Sensex jumps 224 pts, Nifty ends above 18,190; VIX drops below 15 mark

Domestic stock market ended a volatile session with decent gains on Thursday. The Nifty 50 index opened lower and hit the day`s low of 17,992.80 in morning trade amid negative Asian cues. It bounced back in late trade and settled near the day`s high of 18,229.70, mirroring firmness in US Dow Jones index futures. Trading was volatile due to expiry of monthly F&O contracts on the NSE. Oil & gas, metals and private banks advanced. On the other hand, media, consumer durables and FMCG shares declined.

The barometer index, the S&P BSE Sensex advanced 223.60 points or 0.37% to 61,133.88. The Nifty 50 index added 68.50 points or 0.38% to 18,191.

Bharti Airtel (up 1.99%), SBI (up 1.85%), ICICI Bank (up 0.89%) and HDFC Bank (up 0.7%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index declined 0.09% while the S&P BSE Small-Cap index rose 0.22%.

The market breadth was positive. On the BSE, 1872 shares rose and 1607 shares fell. A total of 149 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 3.78% to 14.81.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined 0.04% to 7.311.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.83, compared with its close of 82.8 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement fell 0.03% to Rs 54,744.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.20% 104.25.

The United States 10-year bond yield slipped 0.53% to 3.866.

In the commodities market, Brent crude for February 2023 settlement fell $1.26 or 1.51% to $82 a barrel.

Global Markets:

The Dow Jones index futures were up 82 points, indicating a positive opening in the US stocks today.

Most European shares rose while most Asian stocks declined on Thursday, taking lead from Wall Street`s overnight losses as investors looked to the year ahead.

Global stock markets are rounding off a tumultuous and difficult year, as governments and central banks grappled with sky-high inflation arising from the fallout from Russia`s war in Ukraine, and persistent Covid-19 restrictions in China.

Investors remain wary of the prospect of persistently high inflation, monetary policy tightening from central banks and a potentially prolonged period of sluggish economic growth.

US stocks ended weaker on Wednesday, as investors grappled with mixed economic data, rising COVID cases in China, and geopolitical tensions heading into 2023.

The U.S. government announced it will require airline passengers arriving from China, Hong Kong and Macau to show a negative Covid test starting January 5 regardless of nationality of vaccination status.

Stocks in Spotlight:

Kanoria Chemicals & Industries hit an upper circuit of 20% . The company said that the commercial production of the Phenolic Resin Plant at Ankleshwar, Gujarat with 6500 MTPA capacity, will commence from 1 January 2023.

Exxaro Tiles surged 9.37% to Rs 119.05 after the company announced that Unit 1 of Padra plant in Gujarat restarted operations from Wednesday, 28 December 2022. The plant was shut for 3-4 weeks for planned maintenance and associated equipment upgradation work.

Dr Reddy`s Laboratories rose 0.14% after a US court dismissed all claims against the pharma major in an anti-trust complaint pertaining to cancer drug Revlimid.

Tata Power declined 1.10%. Tata Power Renewable Energy (TPREL), a subsidiary of Tata Power has received the letter of award (LoA) from Tata Power Delhi Distribution (Tata Power -DDL), a joint venture of Tata Power and the Govt. of NCT of Delhi, for setting up a 255 MW hybrid (wind and solar) power project in Karnataka. The project will be commissioned within 24 months from the PPA execution date.

Tata Steel rose 1.64%. The steel maker has acquired 1.15 crore equity shares at an issue price of Rs 12.81 per share of Tata Steel Advanced Materials (TSAML), for an amount aggregating to approximately Rs 14.80 crore. On completion of the acquisition, TSAML will continue to be a wholly owned subsidiary of the company.

JSW Energy rose 1.08%. The company announced it has completed the acquisition of Ind-Barath Energy (Utkal) for a resolution amount of Rs 1,047.60 crore.

NTPC gained 0.57%. The state-run power major said that it declared commercial operation of second part capacity of 50 megawatt (MW) out of 300 MW Nokhra Solar PV project at Bikaner, Rajasthan.

State Bank of India (SBI) advanced 1.85%. The bank`s board on January 3 will consider a proposal for raising of infrastructure bonds up to an amount of Rs. 10,000 crores through a public issue or private placement, during FY23.

Godrej Properties fell 1.27%. The real estate developer announced that it has acquired approximately 9 acres of land in Gurugram, Haryana through an outright purchase. This project will offer approximately 1.6 million square feet of premium residential development with exceptional lifestyle amenities.

Ashoka Buildcon rose 1.7%. The company had submitted its bid to the Madhya Pradesh PoorvKshetra Vidyut Vitaran Company Ltd. (MPPKVVCL) (`Authority`). The Company has received Notifications of Award from the Authority. The aggregate accepted Bid Project Cost for the Projects is Rs.754.57 crore.

Spandana Sphoorty Financial rose 1.36%. The board of directors of the company has approved the transfer of stressed loan portfolio including written off loans of Rs 323.08 crore outstanding as on 30 September 2022 to an Asset Reconstruction Company pursuant to Swiss Challenge Method for a consideration of Rs 95 crore. NACL Industries jumped 11.63%. The company announced successful commencement of commercial operations of first phase of the greenfield project effective from 28 December 2022.

New Listing:

Shares of KFin Technologies ended at Rs 364 on the BSE, representing a discount of 0.55% compared with the issue price of Rs 366.

The scrip was listed at a price of Rs 369, at a premium of 0.82% compared to the issue price.

The stock has hit a high of 372.40 and a low of 351.10. On the BSE, 4.48 lakh shares of the company were traded in the counter.

The initial public offer (IPO) of KFin Technologies was subscribed 2.59 times. The issue opened for bidding on 19 December 2022 and closed on 21 December 2022. The price band of the IPO was fixed at Rs 347-366 per share.

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