Market today: Investors on buy-on-dip mode; DIIs net bought for Rs5500 crore

Kochi: Everyone is hoping that Finance Minister Nirmala Sitharaman will meet the needs of the common man reeling under rising prices in the second full budget of the second Modi government to be presented tomorrow. India's GDP growth in the current financial year is estimated to decelerate to 7 percent from 8.7 percent last year, and the government needs to take steps to boost the economy. Experts argue that it cannot be done by forgetting the common man. The Economic Survey 2022-23 will be tabled in both the Houses in the budget session starting today. Central Budget will be presented tomorrow.

Although the stock market gained yesterday, the Adani group of companies fell after the Hindenburg report came out last Wednesday. Since then, shares of Adani Total Gas fell 39.57 percent, Adani Transmission 37.95 percent, Adani Green Energy 37.93 percent, Ambuja Cements 22.28 percent and Adani Ports 21.55 percent. During these three days, shares of ACC fell by 18.47 percent. Adani Enterprises fell 16.38 percent, Adani Wilmar 14.25 percent, Adani Power 14.24 percent and NDTV 14.22 percent.

In short, Adani Group companies have lost Rs 5.56 lakh crore in market value in four sessions till yesterday.

Yesterday, the Sensex rose 169.51 points to close at 59,500.41 and the Nifty gained 44.60 points to close at 17,648.95. Nifty Bank gained 42.15 points to 40,387.45.

Singapore SGX Nifty is trading 58.50 points higher at 7.15 am today.

Today Coal India, Power Grid Corporation of India, Sun Pharmaceutical, UPL, ACC, BASF India, Blue Star, Edelweiss Financial Services, Great Eastern Shipping, Godrej, Indian Hotels, Indian Oil, Jindal Steel and Power, KEC International, KPIT Technologies, Max Financial Services, Railtel, Spandana Sphurti Financial, Star Health and TTK Prestige are coming out with their quarterly results.

Kerala Companies

Among Kerala-based companies, Cochin Shipyard, Dhanalakshmi Bank, Federal Bank, Geojit, Kerala Chemicals, Kims, Muthoot Finance, South Indian Bank, V Guard and Wonder La were in the green yesterday. However, Aster DM, CSB Bank, FACT, Jyoti Lab, Kalyan Jewellers, Kitex, Manappuram and Muthoot Capital ended in losses.

Realty companies Shobha and Puravankara and PNC Infra also profited.

F II/DII

According to NSE data, on Monday (January 30), domestic investment firms bought for Rs 5,512.63 crore, while foreign investment firms sold more by Rs -6,792.80 crore.

World market

Asian markets have started in losses today. Taiwan (-59.70), Japan Nikkei (-46.16), Jakarta Composite (-26.50), Hong Kong Hang Seng (-619.17) and South Korea Kospi (-7.12) all continued to lose. However, China Shanghai (4.51) is now slightly ahead.

Yesterday in the US, the Dow Jones fell by -260.99 points, the S&P 500 by -52.79 points and the Nasdaq by -227.89 points.

Europe also ended with a slight loss yesterday; Frankfurt DAX (-23.95) and Paris Euronext (-15.20) were slightly lower, while London Footsea (+19.72) ended with gains.

Stocks to watch

IIFL Finance's (per share price: Rs 470.00) net profit rose 37 per cent to Rs 423 crore in the three months to December. Total revenue rose 30 percent to Rs 1,339.4 crore in the third quarter of the current fiscal.

Punjab National Bank's (share price: Rs 50.70) net profit fell 44 per cent to Rs 629 crore in the third quarter ended December due to higher provisions for bad loans.

Abu Dhabi's International Holding Company invests $400 million in Adani Enterprises (per share: Rs 2892.85)

GAIL India's (share price: Rs 94.95) net profit fell 90 per cent to Rs 397.59 crore in the December quarter on losses in its petrochemical and natural gas marketing businesses. It was Rs 3,800.09 crore during the same period a year ago.

Bajaj Finserv (share price: Rs 1,343.85) reported a 42 per cent jump in net profit to Rs 1,782 crore for the quarter ended December 2022 on high double-digit revenue growth.

Fifth-largest IT services company Tech Mahindra (share price: Rs 1,036.10) on Monday reported a 5.3 per cent drop in net profit to Rs 1,296.6 crore in the December quarter.

Japanese automaker Suzuki Motor Corporation has announced that its subsidiary Maruti Suzuki India (per share price: Rs 8817.00) has crossed 2.5 crore domestic sales earlier this month.

CSB Bank's (share price: Rs 243.35) net profit for the December quarter grew by just 5 per cent to Rs 156 crore. With a 51 per cent jump in gold loans, total advances rose 26 per cent to Rs 18,456.70 crore while deposits rose 19 per cent to Rs 22,664 crore.

LIC (price per share: Rs 656.50) said it has a stake of Rs 36,474.78 crore in the Adani Group, comprising debt and equity, which is less than 1 per cent of its total investment. LIC's total assets under management as of September 2022 are Rs 41.66 lakh crore.

Engineering and construction company Larsen & Toubro (price per share: Rs 2,112.90) reported a 24.2 per cent rise in consolidated net profit to Rs 2,552.92 crore for the quarter ended December 31, 2022.

Sun Pharmaceuticals (share price: Rs 1051.70) on Monday said it has acquired three anti-inflammatory brands from Mumbai-based Axigen Hospitalcare. The total market in India for these drugs for healing, pain and swelling is around Rs 500 crore.

Gold 22 carat, 1 gram (Kochi) = Rs 5,265 (+Rs 0)

US Dollar = Rs 81.52 (-7 paise).

Brent crude (per barrel) was at $85.59 (+0.81%)

Bit Coin = 19,57,899 Rs.

The dollar index, which measures the greenback's strength against a group of six currencies, rose 0.03 percent to 102.00.