Stock Market LIVE Updates: Sensex falls 200 pts, Nifty below 18,100; Tata Motors rallies 4%, TCS drops 2%

Indian shares were lower in early trades on Tuesday, tracking other Asian stocks after hawkish comments from Federal Reserve officials against inflation.

IT stocks led losses on the benchmark indexes with IT major Tata Consultancy Services (TCS) falling 2.5% after it reported third-quarter profit that missed estimates. TCS and Infosys , declining 1.3%, were the top losers on the Nifty 50 index.

While Federal Reserve Chair Jerome Powell is expected to say more time is needed to show inflation is under control, markets will wait to see inflation levels at home and in the U.S., making them key to determine rate expectations.

If U.S. consumer price data confirms cooling seen in the most recent monthly jobs report, Atlanta Fed Bank President Bostic said he would have to take a quarter point increase “more seriously and to move in that direction”.

Meanwhile, India’s retail inflation held steady in December, staying within the Reserve Bank of India’s comfort zone for a second month, a Reuters poll of economists found. The data is due on Thursday.

In other Asian equities, the MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.29%.

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The board of directors of Shriram Asset Management Company Ltd. on Monday has approved the appointment of Kartik Jain as its new MD and CEO. The appointment is subject to regulatory and shareholder approvals.

Price as on 10 Jan, 2023 10:32 AM, Click on company names for their live prices.

Multiplex operator PVR aims to operate 1,000 screens by the end of FY24, by adding 100 more screens in the next 15 months, the company’s Joint Managing Director Sanjeev Kumar Bijli said. The company, which on Monday achieved the milestone of 900 screens, would invest around Rs 300 crore to add another 100 screens, Bijli said.

Price as on 10 Jan, 2023 10:20 AM, Click on company names for their live prices.

Tata Motors logs biggest single-day gain since Aug 2022 after Jaguar Land Rover on Monday reported a 15% increase in wholesales to 79,591 units for the third quarter ended December 31, 2022. Retail sales for the third quarter stood at 84,827 units, up 5.9% compared to the same quarter a year ago, the company said in a regulatory filing.

Price as on 10 Jan, 2023 10:07 AM, Click on company names for their live prices.

Market live updates: Sensex falls over 450 pts

TCS worst laggard in IT pack; check out other losers

Price as on 10 Jan, 2023 09:54 AM, Click on company names for their live prices.

Nifty outlook by Anand James – Chief Market Strategist at Geojit Financial Services.

Despite the volatility yesterday, the close above the 18,070 region has retained upside hopes, but with modesty targets of 18,240-320. Meanwhile, an early inability to float above the 18,040/18,000 region today, could initiate a breakdown towards 17,800.

Glenmark Pharmaceuticals launches Bumetanide Injection Usp

Price as on 10 Jan, 2023 09:32 AM, Click on company names for their live prices.

After the positive market news of last Friday the market would be keenly watching the Powell Speech today and the CPI data to be released tomorrow. Powell is unlikely to depart from the Fed’s hawkish stance but if the CPI data of Wednesday confirms the declining trend in inflation, the market will get ahead of the Fed and will start pricing in a terminal rate below 5% and possible rate cuts by end 2023. On the other hand, if inflation continues to remain high, there can be a sell-off in the market discounting higher rates and a hard landing for the US economy. So, investors may wait for these crucial inputs before taking a call on near-term market trends. TCS results indicate continuing growth for the IT industry with slightly weakening deal wins. Results of Infy and HCL Tech due this week will throw more light on the short-term prospects of the industry.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Cyient DLM, a subsidiary of Cyient files draft red herring prospectus (DRHP) with SEBI in relation to its proposed IPO.

Price as on 10 Jan, 2023 09:27 AM, Click on company names for their live prices.

Tata Consultancy Services (TCS) reported 11% on-year growth in net profit for the third quarter of the financial year. An ET poll of analysts had expected the Mumbai-headquartered company’s profits to expand by 12.5%. The company also saw a reduction in its total workforce for the first time in ten quarters as it slowed down fresh hiring.

Price as on 10 Jan, 2023 09:25 AM, Click on company names for their live prices.

Top movers in opening trade

Price as on 10 Jan, 2023 09:24 AM, Click on company names for their live prices.

Rupee opens up 0.12% at 82.2700 per U.S. dollar; previous close 82.3600

Opening Bell: Sensex falls 150 pts, Nifty below 18,100; Tata Motors rallies 4%, TCS drops 2%

Pre-open session: Sensex rises 50 points; Nifty above 18,120

Asia shares dip on hawkish Fed remarks

Asian shares fell on Tuesday following hawkish comments from two U.S. Federal Reserve officials overnight with investors turning cautious ahead of key inflation data, while China’s reopening after COVID-19 restrictions pushed commodities higher. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.02% in early trade.

Oil steady as clarity on Fed rate hike awaited

Oil prices were little changed on Tuesday, giving up some of the gains from the previous session, as traders awaited clarity on the Federal Reserve’s plans for rate hikes to gauge the impact on the economy and fuel demand.

Quarterly earnings today

14 companies will release earnings for the quarter ended December. BnK Capital Markets, Excel Realty N Infra, Prerna Infrabuild among the ones to release numbers.

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 23 points, or 0.13 per cent, lower at 18,150, signaling that Dalal Street was headed for a negative start on Tuesday.

Tech View: Nifty forms long bull candle on daily charts

Indicating further uptrend from current levels, the domestic headline equity index Nifty on Monday formed a long bull candle on the daily charts and negated the lower high formation of the last three sessions.

S&P 500 near flat as investors weigh chances of less aggressive rate hikes

The S&P 500 index erased early gains to close nearly flat on Monday as expectations that the Federal Reserve will become less aggressive with its interest rate hikes were offset by lingering worries about inflation.

Rupee gains 31 paise to 82.35 against US dollar

The rupee gained 31 paise to close at 82.35 against the US dollar on Monday, supported by a weaker greenback overseas and a firm trend in domestic equities.

Sensex, Nifty on Monday

The BSE Sensex ended at 60,747, up 846.94 points or 1.41% while Nifty50 settled the day 242 points or 1.35% higher at 18,101.20. Today’s rally left Dalal Street investors richer by Rs 3 lakh crore as the market capitalisation of all BSE-listed stocks rose to Rs 282.79 lakh crore.

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