Sensex Today Trades Lower | IT Stocks Under Pressure | HCL Technologies, Wipro, L&T Top Losers

Fri, 13 Jan 10:30 am

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Asian share markets mostly pushed higher today, ahead of US consumer price data that investors hope will confirm inflation is in retreat.

The Nikkei is trading up by 0.2% while the Hang Seng was down by 0.3%. The Shanghai Composite is trading lower by 0.2%.

US stocks ended up sharply on Wednesday, with the S&P 500 and Nasdaq gaining more than 1% each as investors were optimistic ahead of an inflation report that could give the Federal Reserve room to dial back on its aggressive interest rate hikes.

The Dow Jones ended higher by 0.8% while the tech heavy Nasdaq Composite ended higher by 1.8%

Here's a table showing performance of US stocks yesterday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	91.91	-0.35	-0.38%	92.62	90.57	152.1	83.45
Apple	133.41	-0.08	-0.06%	134.26	131.44	179.61	124.17
Meta	136.71	3.82	2.87%	137.68	131.76	335.63	88.09
Tesla	123.56	0.34	0.28%	124.13	117	384.29	101.81
Netflix	330.13	2.87	0.88%	332.95	323.14	540.79	162.71
Amazon	95.27	0.18	0.19%	97.19	93.5	170.83	81.43
Microsoft	238.51	2.74	1.16%	239.9	233.56	320.88	213.43
Dow Jones	34,189.97	216.96	0.64%	34,292.67	33,792.10	36,513.88	28,660.94
Nasdaq	11,459.61	57.09	0.50%	11,500.86	11,246.02	16,017.39	10,440.64

Source: Equitymaster

Back home, Indian share markets are trading on a negative note.

Benchmark indices opened in the green today but the gains were erased as the session progressed.

At present, the BSE Sensex is trading lower by 227 points. Meanwhile, the NSE Nifty is trading lower by 55 points.

Tata Steel, M&M, and UltraTech Cement are among the top gainers today.

HCL Technologies, Reliance Industries and L&Tare among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading down by 0.5% and the BSE Small Cap index is trading lower by 0.1%.

Sectoral indices are trading on a negative note with the exception of metal sector. Stocks in the IT sector, health care sector, and capital goods sector witness selling.

Shares of PNB Housing Finance and Mahindra CIE Auto hit their 52 week high today.

The rupee is trading at Rs 81.4 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 58 at Rs 55,933 per 10 grams.

Meanwhile, silver prices are trading lower by 0.3% at Rs 68,461 per 1 kg.

Speaking of stock markets, the Indian stock market has been extremely volatile after scaling a new all-time high, late last year.

However, individual stocks have been resilient. In fact, some stocks look positive on the charts.

In the below video, Chartist Brijesh Bhatia covers 3 such stocks - TCS, Tech Mahindra, and Tata Motors. He shows what are the reasons to be bullish on them.

Adani Total Gas is expensive. Will it continue to rally?

One of the most notable events about 2022 is an Indian man briefly becoming the second richest man in the world. Yes, you guessed it right I am talking about none other than Gautam Adani.

In 2022, Adani group stocks price shot through the roof. However, due to this rally many of the groups stocks are trading at unusually higher prices. Many stocks of the group are overvalued.

First on the list of most overvalued stocks in India is Adani Total Gas.

In the last one year, the share price of Adani Total Gas has zoomed 108%.

Shares of the company are currently trading at a price-to-earnings ratio (P/E) of 804.8x, as against 463.9x as on 31 March 2022.

This means for every one rupee of earnings, shareholders are willing to pay Rs 804.

The price to book value (P/BV) has also gone up to 148.5x from 97.8x in March 2022.

To know more about most overvalued stocks and their future read our editorial on: The 5 most overvalued stocks in India. Will these companies crash in 2023.

Infosys Q3 results

Yesterday, one of the best IT stocks in India - Infosys announced its earnings for the third quarter ended December 2022.

Infosys' revenue grew 20% YoY to Rs 383.2 billion (bn) (about Rs 38,318 crore) from Rs 318.7 bn. It was up 5% quarter-on-quarter (QoQ) from Rs 365.4 bn.

Its net profit came ahead of estimates at Rs 65.9 bn while raising revenue guidance for financial year 2022-23.

The company's operating margin came at 21.5%, down from 23.5% as against the year ago quarter, whereas it was flat from 21.5% in the previous quarter ended September 2022

Infosys' attrition rate of IT services stood at 24.3% in the December 2022 quarter, down by 2.8% from 27.1% in September 2022 quarter. During the June 2022 quarter, the attrition rate was 28.4%

The IT services company's profit beat estimates, helped by a strong deal pipeline despite a challenging macro environment.

Good quarterly results might be good news for investors because as of late Infosys share price was falling.

L&T Technology Services to acquire L&T's smart world and communication business

Pure-play engineering services company, L&T Technology Services (LTTS), a listed subsidiary of Larsen & Toubro Limited (L&T) announced on 12 January an agreement to acquire the parent company's smart world and communication (SWC) business

This was founded in 2016 to cater to the demands in smart cities, smart utilities, and digital infrastructure.

SWC's business will be acquired for Rs 8 bn. The acquisition will be completed in three months, subject to satisfaction of conditions precedent identified under the agreement.

According to LTTS, SWC business generated Rs 10.9 bn in annual revenue for financial year 2021-22.

SWC is an intelligence solution provider operating in three segments - communications, safe & smart solutions, and cybersecurity.

LTTS said this acquisition will allow it to combine synergies and bring next-gen communications, sustainable spaces, and cybersecurity offerings to the global market.

LTTS and SWC believe that by working together, they will be in a better position to continue to win and execute large-scale 5G transformational programmes in India and around the world.

Speaking of L&T did you know that it is one of the top 5 Indian companies that are leading the green hydrogen revolution?

More bad news for Paytm investors

Paytm investors are again in trouble as a marquee investor sells stake from the company.

China's Alibaba Group sold a 3.1% stake in Indian digital payments firm Paytm for Rs 10.3 bn through a block deal yesterday,

Alibaba, which held a 6.3% stake in Paytm as on 30 September 2022, sold the stake at Rs 536.9 per share.

The stake was sold at a steep discount of over 7% to Wednesday's closing price.

In these uncertain times what should do with Paytm and the likes? To find an answer read our editorial on: Zomato, Paytm, and Nykaa: buy, avoid, hold, or sell?

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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