Vinod Nair, Head of Research at Geojit Financial Services
Domestic indices snapped their previous gains amid negative sentiments from their global counterparts. Weak US consumer data and hawkish comments from the Fed’s policymakers on Wednesday hammered investor risk appetite.
Lingering fears of recession dragged global bourses down, leaving the market volatile.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
The uncertain global market environment coupled with a hawkish stance by the US Fed officials on interest rate hikes kept the mood gloomy throughout the trading session. Although inflation is showing signs of some moderation, concerns over a likely recession in the US and western economies is prompting investors to turn risk averse toward equities.
Technically, after a promising pullback rally, the Nifty has formed a inside body candle formation which is indicating non directional activity.
For traders, 18,050 would be the immediate support zone and below the same the index could slip till 17,950-17,900. On the flip side, above 18,050 the index could retest the level of 18,200.
Piper Serica Advisors raises Rs 75 crore via Category 1 Angel Fund
Piper Serica Advisors has raised 75 crore funds from a wide range of investors and expects to raise the remaining Rs 25 crore in a couple of months to invest in start-ups with exponential growth models.
The Angel fund has invested an undisclosed sum in ALT Mobility, Crediwatch, ZFW Dark Stores, Driffle and Oditly.
Dilip Parmar, Research Analyst, HDFC Securities
It was a muted day after Wednesday’s gain amid lacklustre domestic equities and weaker Asian currencies. However, the start-ups are getting good responses from institutional investors which are supporting the rupee.
Market participants started positioning for SBI green bond inflows and Adani’s FPO inflows.
In the near-term, trend for USDINR remains bearish and breaching 81.20 pave way for 80.60 while on the higher side 81.70, the 100-day simple moving average will act as resistance.
Indian rupee closed 11 paise lower at 81.35 per dollar against previous close of 81.24.
Market Close: Benchmark indices ended lower in the volatile session on January 19.
At Close, the Sensex was down 187.31 points or 0.31% at 60,858.43, and the Nifty was down 57.50 points or 0.32% at 18,107.80. About 1549 shares have advanced, 1867 shares declined, and 117 shares are unchanged.
Adani Enterprises, Asian Paints, Tata Motors, IndusInd Bank and Kotak Mahindra Bank were among the top losers on the Nifty, while gainers were Coal India, UPL, ONGC, SBI Life Insurance and BPCL.
Among sectors, power, FMCG and auto down 0.5-1 percent.
BSE midcap and smallcap indices ended on flat note.
Nilesh Shah, Managing Director, Kotak Mahindra Asset Management Company
The street is expecting Finance Minister to bat like Suryakumar Yadav, bowl like Umran Malik and field like Ravindra Jadeja.
Market expects budget to be growth oriented by increasing spend in infrastructure, healthcare and education. The budget should take steps to tackle these challenges facing Indian economy viz. subdued consumption at the bottom of the pyramid, control widening trade deficit and boost private sector investment.
The budget has to assure the investor that it is on the path to fiscal prudence while keeping tax rates stable. This is possible if budget 2023 raises non tax resources by asset monetisation and plug tax loopholes.
BSE Auto index slipped 0.5 percent dragged by Tata Motors, Cummins India, Tube Investments of India
Polycab India Q3
Polycab India has posted 45 percent jumped in its Q3 net profit at Rs 358 crore versus Rs 246.7 crore and revenue was up 10.2% at Rs 3,715.1 crore versus Rs 3,372 crore, YoY.
Motilal Oswal View on IndusInd Bank
Broking house reiterate its ‘Buy’ rating with a Target Price of Rs 1,550.
The banks operating performance remains on track, led by healthy NII growth and controlled provisions
Asset quality remains steady, driven by lower slippages
The management is guiding for continued momentum in loan growth and is looking to end FY23 with a growth of 20%
IndusInd Bank was quoting at Rs 1,199.75, down Rs 22.75, or 1.86 percent.
Hot Stocks: Here is why you should bet on UPL, Tata Steel, Coal India for short term?
Tata Steel has given a strong breakout from multiple resistance zones with a sharp surge in volumes. The momentum indicator RSI (relative strength index) has given a positive crossover and surpassed the level of 60, which confirms the buy signal…. Read More
Kaustubh Pawaskar- Analyst, Sharekhan by BNP Paribas:
Asian Paint’s performance was miss on estimates with revenues and PAT growing by 1.3% and ~7% respectively with sales volume in decorative paints business remaining almost flat.
As expected gross margins and the EBIDTA margins improved on sequential basis. Domestic decorative paint business witnessed recovery in Nov & Dec after muted performance in October affected by delayed monsoon and price hikes in portfolio.
If commodity prices decline from current level it will the company to post better margins ahead and also help in taking relevant pricing actions to improve volume growth ahead.
The stock has underperformed in the recent past and any further correction can be considered as a good opportunity to accumulate quality consumer goods company from long term perspective.