Sensex, Nifty50 likely to open lower amid mixed global cues: SBI, ITC, Vodafone Idea among stocks in focus

• Indian benchmark indices Sensex and Nifty50 are likely to open in the green on Monday amid mixed global cues.
• SGX Nifty, an early indicator of how the markets may perform, was down 0.08% or 14 points early in the morning today.
• SBI, ITC, Vodafone Idea are amongst the stocks in focus on Monday.

Indian benchmark indices Sensex and Nifty50 are likely to open in the green on Monday amid mixed global cues. SGX Nifty, an early indicator of how the markets may perform, was down 0.08% or 14 points early in the morning today.

Earlier on Friday, both the benchmark indices closed in the green led by financial services and auto stocks, capping off a week of volatile movements.

While the 30-stock Sensex closes 2.42% up in the last week, the 50-stock Nifty50 gained 1%.

“Indian markets could open flat, in line with mixed Asian markets today and despite lower US markets on Friday,” said Deepak Jasani, head of retail research at HDFC securities.

Global markets tumble on strong jobs data in the US
Markets in the US and Asia tumbled on strong jobs and other economic data in the US. Heightened geopolitical concerns between the US and China also made markets in Asia jittery, after the US downed an alleged Chinese spy balloon.

Strong jobs data in the US sparked concerns of interest rate hikes by the Fed.

The Dow Jones Industrial Average declined 0.38%, while the S&P 500 declined 1.04%. The tech-heavy Nasdaq declined 1.59%.

In Asia, markets declined amid concerns of rate hikes continuing further amid strong jobs data in the US and elsewhere.

While the Hang Seng index declined 2%, the Taiwan Weighted index fell 1.08% and Shanghai Composite was down 0.6%. On the other hand, Nikkei 225 was up 1.07%.

Stocks to watch

State Bank of India: The lender reported 68% on year surge in net profit for December quarter at ₹14,205 crore owing to lower provisions and higher interest income. It is the bank’s highest ever quarterly net profit.

ITC: The FMCG to cigarette conglomerate reported 21% on year rise in net profit to ₹5,031 crore for December quarter while revenue rose 2.3% to ₹16,226 crore aided by cigarettes, FMCG, hotels and paper segments. Meanwhile, operating margin expanded 620 basis points from last year.

Vodafone Idea: The centre has approved the conversion of the telecom operator’s dues linked to interest on spectrum and adjusted grow revenue (ADR) worth ₹16,133 crore into equity. With this, the government owns 35.8% stake in the company becoming the largest shareholder.

Adani Enterprises, Adani Ports, Ambuja Cements: NSE and BSE have put all three companies under its short term additional surveillance measure frameworks from today February 6.

Tata Power: The company reported 91% on year growth in consolidated net profit at ₹1,052 crore for December quarter while revenue grew 30% on year to ₹14,339 crore.

One 97 Communications (Paytm): The fintech company narrowed its net loss to ₹392 crore as against ₹778 crore last year while revenue grew 42% on year to ₹2,062 crore for December quarter.

InterGlobe Aviation: After three consecutive loss making quarters, Indigo's profit has risen to ₹1,422 crore for Q3 FY23 as against ₹129 crore last year.

Earnings today: Tata Steel, Adani Transmission, LIC Housing Finance, Easy Trip Planners, Infibeam Avenues, Suven Pharmaceuticals, JK Paper, among others.

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