Indices edge lower, Nifty below 21,250 mark

The domestic equity indices traded with minor cuts in early trade. The Nifty traded below 21,250 mark. Media, metal and pharma stocks advanced while realty, auto and private bank shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 104.95 points or 0.15% to 70,265.60. The Nifty 50 index lost 25.15 points or 0.12% to 21,213.65.

In the broader market, the S&P BSE Mid-Cap index added 0.16% and the S&P BSE Small-Cap index gained 0.31%.

The market breadth was positive. On the BSE, 1,665 shares rose and 1,158 shares fell. A total of 82 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,115.39 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 214.40 crore in the Indian equity market on 23 January, provisional data showed.

Stocks in Spotlight:

Axis Bank slipped 4.86% after the bank reported 4% rise in net profit to Rs 6071 crore on a 25% increase in total income to Rs 33,516 crore in Q3 FY24 as compared with Q3 FY23.

Indus Towers advanced 1.48% after the company`s consolidated net profit stood at Rs 1541 crore in Q3 FY24 as compared with net loss of Rs 708 crore posted in Q3 FY23. Total revenue rose 6% to Rs 7199 crore in Q3 FY24 from Rs 6765 crore recorded in Q3 FY23.

United Spirts shed 0.19%. The company`s net profit rose to Rs 348 crore in Q3 FY24 as compared with net profit of Rs 111 crore posted in Q3 FY23. Net sales rose to Rs 2989 crore in Q3 FY24 from Rs 2781 crore recorded in Q3 FY23.

Pidilite Industries rallied 3.38% after the company`s consolidated net profit rose 66% to Rs 511 crore on 4% rise in net sales to Rs 3119 crore in Q3 FY24 over Q3 FY23.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.01% to 7.173 as compared with previous close 7.174.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1550, compared with its close of 83.1500 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement added 0.06% to Rs 62,005.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.014% to 103.47.

The United States 10-year bond yield shed 0.41% to 4.127.

In the commodities market, Brent crude for March 2024 settlement declined 2 cents or 0.03% to $79.57 a barrel.

Global Markets:

Asian stocks are trading mixed. Investors are also assessing economic data out of Japan, as well as factory activity data from Australia.

US stock ended on a mixed note on Tuesday. The S&P 500 climbed to a record high close as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week.

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