INDICES TRIM LOSSES, METAL STOCKS LOSE SHINE

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.

Results Today:

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.

Buzzing Index:

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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