Nifty50: 17,894 ▼ 61 (-0.3%)
Sensex: 60,092 ▼ 168 (-0.2%)
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It is what it sounds like- applying to several jobs at once due to dissatisfaction or frustration at the current workplace. A Fortune magazine report credits a Canadian millennial for popularising this concept.
Her video captioned "Keep rage-applying when you're mad" garnered nearly 20 lakh views and struck a chord with a lot of exhausted and underappreciated workers.
Today, Markets too triggered rage (of a different kind) amongst investors. Read on to know why.
- After a strong opening, the markets moved downwards.
- Of the Nifty50 universe, 32 stocks declined.
- The US markets will be closed today for Martin Luther King Jr day.
Among the Nifty sectoral indices, PSU Bank (+1.5%) and IT (+1.1%) were the top gainers, while Media (-1.3%) and Metal (-1.3%) were the top losers.
| Top gainers | Today's change |
| Tech Mahindra | 1,034 ▲ 30 (+3.0%) |
| HCL Tech | 1,093 ▲ 16 (+1.4%) |
| Infosys | 1,523 ▲ 20 (+1.3%) |
| Top losers | Today's change |
| Adani Enterprises | 3,621 ▼ 100 (-2.6%) |
| Axis Bank | 912 ▼ 21 (-2.2%) |
| Hindalco | 483 ▼ 5 (-1.1%) |
What’s trending
⭐ Federal Bank posts record profits
Shares of the private bank (1.1%) rose after it reported all-time high net profit and net interest income (NII). In Q3FY23, the net profit rose by 54% on a year-on-year basis to ₹804 crore. This was supported by a 27% rise in NII to ₹1,957 crore. The NII is the difference between interest earned on loans and interest paid on deposits.
⭐ Bank of Maharashtra soars
Shares of the public sector bank (4.7%) jumped after it showed improvement in asset quality and posted strong earnings. In the December quarter, the gross non-performing assets dropped to 2.9% of the loan book from 4.7% in the same period last year. Meanwhile, its net profit soared by 138% YoY to ₹775 crore.
⭐ DMart shares fall on subdued Q3
Shares of Avenue Supermarts (4.7%) tumbled after it reported subdued Q3 numbers. The tepid growth in apparel and general merchandise adversely impacted the profitability.
⭐ RTN India rises on EV acquisition
Shares of RattanIndia Enterprises (14.8%) surged as it announced the acquisition of electric vehicle maker Revolt Motors. Revolt Motors makes RV400 - the highest selling electric bike in India.
⭐ Wholesale inflation at 22-month low
The wholesale inflation rate eased to 4.9% in December from 5.8% in November. This fall was led by a drop in food, mineral oil and crude petroleum prices.
⭐ India’s exports decline
In December 2022, India’s exports declined by 12.2% to $34.4 billion. This comes amid concerns over a global economic slowdown triggered by high interest rates.
In Focus
Defence companies firing on all cylinders
The expansion in defence budget and focus on making equipment domestically gave firepower to defence stocks, which were on a roll in 2022. In fact, last year, India’s finance minister had allocated ₹5.2 lakh crore to the defence sector. This was an increase of around 10% on a year-on-year basis. And in this union budget, experts believe that the government could further ramp up the investment in this sector.
While what happens on Budget day remains to be seen, the following factors indicate that the dream run of defence stocks could continue this year too.
Fresh firepower
Recently, India’s defence ministry said that approval for defence projects worth ₹84,000 crore has been given. This includes light tanks, futuristic infantry combat vehicles, mounted gun systems, missiles and bombs.
Aatmanirbhar defence
The fresh allocations have also been supported by a push to be self-reliant. In August, the government added 780 items to the defence import ban list. This was in addition to 458 items banned in the first two lists, released in December 2021 and March 2022. An import ban favours domestic manufacturers by restricting entry of foreign suppliers in the space.
Strong order book
But, the fresh allocations are just an icing on the cake. India’s defence companies already have a strong order book lined up. Bharat Dynamics, Bharat Electronics, HAL and Cochin Shipyards have order books which are 3 to 6 times their respective annual revenue. This provides a clear revenue visibility.
Robust exports
Globally too, defence procurement is on a rise. In fact, in FY22, India’s defence exports hit a record high of ₹14,000 crore. The government expects to hit the ₹25,000-crore mark by 2025.
A combination of favourable policies and possibility of higher allocations during the upcoming budget means that defence stocks could pack a punch going ahead.
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