Mid Session

The headline equity benchmarks traded with moderate gains in mid-morning trade. The Nifty traded above the 23,050 mark. IT shares advanced after declining in the past trading session. The market is expected to be volatile today due to the announcement of earnings results from major heavyweight Nifty stocks including HDFC Bank, Hindustan Unilever, and Bharat Petroleum Corporation.

At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 251.32 points or 0.33% to 76,089.67. The Nifty 50 index added 42.20 points or 0.18% to 23,067.05.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 1.76% and the S&P BSE Small-Cap index fell 1.97%.

The market breadth was weak. On the BSE, 964 shares rose and 2,719 shares fell. A total of 163 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Denta Water and Infra Solutions received bids for 1,92,84,450 shares as against 52,50,000 shares on offer, according to stock exchange data at 11:15 IST on 22 January 2024. The issue was subscribed to 3.67 times.

The issue opened for bidding on 22 January 2024 and it will close on 24 January 2024. The price band of the IPO is fixed between Rs 279 and Rs 294 per share. An investor can bid for a minimum of 50 equity shares and in multiples thereof.

Buzzing Index:

The Nifty IT index jumped 1.21% to 42,204.20. The index dropped 1.07% in the past trading session.

Wipro (up 2.70%), Tata Consultancy Services (up 2.26%), Infosys (up 1.87%), Tech Mahindra (up 1.86%), LTIMindtree (up 0.86%), HCL Technologies (up 0.66%) and Mphasis (up 0.14%) advanced.

On the other hand, Persistent Systems (down 6.30%), L&T Technology Services (down 0.49%) and Coforge (down 0.23%) edged lower.

Stocks in Spotlight:

Cyient DLM slumped 12.34% after the company's consolidated net profit dropped 40.4% to Rs 10.99 crore in Q3 FY25 as compared with Rs 18.44 crore in Q3 FY24. Revenue from operations jumped 38.37% YoY to Rs 444.23 crore during the quarter.

Tata Technologies slipped 2.20%. The company reported 7.13% jump in consolidated net profit to Rs 168.64 crore in Q3 FY25 as compared with Rs 157.41 crore in Q2 FY25. Revenue from operations rose 1.16% to Rs 1,317.38 crore in Q3 FY25 as compared with Rs 1,296.45 crore in Q2 FY25.

Dalmia Bharat added 1.12%. The company reported a consolidated net profit tumbled 76.81% to Rs 61 crore on 11.74% decrease in revenue from operations to Rs 3,181 crore in Q3 FY25.

Global Markets:

Asian stocks traded mixed on Wednesday, with Chinese stocks falling following comments from President Donald Trump about imposing a 10% tariff on China.

After being sworn in, Trump vowed to sign a series of executive orders, including one declaring a national emergency at the U.S.-Mexico border. However, the initial executive actions stopped short of introducing new tariffs on the three largest U.S. trading partners. Instead, the president directed his administration to address unfair trade practices on a global scale, hinting at a more measured approach to trade policy.

Wall Street had a decent showing on Tuesday as investors digested the potential impact of Trump's policy announcements. Netflix stole the spotlight with stellar earnings. The Dow Jones Industrial Average rose 1.2% to 44,025.81 points, the S&P 500 climbed 0.9% to 6,049.24 points, while the NASDAQ Composite gained 0.6% to 19,756.7.

Netflix Inc. shares surged over 14% in after-hours trading to $993.99, following the announcement of a record-breaking 19 million new subscriber additions in Q4 2024'far exceeding expectations.

Meanwhile, President Trump unveiled a $500 billion joint venture named Stargate, involving tech heavyweights like OpenAI, Oracle, SoftBank, Microsoft, NVIDIA, and others. The initiative aims to build advanced AI data centers and energy-generation facilities in Texas over the next four years. This massive collaboration is expected to elevate the U.S.'s AI capabilities to unprecedented levels.

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