SGX Nifty Up 90 Points | Axis Bank Q3 Results | 3 Stocks Turning Ex-Dividend | Top Buzzing Stocks Today

Tue, 24 Jan Pre-Open

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On Monday, Indian share markets continued their momentum throughout the session and ended higher.

Benchmark indices showed strength, after declines in the previous two sessions. Yesterday's gains were supported by IT, auto and financial stocks.

Investors cheered strong quarterly results declared by the financial powerhouses over the weekend.

At the closing bell on Monday, the BSE Sensex gained 320 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 90 points (up 0.5%).

HUL, Sun Pharma, and Tech Mahindra, were among the top gainers.

Ultratech Cement, Grasim, and NTPC on the other hand, were among the top losers.

Broader markets settled on a mixed note yesterday. The BSE Midcap gained 0.4% while the BSE SmallCap index fell 0.3%.

If you're looking to midcap stocks that offer growth in the long run, check out the 5 midcap stocks for long term.

Sectoral indices ended on a mixed note with stocks in the metal sector, realty sector, and power sector witnessing most of the selling.

While stocks in FMCG sector, IT sector, and banking sector witnessed buying.

Shares of Adani Total Gas, and IDFC 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 81.4 against the US$.

Gold prices for the latest contract on MCX were trading higher by 0.2% at Rs 56,769 per 10 grams, at the time of Indian market closing hours yesterday.

At 8:10 AM today, the SGX Nifty was trading up by 90 points or 0.5% higher at 18,240 levels.

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

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Top Buzzing Stocks Today

Indoco Remedies share price will be in focus today.

Yesterday the company said its Goa-based plant was inspected by the United States Food and Drug Administration (USFDA) and it issued some observations.  The inspection was conducted from 16 January to 20 January.

The company said that the USFDA issued Form 483 with nine observations, which will be addressed within the stipulated time.

Lloyd Metals will also be a top buzzing stock.

The company posted its Q3 results yesterday. The company recorded its highest ever quarterly revenues of Rs 10.3 billion (bn) (about Rs 1,029 crore) in the December quarter.

The company reported higher production as capacity utilisation jumped nearly 90% against an average of 75%.

Axis Bank Q3 results

Axis Bank reported a net profit of Rs 58.5 bn for the quarter ended 31 December 2022, a growth of 62 percent YoY, beating street estimates comfortably.

The private sector lender's net interest income rose 32% YoY to Rs 114.6 bn on the back of a strong 15% loan growth and an expansion in net interest margins.

Axis Bank's margins rose as the lender was able to pass on interest rate hikes onto its loans through lending rate hikes as 68% of its loan book is priced at a floating rate.

Within this, 22% is priced on marginal cost-based lending rate (MCLR) while the rest is linked to external lending benchmarks such as the repo rate.

The gross bad loan pile stood at Rs 199.6 bn as of December, a YoY decline of 14%. Fresh slippages too declined year-on-year to Rs 38.1 bn from Rs 41.5 bn in the December quarter of the previous year. However, fresh slippages showed a marginal increase sequentially.

Robust set of earning may finally come as a relief to shareholders as Axis Bank share price was falling recently.

Shares trading ex-dividend today

Gothi Plascon, Angel One and Wipro are the three stocks that are going to turn ex-dividend today.

Wipro

An interim dividend of Rs 1 per share was announced by one of the Best IT companies in India - Wipro. The record date was established by the company as 25 January 2023. The interim dividend payment will be paid no later than 10 February, 2023. Prior to the record date, today, Wipro shares will become ex-dividend.

Angel One

For the Financial Year 2022-2023, Angel One has announced an interim dividend on equity shares with a face value of Rs. 10 per share, at an amount of Rs. 9.6 per share. The Board of Directors has announced that 24 January 24, 2023, is the record date for interim dividend.

Gothi Plascon

Gothi Plascon (India) is one of the small cap stocks in India. For the financial year 2022-2023, the corporation has announced an interim dividend of Rs. 2. The record date for determining shareholder eligibility for payment of the aforementioned interim dividend is 24 January 24, 2023.

Oil prices rise

Oil price rose on Monday to US $ 88 a barrel, extending last week's gains on the back of a stronger outlook due to an expected economic recovery in top oil importer China this year.

Last week Brent rose 2.8%, while the U.S. benchmark logged a 1.8% gain.

Asian oil trading was slower due to the Lunar New Year holiday, but analysts said that optimism regarding China's reopening will likely drive oil prices higher.

Data shows a solid pick-up in travel in China after Covid-19 curbs were eased, pointing to a 22% jump in road traffic congestion so far this month versus a year earlier in the country's 15 key cities.

Experts believe that the energy markets could tighten this year if the Chinese economy rebounds the way financial institutions expect.

The jump in China's traffic ahead of the Lunar New Year holiday bodes well for fuel demand after the two-week vacation.

The expected surge in demand comes as the market braces for further sanctions on Russian oil.

The European Union and Group of Seven (G7) coalition will cap prices of Russian refined products starting on 5 Feburary 5, in addition to their price cap on Russian crude in place since December and an EU embargo on imports of Russian crude by sea.

The G7 has agreed to delay a review of the level of the price cap on Russian oil to March, a month later than originally planned, to give time to assess the impact of the oil products price cap.

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

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