Barometers drift lower amid negative global cues
Published on Feb 10, 2023 09:31
The key equity benchmarks traded with limited losses in early trade amid negative global cues. The Nifty traded near the 17,850 mark. PSU bank, media and financial services stocks advanced while metal, IT and oil & gas shares declined.
At 09:25 IST, the barometer index, the S&P BSE Sensex, was down 162.67 points or 0.27% to 60,743.55. The Nifty 50 index shed 42.55 points or 0.24% to 17,850.90.
In the broader market, the S&P BSE Mid-Cap index fell 0.38% while the S&P BSE Small-Cap index advanced 0.10%
The market breadth was positive. On the BSE, 1,398 shares rose and 1,127 shares fell. A total of 122 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 144.73 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 205.25 crore in the Indian equity market on 9 February, provisional data showed.
Stocks in Spotlight:
Life Insurance Corporation of India (LIC) rose 2.90%. The company reported consolidated net profit of Rs 8348.71 crore in Q3 FY23 compared to net profit of Rs 211.29 crore posted in Q3 FY22. Total income rose to Rs 197663.01 crore from Rs 174972.73 crore.
HPCL was up 1.12%. The company reported consolidated net profit of Rs 444.26 crore in Q3 FY23 compared to net profit of Rs 1352.99 crore posted in Q3 FY22. Total income rose to Rs 1,16,485.79 crore from Rs 1,04,161.66 crore.
Mahindra & Mahindra (M&M) increased 0.36%. M&M signed a memorandum of understanding (MoU) with the Government of Telangana for its proposed expansion plans at its existing manufacturing facility at Zaheerabad in Medak district. The estimated investment for this proposed expansion is expected to be approximately Rs 1,000 crore to be made over a period of 8 years by the company or any of its group company.
Asian stocks were trading mostly lower on Friday, following moves on Wall Street as China`s inflation data came in lower than expected. Consumer prices in the nation rose 2.1% in January compared to a year ago.
Japan`s wholesale prices rose 9.5% in January from the previous year, slightly lower than the revised figure of 10.5% recorded in December 2022.
Australia`s central bank on Friday said inflation remains high and hinted at further interest rates hikes. In its quarterly monetary statement, RBA observed global inflation is still very high but �looks to have peaked.� �The Board expects that further increases in interest rates will be needed to ensure that the current period of high inflation is only temporary,� said RBA.
US stocks closed lower Thursday as concerns over the Federal Reserve`s future moves on monetary policy offset excitement around the latest batch of corporate earnings.
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