Indices trim losses, metal stocks lose shine
Published on Apr 26, 2023 10:33
The key equity barometers pared all the losses and traded near the flat line in morning trade. The Nifty traded above the 17,750 mark after hitting the day`s low of 17,711.20 in morning trade. Metal stocks witnessed profit booking after rising in the past two trading sessions.
At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 14.19 points or 0.02% to 60,144.90. The Nifty 50 index rose 2.50 points or 0.01% to 17,771.75.
In the broader market, the S&P BSE Mid-Cap index added 0.11% while the S&P BSE Small-Cap index gained 0.38%.
The market breadth was positive. On the BSE, 1,817 shares rose and 1,277 shares fell. A total of 152 shares were unchanged.
Maruti Suzuki India (up 0.35%), Bajaj Finance (down 0.60%), HDFC Life Insurance Company (up 1.01%), SBI Life Insurance Company (up 0.81%), L&T Technology Services (down 0.10%), KPIT Technologies (up 4.62%), Indus Towers (up 2.28%), Can Fin Homes (up 0.47%), IIFL Finance (down 0.20%), Oracle Financial Services Software (up 0.37%), Poonawalla Fincorp (down 0.54%), Shoppers Stop (down 0.51%), Supreme Petrochem (down 0.54%), Syngene International (up 0.42%), Tanla Platforms (up 0.91%), UTI Asset Management Company (up 0.88%), and Voltas (up 1.55%) will announce their quarter earnings later today.
The Nifty Metal index shed 0.76% to 5,694.60. The index added 1.06% in the past two trading sessions.
Jindal Steel & Power (down 1.91%), APL Apollo Tubes (down 1.49%), Hindalco Industries (down 1.41%), JSW Steel (down 1.17%), Hindustan Zinc (down 1.12%), Vedanta (down 1.04%), Steel Authority of India (down 0.98%), Tata Steel (down 0.56%), Hindustan Copper (down 0.2%) and NMDC (down 0.18%) edged lower.
On the other hand, Adani Enterprises (up 1.14%) ,Welspun Corp (up 1.09%) and Ratnamani Metals & Tubes (up 0.26%) advanced.
Stocks in Spotlight:
Dalmia Bharat rose 0.17% after the company`s consolidated net profit from continuing operations surged 125% to Rs 609 crore in Q4 FY23 as compared with Rs 271 crore in Q4 FY22. Revenue from operations jumped 15.7% to Rs 3,912 crore in Q4 FY23 as against Rs 3,380 crore in Q4 FY22. Sales volume during the quarter increased by 13.3% to 7.4 million tonne from 6.6 million tonne recorded in the corresponding quarter last year.
Nippon Life India Asset Management shed 0.11%. The company`s net profit rose by 13% to Rs 197.7 crore on a 3% increase in revenue from operations to Rs 348.3 crore in Q4 FY23 over Q4 FY22. As on 31 March 2023, NAM India`s assets under management (AUM) was Rs 3,62,981 crore (US$ 44.2 billion).
Mahindra CIE Automotive rallied 4.84% after the company reported 73% jump in consolidated net profit to Rs 279.1 crore in Q1 CY2023 from Rs 161.4 crore in Q1 CY2022. Revenue from operations in the first quarter increased by 18% YoY to Rs 2440.2 crore.
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