Asian share markets eased today after a run of upbeat economic data from the US lessened the risk of recession but also suggested interest rates would have to rise further.

The Nikkei is trading by 0.7% higher while the Hang Seng is trading lower by 2.3%. The Shanghai Composite is down 1%.

Major US stock indices ended lower on Friday after surprisingly strong jobs data sparked concerns about aggressive Federal Reserve action, while investors digested a mixed bag of megacap company earnings reports.

The Dow Jones ended 0.4% lower while the tech-heavy Nasdaq Composite ended lower by 1.6%.

Here's a table showing how US stocks performed on Friday:

Source: Equitymaster

Back home, Indian share markets are trading on a negative note tracking the trend on SGX Nifty.

At present, the BSE Sensex is trading lower by 217 points. Meanwhile, the NSE Nifty is trading lower by 87 points.

ITC, IndusInd Bank, and Axis Bank are among the top gainers today.

Tata Steel, Infosys, and HUL are among the top losers today.

Adani group stocks are trading on a negative note today, with the exception of Adani Ports.

Broader markets are trading on a positive note. The BSE Mid Cap index is trading higher by 0.3%, while the BSE Small Cap index is up 0.6%.

Sectoral indices are trading on a mixed note. Stocks in the telecom sector, and IT sector witness buying.

Meanwhile stocks in the auto sector, utilities sector, and metal sector witness selling.

Shares of Supreme Industries and KEI Industries hit their 52-week high today.

The rupee is trading at Rs 82.46 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 412 at Rs 56,997 per 10 grams.

Meanwhile, silver prices are trading higher by 0.5% Rs 67,899 per 1 kg.
 

What next for Adani Enterprise's share price?

Aswath Damodaran feels the share price of Adani Enterprises is still stretched when it was valued at US $ 53 billion (bn) (about Rs 4,365.4 bn).

According to the valuation guru, the stock with upbeat assumptions on revenue growth and operating margins, and without factoring any of the Hindenburg accusations of fraud and malfeasance, yields a value of just about Rs 947 per share.

However, Hindenburg could be indulging in hyperbole, he said.

He believes that even with the share price at Rs 1,531 per share, the company is priced too high, given its fundamentals (cash flows, growth, and risk) and before factoring the damage that might have done to the company's reputation and long term value, by this short selling episode.

Last year in May 2022, Aswath Damodaran had said that the actual value of Zomato's share price should not be more than Rs 41, and in the next couple of months, Zomato came close to the value investor's buy price.

Looks like dark times are not yet over for Adani Enterprises...

However, technical charts suggest that there are some Adani group stocks that are trading at their long-term support area. Take a look at the charts below:

(Click on image to enlarge)

 On the left, Adani Ports has approached the resistance-turned-support level of Rs 430; below which the next support is placed at Rs 365.

ACC (right top) - The cement company corrected over 35% from its peak and is trading at five years support zone.

Ambuja Cements (right bottom) - Due to the 63% stake of Adani Group in the cement conglomerate, it felt the heat too.
 

InterGlobe Aviation Q3 results

InterGlobe Aviation, the parent company of Indigo on Friday reported a 1,000% rise in net profit to Rs 14.2 bn (about Rs 1,422.6 crore) for the December 2022 quarter. This is against a net profit of Rs 1.3 bn in the year-ago period.

The revenue from operations rose by 61% to Rs 149.3 bn in the quarter under review from Rs 92.9 bn in the year-ago period. IndiGo had posted a loss of Rs 15.8 bn in the previous September quarter.

For the quarter, passenger ticket revenues were Rs 131.6 bn, an increase of 63% and ancillary revenues were Rs 14.2 bn, an increase of 24.6% compared to the same period last year.

Total expenses for the quarter that ended December 2022 were Rs 139.7 bn, an increase of 49.6% over the same quarter last year.

The company projects capacity in available seats per kilometer this quarter to expand to 45% from a year earlier.
 

Marico Q3 results

One of the best FMCG stocks in India, Marico on Friday reported a 5% rise in its net profit to Rs 3. bn during the third quarter that ended December 2022.

The revenue from operations rose by 2.6% to Rs 24.7 bn as against Rs 24.1 bn in the corresponding quarter last financial year.

The earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter under review came in at Rs 4.6 bn as against Rs 4.3 bn in the year-ago period.

During the quarter, the FMCG sector in India showed some signs of a gradual improvement in overall demand trends, in addition to the festive spirit and oncoming winter season providing some fillip to specific categories.

With retail inflation easing month on month, the sector recorded its lowest volume decline in the last five quarters. Within the sector, Foods categories stayed on the growth path, while HPC categories were still under pressure.

Did you know that FMCG is one of the top 5 FMCG companies by growth?

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