Foreign brokerages see upside on Voltas stock price

Indian Markets:

• Nifty 50 Movement: Indices declined in early trade and hovered in the red throughout the session.  
• Investors awaited key economic data on global as well as domestic front to provide clear direction. 
• Barring the Nifty FMCG index, all the sectoral indices on the NSE ended in the red with PSU bank, realty and IT indices down 1-2% each.
• The NSEs India VIX, a gauge of the markets expectation of volatility over the near term, jumped 7.33% to 13.68.
• CPI inflation surges to 6.52 percent in Jan 23 from 5.72 percent in Dec 22.

Global Markets:

• European markets advanced while most Asian stocks ended lower on Monday as investors look ahead to a week of crucial economic data releases, including the U.S. consumer price index that will determine the Federal Reserves path forward.
• Singapore reported 3.6% GDP growth for 2022, less than the 8.9% growth in 2021. In the fourth quarter, the city-states economy grew 2.1% on an annualized basis, compared with 4% in the previous quarter.
• US stocks fell on Friday after a slew of corporate earnings and Federal Reserve speakers reiterated their hawkish messages that there is more work to be done to tame inflation.
• US consumer sentiment improved to a 13-month high in February, a survey showed on Friday. The sentiment index has rebounded from a low of 50 last June. The surveys measure of current economic conditions increased to a reading of 72.6 this month from 68.4 in January.

Stocks in Spotlight:

• Oil India Ltd reported highest-ever quarterly net profit in the third quarter ended December 2022 on the back of a rise in oil and natural gas prices. The company posted a net profit of Rs 1,746.10 crore compared to Rs 1,244.90 crore in the corresponding period a year ago. OIL earned $88.33 for every barrel of crude oil it produced and sold in the third quarter of the current financial year, up from $78.59 a barrel realisation in the year-ago period. The higher realisations were despite the windfall taxes levied by the government. M&M’s volumes jumped 14% YoY for the period under review.
• Nomura and Jefferies see further upside in the stock based on its December quarter earnings. posted a consolidated net profit of Rs 96.56 crore in the October-December quarter last fiscal. Its revenue from operations was up 11.82 percent to Rs 2,005.61 crore during the quarter under review as against Rs 1,793.59 crore in the year-ago period.
• Moody’s Investors Service downgraded the outlook for Adani Green Energy and three other firms backed by Indian businessman Gautam Adani on Friday, citing the decline in the conglomerate’s stock market value. MSCI recently announced that it would reduce the amount of freely tradable shares in its calculation.

News from the IPO world?

• India IPO activity picks in December quarter
• Drone maker IdeaForge files for IPO
• Adani Wilmar to be dropped from S&P BSE IPO index

Day Leader Board

Sectoral Performance

Advance Decline Ratio

Numbers? that matter