Most of the major sectoral indexes logged losses. Twenty-five of the Nifty 50 constituents fell, with information technology stocks declining ahead of the third quarter earnings season, set to begin on Monday.
Wall Street equities closed lower overnight after data showed private employers hired more workers than expected in December, suggesting strength in the labour market. The resilience could allow the Fed to boost its target interest rate above the 5.1% peak projected earlier.
Asian markets shrugged off rate worries on Friday, with the MSCI Asia ex Japan rising 0.77%.
Adding to losses in Indian equities is the rebound in oil prices, which rose over 1% on lower fuel inventories in the U.S.
Higher oil prices are a negative for oil-importing countries like India, where crude constitutes the bulk of the country’s import bill.
Among individual stocks, Sobha rose over 2% after the company posted its best-ever sales in the third quarter, according to its business update.
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Earnings Preview by Kotak Institutional Equities
December 2022 quarter earnings preview. We expect net income of the KIE universe to increase 1% yoy and 11% qoq in 3QFY23. Excluding metals & mining sector, net income of the coverage universe is expected to increase 14% yoy and 11% qoq. We expect net income of (1) automobiles (margin expansion of OEMs owing to low commodity prices and better product mix offsetting weak volume growth) and (2) banks (strong loan growth, stable NIMs and a steady decline in loan-loss provisions) to increase sharply on a yoy basis but net income of (1) downstream oil companies (continued auto fuel under-recovery) and (2) metals & mining (lower commodity prices, weak realization) to decline sharply on a yoy basis. We expect single-digit yoy growth in net income for (1) capital goods (strong order books), (2) consumer staples (modest volume growth offsetting improvement in gross margin) and (3) IT services (muted c/c revenue growth). We expect 3QFY23 net profits of the BSE-30 Index to increase 9% yoy and 6% qoq and for the Nifty-50 Index to increase 11% yoy and 9% qoq.
Satin Creditcare Network approved issuance of non-convertible debentures worth Rs 25 crore.
Price as on 06 Jan, 2023 11:41 AM, Click on company names for their live prices.
State-owned energy giant NTPC Ltd. crossed the 300 billion units (BU) mark of electricity generated as of today. The PSU accounts for one-fourth of the electricity supplied in the country. As of 5 January, NTPC had recorded a PLF (plant load factor or capacity utilisation) of 73.7%, compared to 68.5% a year ago, and against the overall all-India PLF of 63.2%, the company said in a statement. NTPC’s captive coal production remained at 14.6 MMT in the said period, up 51% year-on-year.
Price as on 06 Jan, 2023 11:09 AM, Click on company names for their live prices.
Gujarat Gas stock in focus
#StocksInNews | Gujarat Gas in focus! Dealers indicate that larger players are also contemplating similar price cut… https://t.co/O7iwkWcfAI
— ET NOW (@ETNOWlive) 1672982666000
Kewal Kiran Clothing: The company, which runs the fashion brand Killer, has entered a strategic partnership Board of Control for Cricket in India to become an official partner of the Indian cricket team.
Price as on 06 Jan, 2023 10:59 AM, Click on company names for their live prices.
JPMorgan prefers Tata Steel, and SAIL from the steel sector while it prefers Hindalco, Vedanta and Nalco from the base metals space. “China reopening should still be the key driver in the near term for the metal sector. The global investment bank prefers steel business over base metals, and over Coal,” said the brokerage.
Price as on 06 Jan, 2023 10:52 AM, Click on company names for their live prices.
RHI Magnesita: The board approved acquiring Dalmia OCL from Dalmia Bharat Refractories in a share swap, where the company will allot 2.7 crore shares at issue price of Rs 632.50 apiece to DBRL in exchange for its 8.25 crore shares.
Price as on 06 Jan, 2023 10:44 AM, Click on company names for their live prices.
Market LIVE Updates: Sensex sheds over 200 points
These stocks are the top gainers in today’s morning session
Price as on 06 Jan, 2023 10:38 AM, Click on company names for their live prices.
Vodafone Idea (Vi) has dialled a host of lenders — State Bank of India, Punjab National Bank, HDFC Bank and IDFC First, among others — to line up loans aggregating upward of Rs 7,000 crore. The bulk of the loans will be used to clear a portion of its dues to Indus Towers, three people aware of the matter said.
Price as on 06 Jan, 2023 10:12 AM, Click…
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