Indices edge lower, breadth negative

The key equity indices traded with modest losses in the early trade on a bit of a selling pressure in index pivotals. Negative global cues dented the investors sentiment. The Nifty traded below the 17,150 mark. Shares of bank and pharma edged higher while metal, realty and oil & gas stocks corrected.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 228.75 points or 0.41% to 57,684.94. The Nifty 50 index shed 77.15points or 0.45% to 17,108.55.

In the broader market, the S&P BSE Mid-Cap index lost 0.80% while the S&P BSE Small-Cap index declined 0.69%.

The market breadth was negative. On the BSE, 1,018 shares rose and 1,774 shares fell. A total of 138 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,011.23 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,624.13 crore in the Indian equity market on 14 October, provisional data showed.

Stocks in Spotlight:

HDFC Bank declined 0.19%. The private lender`s core net revenue (excluding trading and Mark to Market losses) grew by 18.3% to 28,869.8 crore for the quarter ended 30 September 2022 from Rs 24,409.7 crore for the quarter ended 30 September 2021. The bank earned a net profit of Rs 10,605.8 crore, an increase of 20.1% over the quarter ended 30 September 2021.

Avenue Supermarts (Dmart) fell 1.79%. The company`s consolidated net profit stood at Rs.686 crore for Q2FY23, as compared to Rs. 418 crore in the corresponding quarter of last year. Total Revenue for the quarter ended 30 September 2022 stood at Rs. 10,638 crore, as compared to Rs. 7,789 crore in the same period last year.

Bajaj Auto rose 2.69%. The two-wheeler maker has reported a consolidated net profit of Rs 1,719.44 crore for the quarter ended 30 September 2022 as compared to net profit of Rs 2,039.86 crore in the quarter ended 30 September 2021. Total income rose to Rs 10,536.56 crore from Rs 9080.50 crore.

Larsen & Toubro Infotech (L&T Infotech) shed 1.41%. The IT company reported 7.2% rise in consolidated net income to Rs 679.8 crore on 6.9% increase in revenue to Rs 4836.7 crore in Q2 FY23 over Q1 FY23.

Adani Enterprises fell 1.96. The company has signed binding term sheet in relation to acquisition of 100% stake in SIBIA Analytics and Consulting Services Private Limited (SIBIA). SIBIA is a Kolkata based advanced analytics and machine learning company.

Global Markets:

Most of the Asian stocks are trading lower on Monday as recession fears weigh in over expectations of continued tighten monetary policies around the world.

The People`s Bank of China rolled over its medium-term lending facility (MLF) loans and kept its interest rate unchanged at 2.75%, according to a statement. The central bank announced it would keep the one-year rate unchanged for a second month and injected 500 billion yuan ($70 billion) through the MLF.

Chinese President Xi Jinping affirmed Sunday the country`s recent shift away from rapid growth and greater focus on national self-sufficiency, especially in technology. Xi briefly mentioned in that opening section how the country`s Covid policy has achieved �positive results� in coordination with economic development.

US stocks dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve`s aggressive rate hike path could trigger a recession.

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