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End - Session

Detailed review of the post market session of the day.

Benchmarks snap 2-day losing streak, Nifty ends above 18,100

23-Jan-23 17:10 Hrs IST

The domestic equity benchmarks ended with modest gains on Monday, snapping a two-day losing streak amid positive cues from global peers. Banks and financial stocks were in demand after strong Q3 results. IT stocks were also in the limelight. The Nifty closed above the 18,100 level after hitting the day's low at 18,063.45 in early trade.

The barometer index S&P BSE Sensex advanced 319.90 points or 0.53% to 60,941.67. The Nifty 50 index added 90.90 points or 0.50% to 18,118.55.

Sun Pharmaceutical Industries (up 1.92%), Hindustan Unilever (up 1.84%), Eicher Motors (up 1.70%), UPL (up 1.65%) and Tech Mahindra (up 1.60%) were top Nifty gainers.

In the broader market, the S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index shed 0.30%.

The market breadth was negative. On the BSE, 1608 shares rose and 2045 shares fell. A total of 178 shares were unchanged.

Numbers to Watch:

The yield on India's 10-year benchmark federal paper rose to 7.352 from its close of 7.347 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 81.4000, compared with its close of 81.1700 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement added 0.23% to Rs 56,789.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.28% to 101.73.

The United States 10-year bond yield rose 0.23% to 3.497.

In the commodities market, Brent crude for March 2023 settlement added 49 cents or 0.56% to $88.12 a barrel.

Global Markets:

Most Asian stock markets were closed for the Lunar New Year holiday, with markets in Shanghai shut for the whole week.

European shares advanced on Monday as investors reassessed the global economic outlook. Global markets have been weighing the possibility that the Federal Reserve is getting ready to slow the pace of its inflation-fighting rate hikes after economic data last week showed a decline in wholesale prices and retail sales.

Kristalina Georgieva, managing director of the IMF, has reportedly said on Friday at the World Economic Forum that the global economic outlook is not as bad as feared a couple of months ago — “but less bad doesn't quite yet mean good.”

US stocks rallied to close higher on Friday as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.

On Friday, Fed Gov. Christopher Waller said he favors just a quarter-point hike on Feb. 1, when the central bank gives its next interest rate policy update. Waller also said that rates are already high enough to be slowing the economy. The remarks could have helped calm rising-rate worries in the market.

Stocks in Spotlight:

Reliance Industries (RIL) shed 0.54%. On a consolidated basis, net profit of RIL declined 2.8% to Rs 15,792 crore on 17.4% increase in net sales to Rs 2,17,164 crore in Q3 December 2022 over Q3 December 2021. RIL reported exceptional income of Rs 2,836 crore in Q3 December 2021.

Axis Bank rose 0.28%. The private lender's net profit surged 61.94% to Rs 5,853.07 crore on 27.44% increase in total income to Rs 26,891.87 crore in Q3 FY23 over Q3 FY22. Net Interest Income (NII) grew 32% YoY and 11% QoQ to Rs 11,459 crore. Net interest margin (NIM) for Q3 FY23 stood at 4.26%, up 73 basis points (bps) YoY and 30 bps QoQ.

ICICI Bank rose 0.13%. The bank has reported net interest income of Rs 16465 crore in Q3 FY23 from Rs 12236 crore in Q3 FY22. Profit after tax rose to Rs 8312 crore from Rs 6194 crore.

Kotak Mahindra Bank advanced 1.13%. The bank has reported net total income of Rs 7,753 crore in Q3 FY23 from Rs 5698 crore in Q3 FY22. Profit after tax rose to Rs 2,792 crore from Rs 2131 crore.

Yes Bank tumbled 8.33% after the private lender's standalone net profit slumped 80.7% to Rs 51.52 crore on 24.6% rise in total income to Rs 7015.18 crore in Q3 FY23 over Q3 FY22. The bank said that net profit was largely impacted due to ageing related provisions.

RBL Bank fell 1.32%. The private sector bank has reported 34% rise in net profit to Rs 209 crore on a 14% increase in total income to Rs 2,987 crore in Q3 FY23 over Q3 FY22.

IDBI Bank rose 0.64%. The bank's standalone net profit surged 60.36% to Rs 927.27 crore on 5.66% rise in total income to Rs 6088.31 crore in Q3 FY23 over Q3 FY22.

Canara Bank advanced 1.32%. The public sector bank reported a standalone net profit of Rs 2,882 crore in Q3 FY23, which is higher by 91.88% as compared with the same period last year. The bank's net profit in Q3 FY22 was Rs 1,502 crore. Total income rose by 23.01% YoY during the quarter to Rs 26,217 crore.

Bharat Bijlee jumped 8.38%. The company's net profit surged 45.22% to Rs 23.09 crore on 20.11% rise in revenue from operations to Rs 388.03 crore in Q3 FY23 over Q3 FY22.

LTIMindtree gained 2.31%. The L&T Group company has reported 15.82% decline in consolidated net profit to Rs 1,000.5 crore despite of 4.77% increase in revenue to Rs 8,620 crore in Q3 FY23 over Q2 FY23.

UltraTech Cement tumbled 4.62%. The cement maker has reported consolidated profit after tax of Rs 1058 crore in Q3 FY23 from Rs 1173 crore in Q3 FY22. Net sales rose to Rs 15299 crore in Q3 FY23 from Rs 12710 crore in Q3 FY22.

JSW Steel declined 1%. The steel maker has reported 90% drop in consolidated net profit to Rs 474 crore in Q3 FY23 from Rs 4,516 crore in Q3 FY22. Revenue from operations rose by 3% YoY to Rs 39,134 crore during the quarter.

Meghmani Organics slumped 6.48%. The company's consolidated net profit declined 87.79% to Rs 8.35 crore on 14.19% fall in net sales to Rs 549.43 crore in Q3 December 2022 over Q3 December 2021.

Tanla Platforms slipped 4.04% after the company's consolidated net profit dropped 26.3% to Rs 116.51 crore on 1.7% decline in revenue from operations to Rs 869.63 crore in Q3 FY23 over Q3 FY22.