BAROMETERS PARE GAINS; NIFTY BELOW 17,950; BANK STOCKS SLIDE

The key equity indices gave up all the early gains and slipped into the terrain in morning trade. The Nifty slid below the 17,950 mark. Bank shares declined for the third day in a row.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was down 167.37 points or 0.28% to 60,185.90. The Nifty 50 index lost 45.70 points or 0.25% to 17,946.45.

In the broader market, the S&P BSE Mid-Cap index shed 0.31% while the S&P BSE Small-Cap index slipped 0.22%.

The market breadth was negative. On the BSE, 1,533 shares rose and 1,619 shares fell. A total of 149 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,449.45 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 194.09 crore in the Indian equity market on 5 January, provisional data showed.

Buzzing Index:

The Nifty Bank index advanced 0.65% to 42,333.55. The index has slipped 2.51% in three trading sessions.

Among the components of the Nifty Bank index, IndusInd Bank (down 1.96%), AU Small Finance Bank (down 1.87%), ICICI Bank (down 1.18%), Federal Bank (down 1.02%), Axis Bank (down 0.96%), IDFC First Bank (down 0.66%), Punjab National Bank (down 0.62%), HDFC Bank (down 0.41%), Bank of Baroda (down 0.35%) and Kotak Mahindra Bank (down 0.26%) declined.

Stocks in Spotlight:

Kewal Kiran Clothing (KKCL) rose 1.33%. The company announced its strategic partnership with Board of Control for Cricket in India (BCCI) as the Indian Cricket Team`s "Official Partner". KKCL will don the brand Killer logo on Team India`s Kit until 31st May 2023. With this partnership, KKCL plans to reach out to the millions of cricket fans that are spread across the country and overseas.

Macrotech Developers was up 0.37% after the company said that it had achieved pre-sales of Rs 3,035 crore in Q3 FY23, thereby recording a growth of 16.3% on a YoY basis. The real estate developer`s pre-sales in the same period last year were Rs 2,608 crore. The company`s 9M FY23 pre-sales stood at Rs 9,039 crore, up by 62.3% from Rs 5,568 crore recorded in 9M FY22.

Mukand jumped 4.20% after the company announced that it sold its land in Thane to AGP DC Infra Two for Rs 796.46 crore.

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