The index now has to hold above the 17,950 zone for an up move towards 18,081 and 18,181 zones, whereas supports are placed at 17,850 and 17,777 zones, said Chandan Taparia of Motial Oswal.
Fear gauge index India VIX was down by 5.37% from 15.27 to 14.46 levels. Volatility cooled off during the day and accelerated the bulls at support zones. It needs to now come below 14 zones for stability to resume.
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L&T Finance Q3 Results: PAT reported at 256,5 crore YoY
Consolidated revenue from operations reported at 3,432.5 cr vs 2,970.8 cr YoY. Loss from continuing operations is at 1727.8cr vs PAT of 256.5 crore YoY. One-time provisions were at Rs 2,687 crore
Citigroup profit falls on provision hike, dealmaking slowdown
Shares of Citi slipped nearly 3% in premarket trading, after fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth quarter.
That compares with a release of $1.37 billion from its reserves in 2021 when pandemic-related loan losses failed to materialize.
Bed Bath & Beyond in talks with Sycamore Partners for sale of assets
Bed Bath & Beyond is in talks with private equity firm Sycamore Partners for the sale of its assets, including its Buy Buy Baby stores, as part of a possible bankruptcy process, the New York Times reported on Friday, citing people familiar with the matter. Bed Bath & Beyond did not immediately respond to a Reuters request for comment.
Gold scales nine-month high above $1,900/oz level
Spot gold was up 0.4% at $1,905.19 per ounce, as of 1008 GMT. The metal has risen 2.1% so far in the week, heading for a fourth straight weekly gain.
U.S. gold futures rose 0.5% to $1,907.90.
“Should the Fed fail to hit back against market expectations that peak U.S. rates is close at hand and that an eventual rate cut remains on the table, that may tempt gold bulls to hone in their sights on $2k gold,” said Han Tan, chief market analyst at Exinity.
Sebi allows mutual funds with active ELSS to launch passive schemes
In a communication to asset management companies (AMCs), Sebi said, “Mutual funds having existing actively managed open-ended ELSS scheme may launch passively managed open-ended ELSS schemes after stopping fresh inflows/ subscription to existing actively managed open-ended ELSS scheme”.
The regulator has also specified the procedure for launching a passive ELSS scheme by a mutual fund house, which already has an actively-managed ELSS scheme.
Tech View: Doji candle on Nifty weekly charts shows tug-of-war. What traders should do next week
The index now has to hold above the 17950 zone for an up move towards 18081 and 18181 zones, whereas supports are placed at 17850 and 17777 zones, said Chandan Taparia of Motial Oswal.
Fear gauge index India VIX was down by 5.37% from 15.27 to 14.46 levels. Volatility cooled off during the day and accelerated the bulls at support zones. It needs to now come below 14 zones for stability to resume.
Option data suggests a shift in trading range in between 17700 to 18300 zones while an immediate trading range in between 17800 to 18200 zones.
Wipro attrition rate moderates to 21.2% for 4th quarter
“Voluntary attrition moderated 180 bps from the previous quarter, landing at 21.2% for the trailing twelve months for the quarter,” Wipro said in its earnings release. This was the fourth quarter where the attrition rate has moderated.
The attrition rate stood at 23% in Q2 of the financial year and 22.7% in the corresponding quarter of FY22.
The total headcount at the end of the quarter stood at 258,744 employees, down from 259,179 employees in the previous September quarter.
While announcing its quarterly results, Wipro said it expects revenue from IT Services business for the full year to be in the range of 11.5% to 12.0%, in constant currency terms.
Markets traded volatile for yet another session and ended with gains of over half a percent. After the muted start, the Nifty index gradually inched higher and settled at 17956.60 levels. The recovery in banking, IT, auto and metal majors played a crucial role in the rebound while others witnessed a mixed trend. Meanwhile, the broader indices underperformed and closed on a flat note.Markets will react to the HDFC Bank’s result in early trade on Monday. The recent recovery in the global markets has failed to impress the participants so far however the mood might change if they manage to sustain the gains. To regain some strength, Nifty should decisively cross the 18,100 mark. Meanwhile, participants should restrict positions and prefer a hedged approach.
– Mr. Ajit Mishra, VP – Technical Research, Religare Broking
Daily market commentary by Mr. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
US CPI data for the month of December fell to 6.5%, which is leading to expectation of less aggressive interest rate hikes by US Fed going ahead. On the domestic front, CPI inflation further eased to 5.72% in Dec, while IIP growth improved to 7.1% in Nov’22. IT results so far came in better than estimates, thus alleviating concerns with regards to growth slowdown on account of macro headwinds. Though the sector may see some more consolidation given macro uncertainties, we believe valuations have largely corrected and offers value buying at these levels. Banking sector will be in focus next week, reacting to the HDFC Banks numbers on Saturday. Overall the global sentiments are turning positive due to decelerating inflation pressures, which along with better than expected domestic economic data and stable IT results could give support to the markets and help to move higher.
Watch Wipro Q3 earnings with ET Now
LIVE | @Wipro reports its Q3FY23 numbers. Watch! #Wipro #WiproQ3FY23 #EarningsWithETNOW @_anishaj https://t.co/AW4YDz1Cas
— ET NOW (@ETNOWlive) 1673605009000
I am pleased to report that we have delivered another quarter of double-digit revenue growth. Our Total Bookings were over $4.3 billion, led by solid large deal signings of over $1 billion. We improved our margins by 120 basis points and our attrition moderated for the fourth quarter in a row. We are continuing to gain market share as a result of deepening client relationships and higher win rates. Clients are turning to us to help them manage an evolving macro environment and balance their transformation goals with cost optimization. Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidatingmarket. As we move ahead, we expect to continue to benefit from these trends and help clients buildfuture-proof, resilient enterprises.
– Thierry Delaporte, CEO and Managing Director, Wipro
Wipro declares interim dividend of Re 1
Wipro Q3 Earnings: Key highlights
WIPRO Q3 Results: PAT at Rs 3050 cr vs ET NOW Poll of Rs 2950 cr | Revenue at Rs 23,229 cr vs ET NOW poll of Rs 23,180 cr
Rupee little changed after three-day rally on inflation jitters
The rupee finished the session at 81.55 per dollar to recoup mild losses, versus its previous close of 81.5750. The currency had gained 1.40% over the past three sessions after four weeks of range-bound movement.
“Markets are in a wait-and-watch mode with U.S. inflation due later in the day,” said Jigar Trivedi, senior research analyst, currencies and commodities at Reliance Securities.
Closing Bell: Sensex snaps 3-day losing streak, jumps 303 points; Nifty ends at 17,956; Eicher Motors, Tata Steel up 2% each
REC to tap dollar bond market after EXIM Bank’s success
“We will work on our plans of dollar bond issuance and would want to issue these notes in February-March,” said the official, requesting anonymity as they are not authorised to speak to the…
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