Asian share markets fell today following hawkish comments from US Federal Reserve officials with investors turning cautious ahead of key inflation data.

Meanwhile, China's reopening after Covid-19 restrictions pushed commodities higher.

The Nikkei is trading up by 0.7% while the Hang Seng was down by 0.3%. The Shanghai Composite is trading lower by 0.2%.

In US markets, the S&P 500 erased early gains to close flat on Monday as expectations that the Federal Reserve will become less aggressive with its interest rate hikes were offset by lingering worries about inflation.

The Dow Jones ended lower by 0.3% while the tech-heavy Nasdaq Composite ended higher by 0.6%

Here's a table showing the performance of US stocks yesterday:

Source: Equitymaster

Back home, Indian share markets are trading on a negative note.

Benchmark indices opened in the green but erased gains as the session progressed.

At present, the BSE Sensex is trading lower by 355 points. Meanwhile, the NSE Nifty is trading lower by 95 points.

Tata Motors, Tata Steel, and M&M are among the top gainers today.

Bajaj Finserv, Titan, and HDFC Bank are among the top losers today.

Broader markets are trading on a negative note. The BSE Mid Cap index is trading lower by 0.2% and the BSE Small Cap index is trading lower by 0.1%.

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

Meanwhile stocks in the telecom sector, IT sector, and finance sector witness selling.

Shares of Godfrey Philips and Jindal Steel & Power hit their 52-week high today.

The rupee is trading at Rs 82.2 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 24 at Rs 55,888 per 10 grams.

Meanwhile, silver prices are trading lower by 0.5% at Rs 68,549 per kg.
 

How did IRCTC perform in 2022

Beginning from the comfortable and luxurious ride of Rajdhani to fulfilling a common man's dream of traveling in an air-conditioned coach via Garibrath, IRCTC answers to almost all travel needs.

IRCTC's share price was falling in 2022. Even when railway stocks gained traction towards the latter half of 2022, IRCTC continued its downtrend.

If we take a look at the recent performance of railway sector stocks, we can see that most of the railway stocks and railway infrastructure stocks have rallied. But bucking the trend was the most popular railway stock IRCTC.

TCS falls post Q3 results

Tata Consultancy Services (TCS) on 9 January reported an 11% increase in its consolidated net profit at Rs 10,883 crore (about Rs 108.8 billion) for the quarter that ended December 2022. The company had posted a profit of Rs 98.1 bn in the year-ago period.

The consolidated revenue from operations came in at Rs 582.3 bn, up 19.1% against Rs 488.9 bn in the corresponding quarter of the previous financial year.

The company also announced a dividend of Rs 75 per share including Rs 67 as a special dividend. The record date for dividends is 17 January and the payment date is 3 February 2023.

Its last twelve-month IT services attrition rate was at 21.3%.

The revenue beat expectations, but the profit was below expectations. Hence, the share price fell after the results were out.

TCS also dragged other best IT stocks with it as Infosys and HCL Tech also fell today.
 

Lupin receives approval from Spain's health ministry

Global pharma major Lupin and Exeltis Healthcare S.L (Exeltis) announced on Monday that the Spanish Ministry of Health (MSCBC) has approved the reimbursement of Lupin's NaMuscla (mexiletine) for the symptomatic treatment of myotonia.

NaMuscla is the first and only licensed product for this indication in Europe and will be commercialized by Lupin's partner Exeltis in Spain.

NDM disorders are a group of rare, inherited neuromuscular disorders with an estimated prevalence of 1 case per 100,000 inhabitants in Spain, and is characterized by the inability to relax muscles following voluntary contraction (myotonia).
 

More 5G services in various cities in India

Reliance Jio, the telecom arm of Reliance Industries (RIL), 9 January launched its 5G services in 10 more cities - Agra, Kanpur, Meerut, Prayagraj (Uttar Pradesh), Tirupati, Nellore (Andhra Pradesh), Kozhikode, Thrissur (Kerala), Nagpur, and Ahmednagar (Maharashtra).

With this launch, the telecom major's 5G services are available in 82 cities in the country.

The 5G firm claimed it is the first and the only operator to launch 5G services in the majority of these cities.

According to the company's announcement through a press release, Jio users in these cities will be invited to take advantage of the Jio Welcome Offer, which includes unlimited data at speeds of up to 1 Gbps+ at no extra cost.

Jio plans to launch 5G services across cities and towns in India by the end of December 2023.
 

JSW Steel Business Update

JSW Steel on said its combined crude steel production rose 17% to 6.2 m tonne (MT) during the October-December period of 2022-23.

The combined production during the year-ago quarter was at 5.4 MT, JSW Steel said in a statement.

Its standalone output rose 20% to 6.1 MT in Q3 from 5.1 MT in the year-ago period.

According to the company, the combined production includes the output of jointly controlled entities Bhushan Power & Steel (BPSL) and JSW Ispat Special Products (JISPL), and offshore entity JSW Steel USA Ohio.

JSW Steel is among the best steel stocks in India.

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