SSPL WEALTH PVT LTD

Mid - Session

Market behaviours during the course of the trading session.

Barometers turn rangebound, broader mkt outperforms

31-Jan-23 11:32 Hrs IST

The domestic equity barometers traded in a narrow range with minor cuts in mid-morning trade. The Nifty hovered below the 17,650 mark. PSU bank stocks gained for the second consecutive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 131.9 points or 0.22% to 59,368.51. The Nifty 50 index lost 32.20 points or 0.18% to 17,616.75.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.13% while the S&P BSE Small-Cap index gained 1.52%.

The market breadth was strong. On the BSE, 2,160 shares rose and 1,120 shares fell. A total of 140 shares were unchanged.

The Central government is set to table the Economic Survey 2022-23 today, 31 January 2023. The Economic Survey is the government's review of how the economy fared in the past year. Union Finance Minister Nirmala Sitharaman is set to table the Union Budget 2023 on 1 February 2023.

Investors were cautious ahead of upcoming interest rate decision by the US Federal Reserve, Bank of England and European Central Bank later this week in an effort to tame the inflation.

Economy:

The International Monetary Fund (IMF) has retained its GDP growth forecasts for India for 2022-23 and 2023-24 at 6.8% and 6.1%, respectively. Growth in India is set to decline from 6.8% in 2022-23 to 6.1% in 2023-24 before picking up to 6.8% in 2024-25, with resilient domestic demand despite external headwinds, the IMF said in an update to its World Economic Outlook report.

Buzzing Index:

The Nifty PSU Bank index gained 3.11% to 3,961.55. The index rallied 3.68% in two trading sessions.

Bank of Baroda (up 3.93%), Punjab National Bank (up 3.75%), UCO Bank (up 3.17%), Punjab & Sind Bank (up 2.98%), Bank of Maharashtra (up 2.95%), State Bank of India (up 2.34%), Bank of India (up 2.3%), Indian Overseas Bank (up 2.03%), Canara Bank (up 1.97%) and Central Bank of India (up 1.74%) advanced.

Earnings Impact:

INOX Leisure declined 0.79% after the company reported a consolidated net loss of Rs 40.41 crore in Q3 FY23 as against a net loss of Rs 1.32 crore in Q3 FY22. The multiplex chain operator recorded 73.9% jump in revenue from operations to Rs 515.57 crore in Q3 FY23 as against Rs 296.47 crore posted in the corresponding period last year.

Bajaj Holdings & Investment's (BHIL) fell 1.99%. The company's consolidated net profit increased 23.6% to Rs 1,285.65 crore on a 3% rise in total revenue from operations to Rs 98.41 crore in Q3 FY23 over Q3 FY22.

IFB Industries fell 0.98% after the company reported a consolidated net loss of Rs 1.14 crore in Q3 FY23 as against a net loss of Rs 3.21 crore in Q3 FY22. Revenue from operations rose by 5% YoY to Rs 999.16 crore during the quarter.

Global Markets:

Asian stocks tumbled on Tuesday as investors look ahead to a range of economic data and a potential interest rate hike from the Federal Reserve.

US stocks traded lower Monday, pausing a January rally as investors braced for the busiest week of earnings season and a possible interest rate hike from the Federal Reserve.

The Federal Open Market Committee meets on Tuesday and Wednesday, when the Fed is expected to hike rates by one-quarter of a percentage point. Investors will be looking for clues about how much higher the central bank will take rates in the fight against inflation.