Among other Asian indices, Japan's Nikkei traded over 1% higher after crossing the 35,000 mark for the first time since 1990 on Thursday. Nikkei was trading 1.25% higher at 35,489.20.
Meanwhile, S&P ASX 200 was trading 0.12% down at 7,497.20. Investors now await trade data from China.
The U.S. CPI rose 3.4% year-on-year in December, higher than Bloomberg estimate 3.2% increase for the month. The print is also higher than 3.2% CPI reported in November.
The higher U.S. CPI print raised doubts among investors about Federal Reserve cutting rates anytime soon.
Wall Street saw a volatile session, with stocks down and bonds whipsawing after hotter-than-anticipated inflation data tempered bets on a Federal Reserve rate cut in March, reported Bloomberg.
The S&P 500 index fell by 0.07% and Nasdaq 100 rose 0.17%, respectively, as of Thursday. The Dow Jones Industrial Average fell by 0.44%.
Brent crude was trading 0.79% higher at $77.41 a barrel. Gold was higher by 0.11% at $2,031.18 an ounce.
India’s benchmark stock indices ended higher on Thursday after a rangebound session, ahead of the release of crucial U.S. CPI data, which will provide fresh cues about the Federal Reserve's monetary policy.
Reliance Industries Ltd., Axis Bank Ltd., Bajaj Auto Ltd. and Hero MotoCorp Ltd. led gains in benchmark indices.
The NSE Nifty 50 ended 0.13%, or 28.50 points, higher at 21,647.20, while the S&P BSE Sensex closed 0.089%, or 63.47 points, up at 71,721.18.
Overseas investors remained net sellers of Indian equities for the third consecutive session on Thursday. Foreign portfolio investors offloaded stocks worth Rs 865 crore, while domestic institutional investors remained net buyers and mopped up equities worth Rs 1,607.1 crore, the NSE data showed.
The Indian rupee closed at Rs 83.03 against the U.S. dollar on Thursday.
Earnings Post Market Hours
Tata Consultancy Services Q3FY24 (Consolidated QoQ)
Revenue at Rs 60,583 crore vs Rs 59,692 crore, up 1.49% (Bloomberg estimate: Rs 60,108.6 crore)
Net profit at Rs 11,097 crore vs Rs 11,380 crore, down 2.5% (Bloomberg estimate: Rs 11,498 crore)
EBIT at Rs 15,155 crore vs Rs 14,483 crore, up 4.6% (Bloomberg estimate: Rs 14,786.4 crore)
EBIT margin at 25.01% vs 24.26% (Bloomberg estimate: 24.60%)
Infosys Q3FY24 (Consolidated QoQ)
Revenue at Rs 38,821 crore vs Rs 38,994 crore, down 0.45% (Bloomberg estimate: Rs 38,695.2 crore)
Net profit at Rs 6,113 crore vs Rs 6,215 crore, down 1.64% (Bloomberg estimate: Rs 6,161.6 crore)
EBIT at Rs 7,961 crore vs Rs 8,274 crore, down 4.6% (Bloomberg estimate: Rs 7,932.4 crore)
EBIT margin at 20.5% vs 21.21% (Bloomberg estimate: 20.5%)
5paisa Capital (Standalone YoY)
Net profit at Rs 15.08 crore vs Rs 11.12 crore, up 35.61%
Total income at Rs 100.3 crore vs Rs 83.7 crore, up 19.83%
Earnings In Focus
HCL Technologies, Wipro, HDFC Life Insurance, Anand Rathi Wealth, Just Dial, JTL Industries, Tata Metaliks, Den Networks, Bharat Bijlee.
Stocks To Watch
Polycab India: The company denied receiving communication from the Income Tax department regarding the outcome of the search, a day after authorities alleged detection of unaccounted cash sales of Rs 1,000 crore and non-genuine expenses.
Infosys: The company will acquire semiconductor design services provider, InSemi for Rs 280 crore
Tata Power: The company’s unit Tata Power Renewable Energy signed a memorandum of understanding with the Gujarat government to develop 10,000 MW of renewable energy power projects across multiple sites in Gujarat.
UltraTech Cement: The company acquired a 26% stake in Amplus Ages for Rs 49 crore to meet green energy needs, and optimise energy costs.
H.G Infra Engineering: won the bid for a Rs 716 crore construction order from the Central Railway. The order involves the construction of a new 49.45-kilometer broad-gauge railway line between Dhule (Borvihir) to Nardana in Maharashtra.
Life Insurance Corp: The insurer received two tax demand orders worth of Rs 3,529 crore from Mumbai tax authorities.
Mahindra and Mahindra: The company will invest Rs 630 crore in Mahindra Electric Automobile by subscribing to a rights issue.
Vedanta: Billionaire Anil Agarwal tried to assuage concerns over the company's debt burden by posting a message on social media that the company has a comfortable financial situation and has never defaulted on payments.
Container Corp: The company reported total volumes at 11.5 lakh TEU, up 6% YoY, and export-import volumes at 9.02 lakh TEU, up 8.3% YoY and domestic volumes at 2.48 lakh TEU, down 1.25% YoY.
Bajel Projects: The company received a letter of intent for the supply of plant and installation services for transmission lines from Tata Power for Rs 487.64 crore.
Capacite Infraprojects: The company raised Rs 200 crore via QIP, allocating 79.47 lakh shares to investors at Rs 251.65 apiece, a discount of 5% to the floor price.
Bank of Baroda: The Reserve Bank of India waived off a penalty worth Rs 5 crore.
Ugro Capital: The company reported assets under management at over Rs 8,300 crore, up 60% YoY, and gross loan origination at Rs 2,810 crore, up 50% YoY.
Strides Pharma Science: The company’s unit agreed to sell a 100% stake in Eris Pharma for €200,000.
Heranba Industries: The company’s unit has acquired a 2.33% stake in Mikusu India. The total holding remains at 33.83%.
HDFC Bank: The company’s shareholders approved the reappointment of Sashidhar Jagdishan as managing director and chief executive officer.
TARC: The company launched a 1.7 million sq ft luxury residential project 'TARC KAILASA' with a gross development value of Rs 4,000 crore.
GHCL Textiles: The company signed a memorandum of understanding with Tamil Nadu Government to invest Rs 535 crore.
Quess Corp: The company signed a memorandum of understanding with the Department of Gujarat Technical University to contribute to the forecast, development, and identification of programs to meet the skill requirement of the state.
Sansera Engineering: The company completed the transactions on strategic investment in MMRFIC Technology.
KPI Green Energy: The company’s unit received an order for 2 MW solar power plant from Sanwariya Processors for executing a solar power project. The projects are scheduled to be completed in the financial year 2024-25.
Shalby: The company’s division Shalby Academy, signed a memorandum of understanding with Kaushalya, The Skill University of the Gujarat Government, at Vibrant Gujarat Global Summit 2024.
Tata Metaliks and Tata Steel: The National Company Law Tribunal, Mumbai sanctioned the merger of Tata Metaliks with Tata Steel.
ICICI Lombard General Insurance: The company invested Rs 151 crore in Kotak Mahindra Bank.
Bhansali Engineering Polymers: The company received environmental clearance from the Rajasthan government for the expansion of ABS resin up to Rs 2 lakh TPA and saleable SAN Resin up to 25,000 TPA at the company’s Sirohi plant. The company now has all the Environmental approvals in place to achieve an overall 2,25,000 TPA capacity.
Paras Defence and Space Technologies: The company incorporated a new company named 'Mechtech Thermal'.
Droneacharya Aerial Innovations: The company was awarded a tender worth Rs 11.8 lakh by the Indian Defence System.
PCBL: The company incorporated a wholly owned subsidiary company, namely, Advaya Chemical Industries with an initial paid-up share capital of Rs. 5 crores.
Karnataka Bank: The private lender opened its 915th Branch with a Mini e-Lobby at Ayodhya.
IPO Offerings
Jyoti CNC Automation: The public issue was subscribed 38.53 times on day 3. The bids were led by institutional investors (44.13 times), non-institutional investors (36.48 times),retail investors (26.17 times) and reserved for employees (12.47 times).
Bulk Deals
Samhi Hotels: Abu Dhabi Investment Authority bought 50 lakh shares (2.29%) while Sarvara Investment Fund sold 50 lakh shares (2.29%) at Rs 185 apiece.
Bharat Wire Ropes: Destinations Int EQ Fund A Series of Brinker Capital Destinations Trust bought 4.15 lakh shares (0.61%) and NHIT Global Emerging Markets Equity Trust bought 3.7 lakh shares (0.54%) at Rs 382.95 apiece.
Polycab India: Small Cap World Fund Inc sold 8.51 lakh shares (0.56%) at Rs 3,955.87 apiece.
Pledge Share Details
Emami: Promoter Suraj Finvest created a pledge for 7.5 lakh shares on Jan. 9. and revoked a pledge for 3.5 lakh shares on Jan. 5. Promoter Diwakar Finvest revoked a pledge for 4.45 lakh shares on Jan. 5 and revoked a pledge for 3.5 lakh shares on Jan. 9.
Jindal Steel and Power: Promoter Siddeshwari Tradex revoked a pledge for 17.92 lakh shares on Jan. 10.
Who’s Meeting Whom
Aegis Logistics: To meet analysts and investors on Jan. 16.
Equitas Small Finance Bank: To meet analysts and investors on Jan. 25.
Vascon Engineers: To meet analysts and investors on Jan. 16.
Shriram Finance: To meet analysts and investors on Jan. 16.
Bank of Maharashtra: To meet analysts and investors on Jan. 16.
Skipper: To meet analysts and investors on Jan 16.
Shoppers Stop: To meet analysts and investors on Jan. 19.
Trading Tweaks
Price band revised from 20% to 10%: Kamdhenu, Network18 Media and Investments, TARC.
Price band revised from 10% to 5%: AGS Transact Technologies.
Price band revised from 5% to 20%: Sundaram Clayton.
Ex/record bonus issue: Newgen Software Technologies.
Ex/record rights issue: Skipper.
Moved into short-term ASM framework: AstraZeneca Pharma, Century Textiles and Industries, Chaman Metallics, Dish TV India, Network18 Media and Investments, Olectra Greentech.
F&O Cues
Nifty January futures down by 0.14% to 21,678.45 at a premium of 31.20 points.
Nifty January futures open interest up by 2%.
Nifty Bank January futures down by 0.07% to 47,573.7 at a premium of 135.35 points.
Nifty Bank January futures open interest up by 4.1%.
Nifty Options Jan 18 Expiry: Maximum Call open interest at 21,700 and Maximum Put open interest at 21,000.
Bank Nifty Options Jan 17 Expiry: Maximum Call Open Interest at 47,500 and Maximum Put open interest at 45,000.
Money Market Update
The Indian rupee closed at 83.03 against the U.S. dollar on Thursday.
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