Nifty 50 Movement: Indices settled below the 17,500 level after hitting the days high of 17,599.75 in early trade.
Oil & gas, consumer durables and pharma stocks advanced. On the flip side, metal, PSU bank and auto shares dragged lower.
The Finance Ministry released the monthly economic review for January 2023 which reported that the geopolitical tensions in Europe, spiraling energy, food and fertilizer prices, monetary tightening and inflationary trends have elevated the downside risks to the global economic outlook.
Despite these headwinds, the Indian economy is estimated to grow by 7% YoY in FY23.
Global Markets:
Most of the European shares declined while Asian stocks traded mixed on Friday as investors digest a number of data releases and more company earnings.
Japans nationwide consumer price index rose 4.2% compared to a year ago in January, government data showed. The economys core CPI excluding fresh food and energy prices rose 3.2%, data showed, as overall CPI rose 4.3% year on year.
Wall Street ended higher on Thursday as investors grappled with how interest rate policy might affect the US economy.
US economic growth in the fourth quarter was weaker than previously estimated. Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the US, increased at a 2.7% annualized rate during the period, Commerce Department data showed Thursday. The figure compares with a previously reported 2.9% advance
Stocks in Spotlight:
?Spice Jet reported a 160 percent jump in its consolidated net profit at Rs 110 crore for the quarter ended December 2022. Its net profit stood at Rs 42 crore in the year-ago period. The company’s revenue from operations jumped 2.4 percent to Rs 2,316.8 crore as against Rs 2,262.6 crore in the year-ago period. The profits have been driven by a strong performance in both our passenger and cargo businesses
?Olectra Greentech announced its partnership with Reliance Industries to develop hydrogen buses. The development of a fully carbon-free alternative to traditional public transport is a significant step towards achieving India’s carbon-free hydrogen ambitions, and it could have a positive impact on the environment by reducing air pollution and emissions, the company said. The stock hit upper circuit today.
?GR Infraprojects emerged as the highest bidder in the financial bid opening dated February 24, 2023, for the tender invited by National Highways Logistics Management Limited. The project included development, operation and maintenance of Multi Modal Logistics Park (MMLP) near Pithampur, in Dhar District in Madhya Pradesh through Public Private Partnership on a Design, Build, Finance, Operate and Transfer (DBFOT) basis.
