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Indices edge lower; market breadth remains in favour of buyers

Published on Feb 13, 2023 09:26

The domestic equity barometers edged lower in early trade, dragged down by the selling witnessed in index pivotals. The Nifty traded above the 17,850 mark. Barring metal and pharma, shares across sectors decline with IT, banks and financials leading the losses.

At 09:23 IST, the barometer index, the S&P BSE Sensex, was up 10.91 points or 0.02% to 60,693.61. The Nifty 50 index gained 6.90 points or 0.04% to 17,863.40.

Infosys (down 2.11%), TCS (down 1.33%), Tech Mahindra (down 1.29%), Bajaj Finance (down 1.21%) and Wipro (down 0.90%) were the top Nifty losers.

However, Eicher Motors (up 1.65%), Tata Steel (up 1.38%), Titan (up 1.32%), Hindalco (up 1.14%) and JSW Steel (up 0.97%) managed to outperform.

In the broader market, the S&P BSE Mid-Cap index was trading flat while the S&P BSE Small-Cap index added 0.03%

The market breadth was positive. On the BSE, 1,456 shares rose and 1,245 shares fell. A total of 165 shares were unchanged.

Investors awaited the release of India`s retail inflation data, which will be announced later today. Fed Fear weighed on investor sentiment as the market focus shifted to the US CPI Report and US Retail sales figures that could force the Fed into more aggressive policy moves, which could push interest rates above 5%.

Stocks in Spotlight:

Kotak Mahindra Bank rose 0.31%. The bank said that it has entered into share purchase agreements for acquiring 2,64,53,256 equity shares, representing 100% stake, with the current shareholders of Sonata Finance for a total consideration of approximately Rs. 537 crore.

Biocon added 0.76%. The U.S. Food and Drug Administration (FDA) has issued a Complete Response Letter (CRL) for the Biologics License Application (BLA) for Bevacizumab filed by partner Viatris (Mylan).

National Aluminium Company (Nalco) advanced 2.93%. Nalco reported 67% drop in standalone net profit to Rs 273.85 crore in Q3 FY23 from Rs 830.86 crore in Q3 FY22. Revenue from operations fell by 13% YoY to Rs 3,289.98 crore during the quarter.

Glenmark Pharmaceuticals jumped 4.75%. The company`s consolidated net profit rose 21.13% to Rs 290.76 crore on 8% increase in net sales to Rs 3,392.24 crore in Q3 FY23 over Q3 FY22.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose 0.16% to 7.375 from 7.363 previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7400, compared with its close of 82.5800 during the previous trading session

MCX Gold futures for 5 April 2023 settlement advanced 0.02% to Rs 56,750.

The United States 10-year bond yield declined 0.14% to 3.738.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.14% to 103.78.

In the commodities market, Brent crude for April 2023 settlement lost 73 cents or 0.85% to $85.66 a barrel.

Global markets:

Asian stocks traded mostly lower on Monday as investors look ahead to a week of crucial economic data releases, including the U.S. consumer price index that will determine the Federal Reserve`s path forward.

Singapore reported 3.6% GDP growth for 2022, less than the 8.9% growth in 2021. In the fourth quarter, the city-state`s economy grew 2.1% on an annualized basis, compared with 4% in the previous quarter.

US stocks fell on Friday after a slew of corporate earnings and Federal Reserve speakers reiterated their hawkish messages that there is more work to be done to tame inflation.

US consumer sentiment improved to a 13-month high in February, a survey showed on Friday. The sentiment index has rebounded from a low of 50 last June. The survey`s measure of current economic conditions increased to a reading of 72.6 this month from 68.4 in January.

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