQ growth across all its market segments.

Mahindra & Mahindra Financial Services rose 2.84%. The NBFC said that it has recorded a disbursement of approximately Rs 4,650 crore in December 2022, delivering a 67% year on year (YoY) growth.

Bank of Maharashtra rallied 5.07% after the bank`s total deposits stood at Rs 2,08,436 crore as of 31 December 2022, recording a growth of 11.69% as against Rs 1,86,614 crore as of 31 December 2021.

Federal Bank gained 0.22% after the bank said that its total deposits aggregated to Rs 2,01,425 crore as of 31 December 2022, registering a growth of 14.8% as compared with Rs 1,75,432 crore as of 31 December 2021.

IPO Updates:

The initial public offer (IPO) of Sah Polymers received bids for 1,47,14,480 shares as against 56,10,000 shares on offer, according to stock exchange data at 16:46 IST on Tuesday (3 January 2023). The issue was subscribed 2.62 times.

The issue opened for bidding on 30 December 2022 and it will close on 4 January 2023. The price band of the IPO is fixed at Rs 61-65 per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof.

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