Top 5 stocks of the day: ITC, Britannia Industries, IndusInd Bank, HUL, and Infosys were among the top gainers on the Nifty, while Adani Enterprises, Adani Ports, UPL, HDFC Life, and Divis Labs were among the top losers. FMCG and information technology indices rose 1-2 percent, while power, oil and gas, and metal indices fell 1-4 percent. The BSE midcap and smallcap indices finished slightly higher.
Sensex and NSE Nifty50
The Sensex closed up 224.16 points, or 0.38%, at 59,932.24, while the Nifty fell 5.90 points, or 0.03%, to 17,610.40. Approximately 1637 shares have advanced, 1759 shares have declined, and 122 shares have remained unchanged.
Euro hits 10 month-high
The euro hit a 10-month high against the dollar on Thursday, ahead of a European Central Bank meeting where markets expect a half-point rate hike, a day after the Federal Reserve of the United States slowed its rate hikes to 25 basis points.
FIIs continue to sell shares in Adani Group companies
Foreign institutional investors have been reducing their holdings in Group companies long before the recent selloff began.
For seven consecutive quarters, foreign institutional investors (FIIs) have reduced their stakes in Adani Enterprises, from 20.51 percent in the March 2021 quarter to 15.39 percent in the three months ended December 2022. Similarly, for the eighth consecutive quarter, FIIs reduced their stake in Adani Green Energy from 22.78 percent in the third quarter of 2020 to 15.14 percent. For the second quarter in a row, FII stakes in Adani Ports and Special Economic Zone and Adani Power fell.
Top 5 stocks of the day: HDFC Q3 Results
The company’s third-quarter net profit increased 13.2 percent year on year to Rs 3,691 crore from Rs 3,260.7 crore.
YoY, net interest income increased by 13% to Rs 4,840 crore from Rs 4,284 crore, and revenue increased by 29.2% to Rs 15,230 crore from Rs 11,784 crore.
Housing Development Finance Corporation was trading at Rs 2,604.85, a 2.15 percent decrease.
CLSA View On Insurance
A research firm has reduced target prices for life insurance coverage by 25% to 35%.
HDFC Life has been downgraded to sell from buy, and Max Financials has been downgraded to underperform from buy. It also downgraded ICICI Pru and SBI Life from buy to outperform.
Over the last three to four years, non-par contributed 35 percent to 70 percent of APE and VNB growth. According to CNBC-TV18, these changes have a significant impact on the total addressable market of the product.
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