SGX Nifty Down 14 Points | L&T Finance Q3 Results | T+1 Settlement in Equity Markets | Top Buzzing Stocks Today

Tue, 17 Jan Pre-Open

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On Monday, Indian share markets gave up all the gains as the session progressed and ended marginally lower.

Indian shares reversed gains amidst volatility due to extended FII selling and higher oil prices, which offset better-than-expected earnings from the country's largest private lender HDFC Bank.

FII selling in Indian equities was the result of high domestic valuations and rising allocations to other markets such as China and Taiwan, which were cut earlier due to Covid curbs.

At the closing bell on Monday, the BSE Sensex stood lower by 168 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 62 points (down 0.3%).

Tech Mahindra, HCL Tech, and Infosys were among the top gainers.

Adani Enterprises, Axis Bank, and JSW Steel on the other hand, were among the top losers.

Broader markets settled on a negative note yesterday. The BSE Midcap inched 0.3% lower while the BSE SmallCap index ended 0.1% lower.

Sectoral indices ended on mixed note with stocks in the power sector, IT sector and media sector witnessing heavy selling pressure.

While stocks in telecom sector, and metal sector witnessed buying.

Shares of Federal Bank, IDFC, and Jindal Stainless hit their 52-week highs.

If you're interested in knowing which shares to trade, read our guide on the best intraday stocks for today.

The rupee was trading at 81.6 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.2% at Rs 56,937 per 10 grams at the time of Indian market closing hours on Monday.

At 8:20 AM today, the SGX Nifty was trading down by 14 points or 0.1% lower at 17,930 levels.

Indian share markets are headed for a flat opening today following the trend on SGX Nifty.

Speaking of stock markets, Yazad Pavri talks about a corporate business group set to grow by leaps and bounds, in his latest video.

This business group seems to be in a much better position than ever before and is now at an inflection point. In a way, one could compare it to where the Tata group was in 2017 when Chandrasekaran took over the reins to head the conglomerate.

Tune in to the below video to know more.

Top Buzzing Stocks Today

Karnataka Bank share price will be in focus today.

On Monday, Karnataka Bank announced that the private sector lender has appointed Sekhar Rao as an additional director to take up the role of executive director of the bank.

Rao will be an executive director of the bank for three years effective from the date of taking charge. This is subject to the approval of the shareholders. He has more than 29 years of work experience across various sectors, of which 19 years are in the BFSI sector.

RattanIndia Enterprises will also be in focus.

Yesterday, Rattanindia Enterprises announced that it has completed the acquisition of 100% shareholding in the electric motorcycles market leader Revolt Motors.

Revolt Motors is the highest-selling electric bike maker in the country, with a manufacturing facility in Haryana's Manesar. The electric vehicle maker has expanded its footprint across the country, with 30 dealerships.

Market participants will also the track share price of Sula Vineyards.

The newly listed Sula Vineyards declared its quarterly results.

The country's largest wine maker clocked the highest-ever quarterly sales in the third quarter of the financial year 2022-23. The record surge was reported by the Nashik-headquartered company in the sale of its own wine brands, as well the gross billings generated through its wine tourism business.

L&T Finance Holdings Q3 results

L&T Finance Holdings hit a fresh 52-week high in the morning on 16 January after the company reported a 39% year-on-year (YoY) jump in consolidated profit at Rs 4,540 million (m) (about Rs 454 crore) for the quarter ended 31 December 2022.

Net interest income increased 23.5% YoY to Rs 19.3 bn in the said quarter.

The company's net interest margin plus fees came at 8.8%, up 70 basis points (bps) YoY due to changing portfolio mix towards retail.

The company also stated that it recorded its highest-ever quarterly retail disbursements at Rs 116.1 bn, up 53% YoY and up 13% sequentially.

During the quarter under focus one-time provision of Rs 26.9 bn due to change in business model was created during the quarter to facilitate accelerated sell down of the wholesale book.

Speaking of L&T group, L&T Technology Services recently acquired Smart World & Communication business from its parent company L&T. After the acquisition, L&T Technology Services share price is falling.

GPT Infra bags a new order

GPT Infra bagged order worth Rs 2,160 m from Maharashtra Rail Infrastructure Development, Mumbai including construction of proposed extensions of Ghatkopar cable stayed road over bridge connecting LBS Road junction and eastern expressway junction in Mumbai.

GPT Infraprojects is engaged in the execution of civil and infrastructure projects, especially large bridges and rail overbridges for the railways.

The company manufactures and supplies concrete sleepers for railways in India and Africa. Its concrete sleeper business is spread over South Africa, Namibia, Bangladesh and Sri Lanka.

The company has orders worth approximately 22 bn, including a cumulative order inflow of Rs 8,550 m in the current financial year.

T+1 settlement in Indian stock markets

Starting 27 January, T+1 settlement is scheduled to launch on the NSE and BSE of India.

The Indian equity markets will have more liquidity as the settlement cycle is shortened to T+1, and as a result, buyers and sellers will be able to receive shares and corporate actions like dividends and bonus shares in their accounts one day after the market closes.

All large-cap and blue-chip companies will switch to the T+1 system on 27 January.

Earlier, in 2003, the market regulator reduced the settlement period from T+3 days to T+2 days and hence the decision to switch to T+1 settlement has been made 20 years after the Indian market switched the settlement phase from T+3 to T+2 settlement cycle on 1 April 2003.

India will be the first market to achieve complete T +1 trading settlement.

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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