After opening the day on a negative note, Indian share markets staged a smart recovery as the session progressed and ended on a firm note.

Benchmark indices ended the day in green after 3 straight days of loss on the back of encouraging US inflation data.

At the closing bell, the BSE Sensex stood higher by 303 points. From the day's low, Sensex rose as much as 700 points.

Meanwhile, the NSE Nifty closed higher by 98 points (down 0.1%).

Tata Steel, IndusInd Bank, and Infosys were among the top gainers today.

Titan, Nestle India, and L&T on the other hand were among the top losers today.

The SGX Nifty was trading at 18,022, down by 16 points, at the time of writing.

Broader markets settled on a positive note. The BSE Midcap inched 0.1% higher while the BSE SmallCap index ended higher by 0.2%.

Sectoral indices ended on a positive note with the exception of the healthcare sector, and the consumer durable sector.

Stocks in the banking sector, metal sector, and IT sector witnessed most of the buying.

Shares of Jindal Steel and Power, and PNB Housing Finance hit their 52-week highs today.

Asian share markets ended the day on a mixed note.

The Hang Seng inched up by 1.1%, while the Shanghai Composite index ended 1% higher. The Nikkei edged 1.3% lower.

US stock futures are trading on a mixed note. Dow futures are trading higher by 0.1% while Nasdaq futures are trading down by 0.3%.

The rupee is trading at 81.36 against the US$.

Gold prices for the latest contract on MCX are trading higher by 0.5% at Rs 56,140 per 10 grams.

Meanwhile, silver prices for the latest contract on MCX are trading up by 0.2% at Rs 68,750 per kg.

Speaking of stock markets, the Indian stock market has been extremely volatile after scaling a new all-time high, late last year.

However, individual stocks have been resilient. In fact, some stocks look positive on the charts.

Hindware Home Innovations hits 52-week high even after two market mavens sell stake

The latest shareholding pattern of Hindware Home Innovations shows that Ashish Kacholia and Sunil Singhania sold a stake in the company in the December 2022 quarter.

Ashish Kacholia sold a 1.33% stake in the quarter under review. He held a 2.7% stake in the company as of September 2022 which has reduced to 1.33% in December 2022.

In Singhania's case, he held a 5% stake as of September 2022 which has reduced to 4.88% as of December 2022.

Singhania now holds 4.88% worth Rs 1.7 billion (bn). Kacholia holds 1.33% worth Rs 455 million (m).

This is how the company's shares have performed recently.

HCL Technologies Q3 business update

The best IT companies in India are coming out with their quarterly results.

India's third-largest IT services firm - HCL Technologies reported a strong quarter with a net profit of Rs 41 billion (bn) (about Rs 4,096 crore) for Q3, of the financial year 2022-13.

This is an increase of 18.8% compared to the same period last year, against a weak global macroeconomic environment. The revenue jumped 8.2% on a quarter-on-quarter (QoQ) basis.

On a sequential basis, the net profit saw a 17.4% rise from Rs 34.9 bn reported in the previous quarter.

The company's board has approved an interim dividend of Rs 10 per equity share for the current financial year. The record date is set as 20 January 2023. The payment for the said interim dividend shall be made on 1 February 2023.

For the quarter, HCL Tech's attrition rate was at 21.7%, which is 2.1% lower than the same September quarter.
 

Why oil marketing companies surged today

Reportedly, state-run oil marketing companies (OMCs) expect Rs 500 bn cash compensation from the government for the financial year 2023-24.

The OMCs seek compensation on grounds of a freeze in retail prices of petrol and diesel in 2022 despite a steep rise in crude prices. There was no response from the government so far.

The state-run OMCs Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL), and Bharat Petroleum Corporation (BPCL) suffered cumulative losses of Rs 38.1 bn in the first half of the financial year 2022-23.

The demand for compensation is to make up for the losses on fuel sales incurred by the companies in the first half of the current financial year.

Today, OMC companies' share price rallied as line Minister Hardip S Puri backed the companies.

Shares of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Ltd (BPCL), and Indian Oil gained over 1% today as their compensation demand found support in Union Minister Hardeep Singh Puri.
 

Why gold prices are rising

Gold prices in India today rose to a new high of Rs 56,245 per 10 grams in the futures market, surpassing the previous high of Rs 56,191, which hit in August 2020.

Gold has rallied from Rs 50,000 levels in November on a pullback in the US dollar and expectation of a slowdown in rate hikes by the Fed. In global markets, gold traded near US $ 1,906 per ounce and was on track for a fourth straight week of gains.

The latest trigger for gold has been an easing of inflationary pressure in the US and expectations for smaller interest rate hikes.

Data released on Thursday showed that US consumer prices fell for the first time in more than two years in December, offering hope that inflation was now on a sustained downward trend.

The Labour Department's report showed US consumer prices grew 6.5% on an annual basis in December, in line with expectations, from a 7.1% rise last month.

Gold is an international commodity and is priced in US dollar so a softness in the greenback lifts the prices of the yellow metal. The US Dollar index has softened from its high of 114 level witnessed in September to 102 levels.

Gold's rally has also been supported by a pullback in US bond yields. The precious metal is considered an inflation hedge but is highly sensitive to rising interest rates, which increase the opportunity cost of holding the non-yielding bullion.

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