Stock Market Updates: Sensex Falls 100 pts, Nifty Near 17,800; RVNL Jumps 3%

Sensex Today: BSE Sensex, NSE Nifty opened on a tepid note on Friday morning. Mixed trade in Asia, coupled with a bump in crude oil prices, may keep gains in check on the bourses today. The S&P BSE Sensex was at 59,854 levels in early trade, down 104 points or 0.17 per cent. The Nifty50, meanwhile, was at 17,832, down 25 points.

The benchmarks were bogged down by HCL Tech shares which fell 1 per cent. It reported a net profit of Rs 4,096 crore for Q3FY23, an increase of 18.8 per cent year-on-year. However, the company brought down its higher end of revenue guidance for the 2023 fiscal year.

Infosys share, meanwhile, helped little to lift the index as they were up just 0.3 per cent post their December quarter performance. The Bengaluru-based IT firm beat Street estimates on both net profit and revenue in Q3FY23. It also raised its revenue guidance for 2022-23 (FY23) to 16-16.5 per cent.

Other buzzing stocks on the Nifty50 were Tata Steel, Hindalco, JSW Steel, Power Grid, IndusInd Bank, and UPL on the upside, and RIL, HDFC, BPCL, Eicher Motors, and L&T on the downside.

In the broader markets, the Nifty MidCap fell 0.19 per cent, and the SmallCap edged 0.06 per cent higher.

Investors will react to solid earnings by Infosys and HCL Technologies in the early hours of trade on Friday. Besides, sentiment will also be aided by cooler-than-expected retail inflation data, for the month of December, in India and the US.

Global Cues

Asian stocks rose on Friday as investors cheered a slowdown in US inflation, while the yen hit seven-month high and Japanese bond yields broke above the central bank’s target as markets challenged Tokyo’s commitment to loose monetary policy.

Tokyo stocks opened lower Friday, as a stronger yen against the dollar weighed on market sentiment despite Wall Street gains following data that showed softening US inflation. The benchmark Nikkei 225 index was down 0.35 per cent, or 93.13 points, at 26,356.69 in early trade, while the broader Topix index slipped 0.10 per cent, or 2.00 points, to 1,906.18.

US stocks closed higher on Thursday, extending recent gains as data showing a fall in consumer prices in December bolstered expectations of less aggressive interest rate hikes from the Federal Reserve.

Oil prices slipped in early trade on Friday but were on track for gains of more than 6 per cent for the week on solid signs of demand growth in top crude oil importer China and expectations of less aggressive interest rate hikes in the United States.

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