Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities
Benchmarks failed to end on a bullish note amidst the Adani-Hindenburg rout. It was a muted session overall as the street struggled to come out of the Adani crisis as Adani Green Energy, Adani Transmission and Adani Total Gas hit their respective 52-week lows on the BSE in Friday's intra-day trade.
Technically, bullishness could be seen as long as Nifty holds above its make-or-break support at 17,551 mark. The immediate goalpost for the index is seen at 18,000 mark and then aggressive targets at the psychological 18,300 mark. For Nifty to bounce hard, BankNifty needs to outperform.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty fell marginally on Feb 10 after a two day rise due to weak global cues. At close, Nifty was down 0.21% or 36.9 points at 17856.5. Volumes on the NSE have again fallen post the reduction in newsflow. Broad market indices ended in the positive even as advance decline ratio ended at 1.08:1.
Global markets were mostly lower as investors fretted about the potential for further Federal Reserve tightening and the effect on the economy.
Nifty witnessed a small 74 point high low range on Friday which is the lowest since Dec 14, 2022 likely due to reduction of volatility.
On a weekly basis, the Nifty ended just 0.01% higher – essentially flat, after a week of gain. It also made a lower top, higher bottom compared to the previous week. This narrowing of range over daily and weekly time frame could portend higher moves/breakout in Nifty on either side. Till then, Nifty could remain in the 17651 – 18061 band in the near term.
Rupak De, Senior Technical Analyst at LKP Securities
The index remained volatile within a small range as the benchmark index remained within the bands of 17,650 and 17,950. During the week, the Nifty closed above the 14DMA, suggesting a near-term bullish trend. Besides, the index ended the week above 17,800, which again points towards a strong weekly close.
The momentum indicator RSI is in bullish crossover and rising. On the higher end, resistance is visible at 17,950-18,000; a sustained basis breakout above 18,000 may open the gate for 18,350-18,400. On the other hand, failure to move beyond 18,000 may attract selling pressure in the market.
Joseph Thomas, Head of Research, Emkay Wealth Management
The equity markets continued in the corrective mode after the Fed and the RBI announced further hike in the base rate. What was surprising was the firmer tone of both the central banks regarding inflation containment, as both sounded quite determined to hike rates again if data points favor the same.
The corrective downward movements would render the domestic markets less expensive in terms of valuations, and greater participation is expected of investors through graduated investments in the coming months.
The trajectory of the US Dollar especially the Dollar Index is being tracked by investors and analysts alike to deduce the prospects for local currencies as it is crucial for overseas investors.
Amol Athawale, Deputy Vice President - Technical Analyst, Kotak Securities
Technically, last week, the index took the support near 17,650 and reversed but it failed to close above 17,900, the important resistance mark. Currently, the Nifty is consolidating near the 20-day SMA and it also formed inside the body candle on weekly charts.
For the traders now, 17,900 would be the immediate breakout level to watch out, above the same the index could move up to 18,200. On the flip side, fresh selloff is possible only after the dismissal of 17,750. Below the same selling pressure is likely to accelerate and the index could slip till 17,650-17,500.
Alert | Moody's moves Adani Green outlook to negative from stable
Vinod Nair, Head of Research at Geojit Financial Services
Domestic indices lost ground following the global rout as investors speculated over the prospects of further policy tightening.
Worries of a looming recession escalated as the President of Richmond Fed added to the hawkish comments by the Fed speakers.
The announcement by MSCI to reduce the weighting of four Adani Group companies further hurt sentiments at home.
Shrikant Chouhan, Head of Equity research (retail), Kotak Securities
During this week, the benchmark BSE-30 and Nifty-50 were almost flat. However, the BSE Midcap and BSE Small-cap index saw positive gains during the week.
Sector-wise, BSE Metal and BSE Power index witnessed sharp correction, whereas BSE Healthcare, BSE IT, BSE capital goods, and BSE Realty reported gains this week.
FPI flows in India remained negative. Q3FY23 earnings of Nifty-50 stocks reported so far have been broadly on expected lines.
RBI monetary policy committee raised the repo rate by 25 bps and remained concerned about core inflation.
International oil prices rose this week with Brent Crude now trading close to $86-87 per barrel. As the Q3FY23 result season comes towards an end, the investor focus will now shift towards domestic and global macro factors.”
Kunal Shah, Senior Technical Analyst at LKP Securities:
The Bank Nifty index on the daily chart continued to consolidate between the 41,200-41,800 zone. The undertone remains bullish as long as the index holds the support of 41,200 and one should keep a buy-on-dip approach.
If it breaks 41,800 on the upside, will witness a sharp short covering on the upside towards the 43,000 level.
Rupee Close:
Indian rupee closed flat at 82.50 per dollar against previous close of 82.51
Market Close
Benchmark indices ended lower in the volatile session on February 10 with Nifty around 17,850.
At Close, the Sensex was down 123.52 points or 0.20% at 60,682.70, and the Nifty was down 37 points or 0.21% at 17,856.50. About 1821 shares have advanced, 1547 shares declined, and 148 shares are unchanged.
Adani Enterprises, HCL Technologies, Hindalco Industries, Tata Steel and Coal India were among the biggest losers on the Nifty, while gainers included Tata Motors, UPL, Cipla, Hero MotoCorp and L&T.
Among sectors, power index down 0.8 percent, metal index fell 1.5 percent each, while realty index added 1.5 percent.
The BSE midcap index ended flat, while smallcap index rose 0.4 percent.
Citi On Page Industries
-Buy rating, target cut to Rs 47,000 from Rs 56,000 per share
-Revenue missed estimates by 5% led by 11% YoY volume decline
-Major disappointment was on EBITDA & net profit
-Management attributed high-cost inventory & lower absorption of overheads for margin contraction
| Company | Offer Qty | CMP Chg(%) | Today Vol 20D Avg Vol |
|---|---|---|---|
| Adani Trans | 363238.00 | 1186.65 -5 | 73582 1242947.05 |
| Adani Total Gas | 1519098.00 | 1255.40 -5 | 48443 718670.55 |
| Adani Green Ene | 724096.00 | 724.25 -5 | 2040131 4484731.70 |
| Adani Power | 4578531.00 | 164.20 -4.98 | 1936680 9747811.80 |
| PC Jeweller | 4875893.00 | 33.55 -4.96 | 111463 513276.50 |
| 21st Cen Mgt | 7966.00 | 20.35 -1.93 | 6112 8774.25 |
Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas
The sanction hit Russia plans to cut output by 0.5mbpd from March, which popped up crude oil prices to trade at two weeks highs during the European trading session on Friday with WTI March breaching resistance of $80 to move 2.5% for the day.
Elsewhere the global market is under pressure of the renewed rate hike fear amid expected higher inflation ahead, which are likely to keep policymakers hawkish.
The factory gate inflation in China contracted in January. Overall market crude oil market remains in surplus but talks of output cuts from OPEC+ could tighten the strings. Chinese patchy recovery has hurt oil prices over two weeks.
We expect oil prices remains choppy in absence of real demand. Oil prices could pull back from testing the resistance of $81 we advise trade to short the rally as we see prices moderating towards $78-$76.
Shoppers Stop in strategic distribution partnership agreement with Shiseido Company
Shiseido Company has announced the launch of its global makeup brand NARS Cosmetics in India through a strategic distribution partnership agreement with Global SS Beauty Brands Limited, a subsidiary of Shoppers Stop.
Shoppers Stop was quoting at Rs 674.45, up Rs 8.85, or 1.33 percent on the BSE.
Oil prices jump more than 2%
Oil prices jumped more than 2% on Friday, heading for weekly gains, as Russia announced plans to reduce oil production next month after the West imposed price caps on the country's oil and oil products.
Brent crude futures rose $2.17, or 2.57%, to $86.67 a barrel by 0900 GMT. U.S. West Texas Intermediate (WTI) crude futures were up $2.01, or 2.57%, at $80.07.
Both contracts were on course for wekly gains above 8%.
Market at 3 PM
Benchmark indices were trading lower with Nifty hovering around 17850.
The Sensex was down 112.89 points or 0.19% at 60693.33, and the Nifty was down 36.90 points or 0.21% at 17856.60. About 1696 shares have advanced, 1512 shares declined, and 134 shares are unchanged.
Gokaldas Exports Q3 Earnings:
Gokaldas Exports has posted 34.9 percent jump in its Q3 net profit at Rs 40.6 crore against Rs 30.1 crore and revenue was down at Rs 518.8 crore versus Rs 520.6 crore, YoY.
Gokaldas Exports was quoting at Rs 369.15, up Rs 5.20, or 1.43 percent.
VST Tillers Tractors Q3 results:
VST Tillers Tractors has posted 7.6 percent fall in Q3 net Profit at Rs 19.4 crore versus Rs 21.0 crore and revenue was up 2.5% at Rs 213.7 crore versus Rs 208.4 crore, YoY.
VST Tillers Tractors was quoting at Rs 2,315.00, down Rs 20.65, or 0.88 percent on the BSE.
Buzzing
United Breweries has posted loss of Rs 2.1 crore for December FY23 quarter, against profit of Rs 90.56 crore in same period last year, impacted by weak operating performance and exceptional loss of Rs 33.12 crore.
Revenue for the quarter at Rs 1,611 crore grew by 1.9% over a year-ago period. On the operating front, EBITDA fell 54% YoY to Rs 76.65 crore and margin plunged 623 bps to 4.75% in the same period. Numbers missed analysts' expectations.
Yen surges as Kazuo Ueda set to be nominated BOJ governor
The yen strengthened broadly on Friday after the Nikkei reported that the Japanese government was set to appoint Kazuo Ueda as the central bank's next governor.
The dollar sunk as much as 1.2% to 129.8 yen. It was last down 0.9% to 130.365 yen.
The euro and sterling both fell 0.9% to 140.01 yen and 158.16 yen, respectively. The Australian dollar slipped 0.7%.
GAIL signs advance pricing contract with CBDT for LNG sourcing
GAIL (India) and the Central Board of Direct Taxes (CBDT) today entered into a landmark advance pricing agreement (ArA) for determining the transfer pricing margin payable on its long-term LNG sourcing contract from USA for the period of five years.
GAIL India was quoting at Rs 95.45, down Rs 0.40, or 0.42 percent.
| Company | CMP Chg(%) | Today Vol 5D Avg Vol | Vol Chg(%) |
|---|---|---|---|
| Kotak IT ETF | 31.99 -0.09% | 4.20m 81,843.80 | 5,027.00 |
| Muthoot Cap | 305.10 14.33% | 519.55k 16,370.80 | 3,074.00 |
| Five-Star Busin | 601.00 2.03% | 1.17m 42,078.60 | 2,681.00 |
| Asian Hotels | 78.60 -0.51% | 52.50k 2,131.80 | 2,363.00 |
| Aarti Surfactan | 570.90 10.3% | 308.03k 17,440.60 | 1,666.00 |
| SDL24BEES | 110.85 -0.05% | 22.59k 1,397.20 | 1,517.00 |
| Geekay Wires | 110.30 15.38% | 1.68m 115,258.20 | 1,358.00 |
| SJS Enterprises | 428.95 -7.7% | 302.65k 21,381.80 | 1,315.00 |
| Vardhman Poly | 23.50 19.9% | 236.77k 17,549.80 | 1,249.00 |
| DIC India | 395.15 3.69% | 13.19k 1,003.00 | 1,215.00 |
Rupee Updates
Indian rupee is trading marginally higher at 82.42 per dollar against previous close of 82.51.
Dredging Corporation India Q3:
Dredging Corporation India has posted 52.6 percent fall in its Q3 net profit at Rs 13.8 crore versus Rs 29.1 crore and revenue was up 54.7% at Rs 371.3 crore versus Rs 240 crore, YoY.
Gold faces second weekly drop on Fed rate-hike jitters
Gold prices edged lower on Friday and were set for a second straight weekly drop, as investors remained wary of impending interest rate hikes by the U.S. Federal Reserve to tame high inflation.
Although gold is seen as an inflation hedge, higher rates tend to dull the appeal of bullion, which pays no interest.
Spot gold was down 0.1% at $1,859.80 per ounce, as of 0704 GMT, hitting its lowest level since Jan. 6 earlier in the session.
For the week so far, the metal was down 0.3%.
U.S. gold futures fell 0.4% to $1,858.30.
Kirloskar Brothers Q3
- Net profit at Rs 89.2 crore against Rs 20 crore (YoY)
- Revenue was up 32% at Rs 957.5 crore against Rs 725.3 crore (YoY)
- EBITDA at Rs 149.3 crore against Rs 43.2 crore (YoY)
- Margin at 15.6% against 6% (YoY)
European Markets Updates
Russia Plans to Cut March Oil Output By 500,000 Barrels a Day, Novak Says
Russia plans to cut its March oil production voluntarily by 500,000 barrels a day in response to the western price caps, said Deputy Prime Minister Alexander Novak.
“Russia believes that the mechanism of price caps on Russian oil and petroleum products is an intervention in market relations and an extension of destructive energy policies of the collective West,” Novak said in a statement on Friday. The March production cuts will ensure a “recovery in market relations.”
Kopran Q3
- Net profit declined 65.5% at Rs 6.9 crore against Rs 20 crore (YoY)
- Revenue was up 19.9% at Rs 158 crore against Rs 131.8 crore (YoY)
- EBITDA fell 54.8% at Rs 12.3 crore against Rs 27.2 crore (YoY)
- Margin at 7.8% against 20.6% (YoY)
The stock was trading at Rs 122.75, up Rs 0.05, or 0.04 percent on BSE. It has touched an intraday high of Rs 128.35 and an intraday low of Rs 119.70. The scrip was trading with volumes of 17,167 shares, compared to its five day average of 10,426 shares, an increase of 64.66 percent.
RateGain Travel Technologies Q3
- Net profit was up 1.5% at Rs 13.2 crore against Rs 13 crore (QoQ)
- Revenue rose 10.9% at Rs 138.2 crore against Rs 124.6 crore (QoQ)
- EBITDA jumped 29.5% at Rs 22.8 crore against Rs 17.6 crore (QoQ)
- Margin at 16.5% against 14.1% (QoQ)
West Coast Paper Q3
- Net profit at Rs 263.7 crore against Rs 78 crore (YoY)
- Revenue jumped 42.1% at Rs 1,239 crore against Rs 872.2 crore (YoY)
- EBITDA at Rs 461.2 crore against Rs 160.3 crore (YoY)
- EBITDA margin at 37.2% against 18.4% (YoY)
Abbott India Q3
- Net profit grew 24% at Rs 246.8 crore against Rs 199 crore (YoY)
- Revenue was up 8.3% at Rs 1,326.5 crore against Rs 1,224.4 crore (YoY)
- EBITDA rose 17.7% at Rs 316.5 crore against Rs 269 crore (YoY)
- Margin at 23.9% against 22% (YoY)
BEML Q3
- Net profit was down 15.5% at Rs 66.3 crore against Rs 78.5 crore (YoY)
- Revenue fell 11.7% at Rs 1,037 crore against Rs 1,174.5 crore (YoY)
- EBITDA slipped 20.8% at Rs 91.6 crore against Rs 115.6 crore (YoY)
- Margin at 8.8% against 9.8% (YoY)
Market update at 2 PM
Sensex is down 156.38 points or 0.26% at 60649.84, and the Nifty shed 44.50 points or 0.25% at 17849.
Satia Industries Q3:
Satia Industries has posted net profit at Rs64.8 crore versus Rs 28.9 crore and revenue was up at Rs 486.8 crore versus Rs 216.3 crore, YoY.
| Company | 52-Week Low | Day’s Low | CMP |
|---|---|---|---|
| Scanpoint Geo | 9.99 | 9.99 | 9.00 |
| Mohite Ind | 20.20 | 20.20 | 18.90 |
| UTL Industries | 1.88 | 1.88 | 1.67 |
| Apollo Finvest | 455.10 | 455.10 | 422.05 |
| Megasoft | 30.50 | 30.50 | 29.55 |
SML Isuzu Q3:
SML Isuzu has posted net loss of Rs 0.1 crore versus Rs 25.8 crore and revenue was up 31.4% at Rs 327.8 crore versus Rs 249.5 crore, YoY.
SML Isuzu was quoting at Rs 754.80, up Rs 13.55, or 1.83 percent.
Alkem Laboratories Q3 Results:
Alkem Laboratories has recorded 13.5 percent fall in its Q3 net profit at Rs 454.7 crore versus Rs 525.6 crore and revenue was up 16.1 percent at Rs 3,041 crore versus Rs 2,619 crore, YoY.
BSE realty index up 0.5 percent led by Mahindra Lifespace Developers, Indiabulls Real estate, prestige estates projects
| Company | CMP Chg(%) | Volume | Value(Rs cr) |
|---|---|---|---|
| Infosys | 1,608.00 -0.6 | 296.86k | 47.77 |
| UltraTechCement | 7,170.00 -0.07 | 39.65k | 28.41 |
| Reliance | 2,328.00 -1.16 | 96.96k | 22.61 |
| SBI | 553.55 0.53 | 275.99k | 15.29 |
| Bajaj Finserv | 1,400.65 0.01 | 99.33k | 14.00 |
Maruti Suzuki launches the All-new Tour S
Maruti Suzuki India announces the launch of the All-new Tour S – India’s Most Fuel-Efficient Entry-Level Sedan Taxi.
Now available with a sophisticated new design, plush and roomy interiors, and a spacious boot for enhanced practicality, the All-new Tour S will offer greater value for customers, company said.
The All-new Tour S in this modern avatar will further strengthen the Maruti Suzuki Commercial network with an Advanced 1.2L K-Series engine, enhanced safety, and convenience features, it added.
Astra Microwave Products Q3:
Astra Microwave Products has posted net profit at Rs 27.7 crore in the quarter ended December 2022 against Rs 11.4 crore in a year ago period.
Revenue of the company was up 8.8% at Rs 220.3 crore versus Rs 202.4 crore, YoY.
Dhanuka Agritech Q3 results:
Dhanuka Agritech has posted 8.5 percent increase in its Q3 net profit at Rs 46.1 crore versus Rs 42.5 crore and revenue was up 10.2% at Rs 393.4 crore versus Rs 356.9 crore, YoY.
Dhanuka Agritech was quoting at Rs 693.85, up Rs 5.70, or 0.83 percent on the BSE.
Market Updates:
TheSensex was down 221.23 points or 0.36% at 60584.99, and the Nifty was down 64.50 points or 0.36% at 17829.About 1767 shares have advanced, 1367 shares declined, and 146 shares are unchanged.
Reliance to invest Rs 75,000 crore in UP in 4 years
Billionaire Mukesh Ambani on Friday announced Rs 75,000 crore investment over the next four years in expanding the telecom network, including roll out of 5G services, retail and new energy business in Uttar Pradesh.
Speaking at the UP Investor Summit, he said his group's telecom arm Jio will roll out 5G services across the state by December 2023.
Also, the oil-to-telecom conglomerate will set up 10 GW of renewable capacity and start a bio-energy business in the state, he added.
M&M Q3 Earnings
The company reported 13.5 percent jump in its Q3 net profit at Rs 1,528 crore versus Rs 1,335 crore and revenue was up 41 percent at Rs 21,654 crore versus Rs 15,349 crore, YoY.
Mahindra and Mahindra was quoting at Rs 1,373.60, up Rs 1.00, or 0.07 percent on the BSE.
