SGX Nifty is up by 27.5 points in the early morning trade, indicating a positive opening for Indian stock market.
Asian shares started cautiously on Monday in a week that is certain to see interest rates rise in Europe and the United States, along with US jobs and wage data that may influence how much further they still have to go. The Japanese Nikkei is up by 0.27 percent. Hong Kong’s Hang Seng is down by 0.78 percent and South Korea’s Kospi is down by 0.79 percent in early morning deals.
Wall Street advanced on Friday, marking the end of an rocky week in which economic data and corporate earnings guidance hinted at softening demand but also economic resiliency ahead of next week’s Federal Reserve monetary policy meeting. The S&P 500 gained 1.1 percent and Nasdaq Composite added 1.76 percent respectively.
👉Bajaj Finance has clocked a 40% year-on-year growth in consolidated net profit at Rs 2,973 crore for December FY23 quarter with loan losses and provisions falling 20% YoY to Rs 841 crore for the quarter. Net interest income for Q3FY23 increased by 24% YoY to Rs 7,435 crore and assets under management (AUM) grew by 27% YoY to Rs 2.3 lakh crore as of December FY23.
👉Vedanta has reported a 42.3% year-on-year fall in consolidated profit at Rs 3,091 crore for quarter ended December FY23, hit by weak operating performance and muted topline growth. It has higher input cost, power & fuel expenses, and finance cost for the quarter YoY.
👉NTPC has recorded a 5.4% year-on-year growth in standalone profit at Rs 4,476 crore impacted by lower operating margin performance. Revenue grew by 37% YoY to Rs 41,411 crore compared to year-ago period. At the operating level, EBITDA jumped 36% to Rs 13,239 crore, but margin fell by 15 bps to 31.97% YoY, for the quarter.
👉Aditya Birla Sun Life AMC has reported a 11% decline in consolidated profit at Rs 166.3 crore for quarter ended December FY23 despite higher other income and lower tax cost, impacted by fall in topline growth. Revenue from operations fell 6% to Rs 314 crore compared to year-ago period.
👉Foreign institutional investors (FII) on January 27 net sold shares worth Rs 5,977.86 crore, the highest outflow in a single day since April 18, 2022, whereas domestic institutional investors (DII) net bought shares worth Rs 4,252.33 crore, as per provisional NSE data
Domestic and International Events
- In a move to benefit mutual fund investors, all asset management companies (AMCs) in India will move to T+2 — shorthand for “trade date plus two days” — redemption payment cycle for equity schemes from February.
- Foreign investors have pulled out a net of over Rs 17,000 crore this month so far due to the attractiveness of the Chinese markets and the cautious stance adopted by them ahead of the Union Budget and US Federal Reserve meeting. The outflow in January came after a net inflow of Rs 11,119 crore in December and Rs 36,239 crore in November.
- The dollar firmed on Monday and distanced itself from an eight-month trough ahead of a slew of central bank meetings this week, including the Federal Reserve’s, with traders keenly focused on guidance for the path of interest rate rises.
- The US dollar index , which measures the greenback against a basket of currencies, rose 0.03 percent to 101.92, edging away from last week’s eight-month low of 101.50.
Key Equity Indices
|Hang Seng||22,689||0.5 %|
|Shanghai Composite||3,265||0.8 %|
|Dow Jones||33,978||0.1 %|
|FTSE 100||7,765||0.1 %|
|Straits Times||3,394||0.5 %|