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Benchmarks sharply pare gains; European markets open lower

Published on May 09, 2023 13:36

The key equity benchmarks sharply pared gains in afternoon trade. The Nifty traded above the 18,250 level. Private bank, IT and auto shares advanced while PSU bank, realty and FMCG shares declined.

At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 109.3 points or 0.18% to 61,873.55. The Nifty 50 index added 23.60 points or 0.13% to 18,288.

In the broader market, the S&P BSE Mid-Cap index rose 0.18% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was positive. On the BSE, 1,811 shares rose and 1,603 shares fell. A total of 152 shares were unchanged.

Investor attention remains centered on important US inflation data scheduled for release this week, along with earnings of over 300 companies on the Dalal Street and the outcome of a state election in India.

Gainers and Losers:

IndusInd Bank (up 1.59%), Divi`s Laboratories (Up 1.47%), Asian Paints (up 1.23%), Axis Bank (up 1.08%), Tata Motors (up 1.06%) were major Nifty gainers.

UPL (down 2.43%), ITC (down 1.18%), State Bank of India (down 1.09%), Grasim Industries (down 0.96%), JSW Steel (down 0.96%) were were top Nifty losers.

Stocks in Spotlight:

Pidilite Industries fell 0.20%. The company reported 11.3% rise in consolidated net profit to Rs 283.03 crore on 7.3% increase in revenue from operations to Rs 2,689.25 crore in Q4 FY23 over Q4 FY22.

Birlasoft surged 7.94% after the company reported a consolidated net profit of Rs 112.17 crore in Q4 FY23 as against net loss of Rs 16.36 crore in Q3 FY23. Revenue from operations rose marginally to Rs 1,226.39 crore in Q4 FY23 from Rs 1221.89 crore posted in Q3 FY23.

Mahanagar Gas rallied 8.37% after the company`s net profit soared 104% to Rs 268.81 crore in Q4 FY23 as compared with Rs 131.80 crore in Q4 FY22. Revenue from operations jumped 48.2% to Rs 1,610.48 crore in Q4 FY23 as against Rs 1,086.77 crore in Q4 FY22.

Kansai Nerolac Paints rose 0.32% after the company reported a standalone net profit of Rs 93.99 crore in Q4 FY23, steeply higher than Rs 24.53 crore recorded in Q4 FY22. Revenue from operations grew by 13.6% year on year to Rs 1,605.11 crore in the quarter ended 31 March 2023.

Global Markets:

Markets in Europe and Asia declined on Tuesday.

Chinese imports fell sharply in April, data showed on Tuesday, indicating that local demand remained weak despite a pick-up in economic activity, although a bigger-than-expected rise in exports saw the country log a strong trade surplus.

Data from the Customs Administrations showed that China`s imports fell 7.9% in April from the prior year, as compared with the prior month`s reading of negative 1.4%.

On the other hand, China`s exports grew a bigger-than-expected 8.5% in April. But the pace of growth slowed from March`s reading of 14.8%.

While China`s economy grew more than expected in the first quarter of 2023, growth remained largely skewed towards the services sector. Manufacturing, which is a major economic driver for the country, has struggled to recover from three years of COVID-related disruptions.

US stocks paused on Monday after a strong rally in the prior session as investors shift focus to a key inflation reading later this week.

The spotlight this week will be on the Labor Department`s inflation reading on Wednesday. Producer prices, weekly jobless claims and consumer sentiment data are all lined up for the week.

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