Stock Market HIGHLIGHTS: Sensex ends 168 pts lower, Nifty at 17,895; Federal Bank rises after result – Zee Business

Stock Market HIGHLIGHTS:Indian equity benchmarks Sensex and Nifty50 reversed initial gains in a volatile session on Monday. Weakness in private sector financial stocks weighed on headline indices, though strength in IT shares lent some support. 
Here are 10 things to know about the January 16 session on Dalal Street:
1) The Sensex lost 168.2 points or 0.3 per cent for the day to close at 60,093, having retreated 493.8 points from the strongest level in intraday trade. The Nifty50 settled at 17,894.9, down 61.8 points or 0.3 per cent.  
2) As many as 32 stocks in the Nifty50 basket ended lower. Adani Enterprises, Axis Bank, Hindalco, JSW Steel, Maruti Suzuki, NTPC, Apollo Hospitals, HDFC, SBI Life and Larsen & Toubro were the top laggards, closing around 1-3 per cent lower. On the other hand, TCS, Infosys, HCL Tech, Wipro and Tech Mahindra were the top gainers in the 50-scrip basket, rising around 1-3 per cent. Hero MotoCorp, PowerGrid, Bajaj Finance, SBI and ITC were some of the other top gainers in the Nifty pack.
3) The Nifty Bank and the Nifty Private Bank declined 0.5 per cent each. However, NSE’s PSU bank gauge was the top gainer, rising 1.6 per cent.
4) The Nifty IT — whose 10 constitutents include TCS, Infosys, HCL Tech, Wipro and Tech Mahidra — rose 1.1 per cent.
5) Overall market breadth was skewed in favour of the bears, as 1,691 stocks rose and 1,910 fell on BSE.
 
 
6) Analysts await more of financial results from India Inc for cues after HDFC Bank, Wipro and DMart reported their quarterly numbers last weekend.
7) The rupee weakened by 28 paise or 0.3 per cent to end at 81.61 against the dollar.
8) Crude oil prices held near this year’s highs as easing COVID restrictions in China raised expectations for a demand recovery in the world’s top crude importer. Brent crude was down 0.5 per cent at $84.9 a barrel.
9) European markets edged higher amid gains in healthcare shares. The pan-European Stoxx 600 index was up 0.1 per cent at the last count. S&P 500 futures were down 0.3 per cent. Wall Street will observe a holiday later in the day and resume trade on Tuesday.
10) Earlier on Monday, MSCI’s broadest index of Asia Pacific shares outside Japan rose 0.4 per cent. Japan’s Nikkei fell 1.2 per cent, China’s Shanghai Composite rose one per cent and Hong Kong’s Hang Seng finished flat. 
Rupak De, Senior Technical Analyst at LKP Securities, observes a dark cloud cover-like pattern on the daily chart, suggesting near-term weakness. “Support on the lower end is visible at 17,850-17,750. Below 17,750, the index may witness a meaningful correction. On the higher end, resistance is visible in the 18,000–18,100 zone,” he says. 
Sensex

Nifty

The 30-scrip index finishes with a loss of 168.2 points or 0.3 per cent at 60,093 and the Nifty50 settles at 17,894.9, down 61.8 points from its previous close.
Sanjiv Bhasin of IIFL Securities suggests going long on three stocks: Bajaj Auto, ICICI Bank and GMR Airports. Here’s why he likes these stocks:
 
Bajaj Auto
Bhasin expects blockbuster sales from the country’s two-wheeler segment. One can expect levels of Rs 3,750-3,800 apiece in Bajaj Auto shares before Budget, he says. 
stop loss 3530
ICICI Bank 
The stock has well defended Rs 865 in a correction from Rs 950-odd levels, says Bhasin, who expects stellar quarterly numbers from the private sector lender. 
ICICI Bank is scheduled to report its financial results on January 21.
Bhasin gives a target price of Rs 910 and suggests a stop loss at Rs 848.
GMR Airports 
Bhasin recommends GMR Airports Infra for a target of Rs 43.5-44 with a stop loss at Rs 39. 
Just Dial shares remain locked in the 10 per cent upper circuit at Rs 643.7 apiece on BSE. The local search engine company reported a nearly four-fold jump in its net profit for the quarter ended December 2022.

Read more on Just Dial shares
Maruti Suzuki announces an increase of 1.1 per cent across its range of models. “This indicative figure is calculated using ex-showroom prices of models in Delhi and will come into effect from 16th January, 2023,” according to a regulatory filing.
This is the second price hike that the carmaker is undertaking in the ongoing fiscal year. (Read more on Maruti Suzuki)

 
Here’s how the Federal Bank stock has moved today so far:
  
Federal Bank reports a net profit of Rs 803.6 crore for the October-December period, up 54 per cent compared with the corresponding period a year ago. 
The lender’s revenue grows 27.1 per cent to Rs 1,956.5 crore, according to a regulatory filing. 
Federal Bank’s net interest margin — a key measure of profitability for lenders — comes in at 3.49 per cent. (Read more on Federal Bank earnings)
A fall in food and crude oil prices aids the 90-bps sequential fall in wholesale inflation, gauged by the Wholesale Price Index (WPI). (Read more on headline inflation)

The private sector lender is scheduled to report its financial results today.
The stock is quoting higher by Re 1.7 or 1.2 per cent at Rs 140.2 apiece on BSE, having gained as much as 2.3 per cent in intraday trade so far. 
 

Zee Business Managing Editor Anil Singhvi expects HDFC Bank shares to help the Nifty Bank hold the support zone of 42,025-42,175. “A move below those levels is expected to be followed by strong buying around 41,725-41,875 levels,” he says. 

 
“On the higher side, one can expect levels of 42,575-42,725 followed by the 42,825-42,950 zone, where selling may occur,” Singhvi adds.

Here’s a look at the biggest moves in the BSE 500 basket at this hour:

The HDFC Bank stock is up by Rs 9.2 or 0.6 per cent at Rs 1,610 apiece on BSE, having risen as much as 1.5 per cent earlier in the day. 

On Saturday, HDFC Bank — India’s largest lender by market value — reported a net profit of Rs 12,259.5 crore for the October-December period, up 18.5 per cent on a year-on-year basis, and net interest income (NII) of Rs 22,987.8 crore, up 24.6 per cent. 
According to Zee Business research, HDFC Bank’s quarterly net profit was estimated at Rs 11,900 crore and revenue at Rs 22,500 crore. (Read more on HDFC Bank results)
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