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Indices trade with marginal losses; European shares slide

Published on May 10, 2023 13:33

The key equity benchmarks traded near the flat line with some negative bias in afternoon trade. The Nifty traded near the 18,250 level. Media, oil & gas and FMCG shares advanced while PSU bank, metal and IT stocks declined.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was down 41.27 points or 0.07% to 61,720.06. The Nifty 50 index lost 8.80 points or 0.05% to 18,257.15.

In the broader market, the S&P BSE Mid-Cap index shed 0.07% while the S&P BSE Small-Cap index 0.06%.

The market breadth was negative. On the BSE, 1,627 shares rose and 1,764 shares fell. A total of 152 shares were unchanged.

On the political front, the Karnataka Assembly Elections is being held today, 10 May 2023, in a single phase for 224 constituencies. The exit poll results will be declared shortly after the voting is over. The Election Commission of India will declare the election results on May 13.

Gainers and Losers:

IndusInd Bank (up 2.44%), HDFC Life Insurance Company (Up 1.78%), Power Grid Corporation of India (up 1.29%), Oil & Natural Gas Corporation (ONGC) (up 0.97%) and Bajaj Finance (up 0.91%) were major Nifty gainers.

UPL (down 2.22%), Dr. Reddy`s Laboratories (down 0.94%), Tata Steel (down 0.78%), State Bank of India (down 0.73%) and Larsen & Toubro (down 0.69%) were top Nifty losers.

Stocks in Spotlight:

JSW Steel declined 0.55%. The steel major said that its standalone crude steel production in April 2023 stood at 17.77 lakh tonnes, registering a growth of 7% year on year. The company recorded crude steel production of 16.67 lakh tonnes in April 2022.

Lupin gained 2.69%. The company reported consolidated net profit of Rs 242.4 crore in Q4 FY23 as compared with net loss of Rs 511.9 crore in Q4 FY22. Total revenue rose to Rs 4430.1 crore in the quarter ended 31 March 2023 as compared with Rs 3883 crore posted in corresponding quarter last year.

Apollo Tyres tumbled 4.22%. The company reported net profit of Rs 427.3 crore in Q4 FY23 as compared with net profit of Rs 113.4 crore in Q4 FY22. Total income rose to Rs 6264.2 crore in the quarter ended 31 March 2023 as compared with Rs 5615.4 crore posted in corresponding quarter last year.

Shipping Corporation of India (SCI) jumped 5.26% after the company`s consolidated net profit surged 156.38% to Rs 379.91 crore on 8.35% rise in net sales to Rs 1418.14 crore in Q4 March 2023 over Q4 March 2022.

Global markets:

Markets in Europe and Asia traded lower on Wednesday ahead of a critical inflation report and as the US debt ceiling impasse damps investor sentiment.

US stock indexes closed lower on Tuesday as investors grew more cautious ahead of a US consumer price index report and a meeting between US political leaders to discuss the debt the debt ceiling.

Investors will look for clues on whether inflation is continuing to ease following the Labor Department`s consumer price index (CPI) report on Wednesday.

US President Joe Biden and congressional Republicans made little tangible progress toward averting a first-ever US default. They pledged negotiations on spending that would open the door to a possible agreement, with Biden and House Speaker Kevin McCarthy to meet again on Friday.

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