Stock Market Today: Sensex, Nifty Decline For Third Day As Energy Stocks Drag; FPIs Remain Net Sellers

Overseas investors in Indian equities were net sellers for the 15th day in a row on Thursday.

Foreign portfolio investors offloaded stocks worth Rs 1,662.63 crore, according to data from the National Stock Exchange.

Domestic institutional investors remained net buyers for the fifth day in a row and mopped up stocks worth Rs 2,127.65 crore, after snapping out of a 21-day buying streak on Jan. 5.

Foreign institutions net bought Rs 14,398.8 crore worth of Indian equities in December 2022, but have remained net sellers of Rs 14,996.69 crore of Indian stocks so far in 2023.

The yield on the 10-year bond closed largely flat at 7.29% on Thursday.

Source: Bloomberg

The local currency strengthened 3 paise at 81.55 on Thursday. It closed at 81.58 on Wednesday.

Source: Bloomberg

The Indian benchmark indices closed marginally lower after remaining under pressure through Thursday.

Asian markets settled with steady gains, whereas the European markets were trading marginally higher on Thursday. Wall Street, meanwhile, will be on a look-out for the U.S. inflation data.

The S&P BSE Sensex was down 148 points or 0.25% at 59,958.03 while the NSE Nifty 38 was points or 0.21% lower at 17,858.20.

SBI Life Insurance Co., Ultratech Cement Ltd., HCL Technologies Ltd., Larsen and Toubro Ltd. and Dr. Reddy's Laboratories Ltd. were the top gainers amongst the NSE Nifty 50 constituents.

Whereas, Divi's Laboratories Ltd., Reliance Industries Ltd., BPCL Ltd., Axis Bank Ltd. and Tata Motors Ltd. were the top losers in the gauge.

The broader market indices were trading lower; S&P BSE MidCap was down 0.24%, whereas S&P BSE SmallCap was lower at 0.02%.

Ten out of the 19 sectoral indices compiled by the BSE advanced, while nine declined.

The market breadth was skewed in favour of the bears. About 1,616 rose, 1,878 declined, 158 remained unchanged on the BSE.

Emami Realty Ltd.'s board has approved conversion of existing unsecured loan of Rs 700 crore of Suraj Finvest Ltd. and Diwakar Finvest Ltd. into optionally convertible debentures.

Since, the two entities are the promoter companies, about 8,53 lakh optionally convertible debentures of Rs 82 each will be assigned to them.

Shares of National Aluminum Co. declined 3.19% in trade on Thursday. It fell as much as 4.13% intraday, the most in three weeks since Dec. 23, 2022.

Total traded volume stood at 1.8 times its 30-day average.

Out of the 11 analysts tracking the company, six maintain a 'buy' rating, four recommend to 'hold' and one suggests to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates stand at an upside of 10.4% over the next 12 months.

Source: Bloomberg, Exchange filing

Shares of Aditya Birla Fashion and Retail Ltd. declined 0.24% in trade on Thursday. The scrip has fallen for ten straight session including today by 7.46%.

Out of the 24 analysts tracking the company, 22 maintain a 'buy' rating and two suggest to 'sell' and two recommend to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates stand at an upside of 43.6% over the next 12 months.

Source: Bloomberg, Exchange filing

Shares of One 97 Communication Ltd. fell 7.68% on Thursday after 192 lakh shares of 3% equity changed hands in a bunched trade.

The stock declined as much as 8.81% intraday the most in seven weeks since Nov. 22, 2022. Total traded volume stood at seven times its 30-day average.

Out of the 12 analysts tracking the company, eight maintain a 'buy' rating, three suggest to 'hold' and one recommends to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 63.7% over the next 12 months.

Source: Bloomberg

Shares of oil and gas companies declined in trade on Thursday.

The NSE Oil & Gas Index was 1.09% down. Out of the 15 constituents compiled by the gauge 12 declined, while three advanced.

HPCL Ltd., India Oil Corp Ltd., BPCL Ltd., Reliance Industries Ltd., Petronet LNG Ltd. and Castrol India Ltd. declined more than 1% in trade.

Source: NSE

The Indian benchmark indices declined after opening with steady gains on Thursday as the Asian markets were mixed in trade.

Wall Street, on the other hand, ended higher on Wednesday on expectations of soft of US inflation data.

The S&P BSE Sensex was down 305 points or 0.51% at 59,800.33 while the NSE Nifty 50 was 89 points or 0.5% lower at 17,806.70.

Larsen and Toubro Ltd., HCL Technologies Ltd., Ultratech Cement Ltd., SBI Life Insurance Co. and Grasim Industries Ltd. were the top gainers amongst the NSE Nifty 50 constituents.

Whereas, Divi's Laboratories Ltd., Axis Bank Ltd., Reliance Industries Ltd., BPCL Ltd. and Hindalco Industries Ltd. were the top losers in the gauge.

The broader market indices were trading lower; S&P BSE MidCap was down 0.17%, whereas S&P BSE SmallCap was lower at 0.02%.

Ten out of the 19 sectoral indices compiled by the BSE advanced, while nine declined.

The market breadth was skewed in favour of the bears. About 1,406 rose, 1,934 declined, 164 remained unchanged on the BSE.

Shares of PSU and private banking companies decline in trade on Thursday.

The NSE Nifty bank Index was 0.72% down. Out of the 12 constituents compiled by the gauge seven declined, while five advanced.

On the other hand, the NSE Nifty PSU Bank Index declined 0.45%. Among the constituents on the gauge 10 stocks declined while only two advanced.

Axis Bank Ltd., Kotak Mahindra Bank Ltd., ICICI Bank Ltd., Central Bank of India, Punjab and Sind Bank and UCO Bank declined more than 1% in trade.

Source: NSE

Shares of Gland Pharma Ltd. fell 4.03% on Thursday. It declined as much as 4.05% at open the most in six weeks since Nov. 30, 2022.

Total traded volume stood at 1.3 times its 30-day average.

Out of the 19 analysts tracking the company, 13 maintain a 'buy' rating, two suggest to 'hold' and four recommend to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates, stand at an upside of 47.3% over the next 12 months.

Source: Bloomberg

• Shares of Sah Polymers listed at Rs 85 per share on both BSE and NSE, a premium of 30.7% to its IPO price of Rs 65.

• On the BSE, the stock gained 4.71% as of 10:01 a.m.

Source: BSE, NSE

Shares of FSN E-Commerce Ventures Ltd. declined 1.48% in early trade on Thursday after 14.2 million shares or 0.5% of equity changed hands in a bunched trade.

The stock fell as much as 2.29% at the opening bell, the most since Dec. 30, 2022. Total traded volume stood at 23.7 times its 30-day average.

Out of the 20 analysts tracking the company, 14 maintain a 'buy' rating, four suggest to 'hold' and two recommend to 'sell' the stock.

The return potential as calculated by the consensus of analyst estimates stand at an upside of 61.9% over the next 12 months.

Source: Bloomberg

The Indian benchmark indices continued trading largely flat in trade on Thursday as the Asian markets were mixed. Wall Street, on the other hand, ended higher on Wednesday on expectations of a soft US inflation numbers.

The S&P BSE Sensex opened down 23 points or 0.04% at 60,083.03 while the NSE Nifty 50 was 25 points or 0.14% higher at 17,910.05.

HCL Technologies Ltd., Coal India Ltd., Titan Co., Nestle India Ltd. and Wipro Ltd. were the top gainers amongst the NSE Nifty 50 constituents.

Whereas, Asian Paints Ltd., Bharti Airtel Ltd., Divi's Laboratories Ltd., Hindalco Industries Ltd. and Tata Steel Ltd. were the top losers in the gauge.

The broader market indices were trading marginally higher; S&P BSE MidCap was up 0.08%, whereas S&P BSE SmallCap was higher at 0.25%.

Fourteen out of the 20 sectoral indices compiled by the BSE advanced, while six declined.

The market breadth was skewed in favour of the bulls. About 1,552 rose, 945 declined, 108 remained unchanged on the BSE.

The yield on the 10-year bond opened largely flat at 7.29% on Thursday.

Source: Bloomberg

The local currency opened 5 paise lower at 81.63 on Thursday. It closed at 81.58 on Wednesday.

Source: Bloomberg

• TVS Motor Company expressed its intention to invest in Madhya Pradesh for its potential future two-wheeler and three-wheeler expansion in electric and internal combustion engine vehicles.

• The investments could create over 2,000 jobs.

• The announcement was made at the Global Investors Summit 2023 held in Indore.

Source: Exchange filing

• U.S. Dollar Index at 103.19

• U.S. 10-year bond yield at 3.55% on Wednesday

• Brent crude up 3.21% to $82.67 per barrel

• Nymex crude at $77.57 per barrel

• SGX Nifty up 0.31% to 18,006 as of 8:10 a.m.

• Bitcoin down 2.55% to $17,955.86

• Sah Polymers Listing: The IPO was subscribed 17.46 times. The initial stake sale consists of a fresh issue of 1.02 crore shares at Rs 61–65 per share, aggregating to Rs 66.3 crore, by the promoter group and selling shareholders.

• Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji and Co. pledged 23,66,405 lakh shares on Jan 9.

• ICICI Bank: Societe Generale bought 20 lakh shares (0.028%), at Rs 867 apiece. BNP Paribas Arbitrage sold 20 lakh shares (0.028%), at Rs 867 apiece.

• Bilcare: Rekha Jhunjhunwala sold 6.75 lakh shares (2.87) at Rs 50.43 apiece.

• Cigniti Technologies: Mithun Chand Chennamaneni sold 1,79,809 lakh shares (0.66%) at Rs 572.68 apiece.

• Tata Motors: Electric Vehicle contribution in the company’s portfolio is likely to increase to 25% in five years and reach 50% by 2030, said Group Chairman Chandrasekaran at the Auto expo, PTI reported.

• 360 One WAM (Formerly IIFL Wealth Management): The company will consider stock split and issue of bonus shares, along with declaration of fourth interim dividend on Jan. 19.

• State Bank of India: Ministry of Finance has extended Challa Sreenivasulu Setty's term as Managing Director of State Bank of India by two years with effect from Jan. 20.

• PB Fintech: The company's wholly owned subsidiary, PB Financial Account Aggregators, has received certificate of registration as NBFC-Account Aggregator from the Reserve Bank of India.

• Hindustan Unilever: The company has completed acquisition of 51% stake in Zywie Ventures for Rs 264.28 crore.

• DB Realty: The company’s wholly owned subsidiary Goregaon Hotel and Realty has executed a settlement agreement with Reliance Commercial Finance for loans given by the lender in the past. DB Realty and Goregaon Hotel will now pay Rs 185.6 crore and Rs 214.4 crore respectively to the lender latest by March 31, 2025 as full and final settlement.

• Stove Kraft: Company’s Chief Executive Officer Rajiv Nitin Mehta has “conveyed his intent” to resign. Formal resignation will be placed before the board at the upcoming meeting.

• RailTel: The company has received aggregate work orders worth Rs 292.7 crore.

• Earnings Today: Infosys, HCL Tech, Cyient, Anand Rathi Wealth

Asian equities followed Wall Street higher on Thursday, as expectations for a further softening of US inflation buoyed risk appetite in global markets. Stocks opened higher in Australia, Japan, and South Korea.

The S&P 500 climbed for a second straight session and the Nasdaq 100 gained in the run-up to inflation data that may slow the pace of the Federal Reserve's interest rate hikes.

At 8:10 a.m., the Singapore-traded SGX Nifty, an early indicator of India's benchmark Nifty 50, was up 0.31% to 18,006.

Elsewhere, oil prices rose as China's crude consumption continued to increase. Gold rose, and Bitcoin oscillated near $18,000.

Back home, the main indices in India, after trading mostly flat on Wednesday, ended the day with a small drop.

The local currency closed 21 paise higher compared to Tuesday.

Overseas investors in Indian equities were net sellers for the 14th day in a row on Wednesday. Foreign portfolio investors offloaded stocks worth Rs 3,208.15 crore, while domestic institutional investors mopped up stocks worth Rs 2,430.62 crore.