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Friday, January 27, 2023

Stock Market HIGHLIGHTS: Nifty50 as flat as it can be, Sensex finishes 37 pts higher; Maruti up 3%, Axis Bank down 2%

STOCK MARKET HIGHLIGHTS: Indian equity benchmarks Sensex and Nifty50 gave back most of their intraday gains in a choppy session on Tuesday despite positive moves in global markets. Investors had expected more corporate earnings from India Inc on domestic signals.

Here are 10 key things to know about the January 24 session at Dalal Street:

1) The Sensex finished 37.1 points or 0.1 percent higher at 60,978.8, having retraced 287.3 points from its strongest level of the day, and the Nifty50 flattened at 18,118.3.

2) Tata Motors, Maruti Suzuki, Bajaj Auto, Britannia, HCL Tech, HDFC Bank and Asian Paints were the top gainers among the 21 winners in the Nifty50 basket, ending the day around 1-3 per cent higher.

3) Axis Bank, Hindalco, Dr Reddy’s, PowerGrid, SBI Life, Grasim and JSW Steel, which were down 1.5-2.4%, were the main laggards.

4) Among the index heavyweights, twins HDFC and Maruti Suzuki were the biggest movers for both main indices, while Axis Bank, Reliance and Kotak Mahindra Bank were the biggest drags.

5) The overall breadth of the market favored the bears, with a 4:5 advance-decline ratio, as 1,533 stocks rose and 1,973 fell at the close of the BSE.

6) Maruti Suzuki shares were in high demand after the country’s largest automaker reported a more than doubling in net profit to Rs 2,351.3 crore which beat analysts’ estimates.

7) Axis Bank shares succumbed to selling pressure after the earnings announcement. (What are Axis Bank stocks getting sick of)?

8) SBI Card shares fell further into the red after the card issuer’s quarterly figures missed analysts’ estimates.

9) Europe gave up early gains as better-than-expected business activity data in the euro zone failed to enthuse investors worried about further sharp increases in benchmark interest rates. The pan-European Stoxx 600 index was down 0.1 percent at last count.

10) S&P 500 futures were down 0.2 percent, suggesting a slow start on Wall Street. MSCI’s broader index of Asia Pacific shares outside of Japan held steady amid weak trade due to holidays in parts of the region.

See session highlights, live market commentary and analysis, financial results, expert opinions, investment ideas and much more on the Zeebiz.com Market Blog:

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