“We are seeing a lot of volatility, especially in the light of the Adani report, and with monthly expiry for futures and options today and before the budget,” said Samrat Dasgupta, chief executive officer of Esquire Capital Investment Advisors.
Nifty’s volatility index climbed as much as 8.5% to 14.815 after hovering around the 14 mark for over a month.
Stocks of Adani group companies fell between 2% and 7% after short-seller Hindenburg Research said it holds short positions in those firms through U.S.-traded bonds and non-Indian-traded derivative instruments.
The Nifty is still in the 17,800 to 18,200 range, so it may be a good opportunity to pick up stocks when it reaches the 17,800 level as it is a good support as of now, Dasgupta said.
Markets will likely see further consolidation ahead of the Union budget due next week, which could entail a higher allocation for social sector programmes, analysts have said.
All the major sectoral indexes declined, with the high-weightage financials and IT losing 1.5% and 0.8%, respectively.
Nifty 50 members Tata Motors, Bajaj Auto , Cipla Ltd and Dr Reddy’s Labs are scheduled to report their quarterly results later in the day.
Auto stocks shed early gains to trade 0.2% lower, with Maruti Suzuki and Bajaj Auto the only gainers on the index.
Maruti was up 0.8% on strong third-quarter earnings, while Bajaj Auto rose 0.3%.
Indian markets will be closed on Thursday for a public holiday.
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Sun Pharma launches Sezaby Phenobarbital Sodium in the US. The company launches Sezaby for the treatment of Neonatal Seizures
Price as on 25 Jan, 2023 02:27 PM, Click on company names for their live prices.
Cipla earnings at a glance
#EarningsWithETNOW | Cipla Q3FY23: Cons revenue at Rs 5,810 cr vs ET NOW poll of Rs 6,100 cr Cons EBITDA at Rs 1,4… https://t.co/s5afHHdf6b
— ET NOW (@ETNOWlive) 1674636533000
CIPLA Q3 RESULTS
- Cons PAT: Rs 800 cr vs ET NOW poll of Rs 880 cr
- Cons Revenue: Rs 5810 cr vs ET NOW poll of Rs 5478 cr
Hindenburg report timed to damage Adani Enterprises FPO: Adani Group
In a statement, the Adani Group said Hindenburg Research’s report is a malicious combination of selective misinformation and was published without making any attempt to contact them.
The timing of the report publication betrays a brazen, mala fide intention to undermine Adani Group’s reputation with objective of damaging the upcoming FPO, it said.
Arvind Q3 profit slumps on low sales of denim
India’s textile manufacturer Arvind Ltd reported a 9.3% drop in quarterly profit on Wednesday, hurt by weak demand for denim garments. The Ahmedabad-based firm posted a net profit of 841.2 million rupees ($10.30 million) for the three months ended Dec. 31, from 927.7 million rupees a year earlier. The company, which supplies cloth to brands such as Calvin Klein, Ed Hardy, and Tommy Hilfiger, said its quarterly revenue from operations fell 12.8% to 19.80 billion rupees from last year.
Kirloskar Electric Company Q3 Results
- PAT at Rs 3.38 crore vs loss of Rs 10.87 crore
- Revenue at Rs 116 crore vs Rs 82.1 crore
STOCK IN NEWS: BEL
#StocksInFocus | BEL in focus! The company is excluded from Norway's $1.3 trn sovereign wealth fund on co's sale of… https://t.co/n98oqrClTK
— ET NOW (@ETNOWlive) 1674631948000
Asahi India Glass names Sanjay Labroo as MD, CEO
Price as on 25 Jan, 2023 01:12 PM, Click on company names for their live prices.
Indian markets experienced a sharp fall on January F&O expiry day. There is no trigger, but the market is looking nervous ahead of the Union budget. The market is following last year’s pattern because, in 2022, the Nifty saw a doji candle (which indicates a range-bound move) in the second and third weeks of January, followed by a sharp fall in the final week of January. However, that sell-off was a buying opportunity because then we saw a sharp post-budget rally. So, as per the template, we can expect a post-budget rally in the market. Technically, Nifty is near the critical support level of 17800, and if it falls below this, then 17625 and 17425 are the next support levels. On the upside, 18200 is a critical hurdle; above this, we can expect a rally toward 18500 and 18650 levels.
– Santosh Meena, Head of Research, Swastika Investmart
PSU bank stocks lead sectoral losers in the banking pack
Price as on 25 Jan, 2023 12:22 PM, Click on company names for their live prices.
Marine Electricals (India) got orders amounting to Rs 20.75 crore
Price as on 25 Jan, 2023 11:49 AM, Click on company names for their live prices.
IHC, ADAI among Adani FPO bidders; anchor book oversubscribed
Sensex Today: SENSEX TANKS 850 POINTS
South Indian Bank on Tuesday reported a net profit of Rs 102.75 crore, restricted by money set aside as ageing provisions for security receipts as per a regulatory mandate. The Thrissur-headquartered lender had reported a loss of Rs 50.31 crore in the year-ago period, while its profit for the preceding September quarter had stood at Rs 223 crore.
Price as on 25 Jan, 2023 11:15 AM, Click on company names for their live prices.
Stock Market LIVE: Stocks at fresh 52-week lows
Rupee edges higher on soft dollar, traders eye inflows
“A tussle between buyers and sellers is likely to continue” as inflows into the market could keep the rupee strong, but RBI’s intervention on the other side could limit gains, said Amit Pabari, managing director at CR Forex. “The currency’s broad range would remain between 80.80 to 82.10.”
Stock Market LIVE: These auto & auto ancillary stocks trade higher in a weak market
Price as on 25 Jan, 2023 10:33 AM, Click on company names for their live prices.
Sensex Today: Top Sensex drags at this hour
Market LIVE Updates: Sensex tanks over 550 pts
NIFTY BREAKS BELOW 18,000
Back into the neutral region, with positivity fast slipping away, it would require a push above 18200 to usher in momentum, to keep the 18600 view in play. As is, collapse is still not on the cards, unless below 18000, but the ability to float above 18047-18110 initially will be important to nurture positive bias.
– Anand James – Chief Market Strategist at Geojit Financial Services
Most Adani group stocks decline in trade today
Price as on 25 Jan, 2023 09:32 AM, Click on company names for their live prices.
The 18200 Nifty has become a major resistance level which is keeping the Nifty iAn the narrow band of 17800-18200. Now, it appears that a major trigger is necessary to break this range either on the upside or the downside. Two major events of February 1st – the Union Budget and the Fed decision on interest rate – have the potential to break this narrow range. A good budget and positive commentary from the Fed can break the upper band. On the contrary, any negative budget proposal like raising the rate of Long Term Capital Gains Tax or a worse-than- expected hawkish Fed can break the lower end of the range. Let’s wait for the actual outcome.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Top movers in morning trade
Price as on 25 Jan, 2023 09:26 AM, Click on company names for their live prices.
Rupee opens up 0.14% at 81.6100 per U.S. dollar; previous close 81.7200
Opening Bell: Sensex down 150 pts, Nifty below 18,100; CarTrade Tech gains 5%, MOSL falls 5%
Pre-open session: Sensex slips 150 points; Nifty below 18,100
Asian stocks rise to 7-month highs
Asian equities extended their winning run to scale their highest levels in seven months on Wednesday, with South Korean stocks leading the way, and the Australian dollar hit multi-month highs as surging inflation made higher interest rates more likely.
Oil rebounds as China demand recovery optimism supports prices
Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth.Brent crude futures gained 59 cents, or 0.7%, to $86.72 per barrel by 0214 GMT after falling 2.3% in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.6%, to $80.59 per barrel, having dropped 1.8% on Tuesday.
Quarterly earnings today
75 companies to detail December quarter earnings. Bajaj Auto, Cipla, Dr Reddy’s Laboratories, Tata Motors, Patanjali Foods, DLF, among the major ones.
Stock Market LIVE: SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 28 points, or 0.15 per cent, lower at 18,176.50, signaling that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty stuck between 17,900 and 18,200.
Headline equity index Nifty today formed a bearish candle with a lower shadow, which indicates absence of follow-up buying but at the same time meaningful declines are being bought.
Stock Market LIVE: S&P 500 ends slightly down after mixed earnings, opening glitch
The S&P 500 ended nominally lower on Tuesday at the close of a rocky session marked by a raft of mixed earnings and a technical malfunction at the opening bell.
Rupee falls 28 paise against US dollar
The rupee fell 28 paise to close at 81.70 against the US dollar on Tuesday amid stronger American currency and unabated foreign fund outflow.
Sensex Today: Sensex, Nifty on Tuesday
The BSE Sensex index ended 37 points or 0.06% higher at 60,979, while Nifty50 closed at 18,118.
Good morning, dear reader! Here’s something to kickstart your trading day
