Indices trim losses, Nifty above 17,800 level

The domestic equity barometers pared losses in the mid-afternoon trade. The Nifty traded above the 17,800 level after the hitting the day`s low of 17,761.65 in mid-afternoon trade. IT and media stocks edged higher while oil & gas, banks and FMCG shares declined. Trading was volatile due to expiry of weekly index options on the NSE.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was down 214.93 points or 0.36% to 59,890.57. The Nifty 50 index lost 60.85 points or 0.34% to 17,834.85.

In the broader market, the S&P BSE Mid-Cap index declined 0.28% while the S&P BSE Small-Cap index shed 0.10%.

The market breadth was negative. On the BSE, 1,428 shares rose and 2,009 shares fell. A total of 160 shares were unchanged.

Investors look ahead to the U.S. consumer price index report due later in the day. The December CPI report will inform investors as to whether the Federal Reserve needs to move forward with more aggressive interest rate hikes to tame inflation, or if the central bank can pull back as inflation is showing signs of steadily cooling off.

On the macro front, the Industrial Production and Manufacturing Production data for November will be released today. Inflation rate for December will also be declared today.

Economy:

The provisional figures of direct tax collections up to 10 January 2023 stood at Rs 14.71 lakh crore which is 24.58% higher than the gross collections for the corresponding period of last year.

Direct Tax collection, net of refunds, stood at Rs 12.31 lakh crore which is 19.55 % higher than the net collections for the corresponding period of last year. This collection is 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined to 7.288 from its close of 7.291 recorded in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.67, compared with its close of 81.6875 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement added 0.21% to Rs 55,810.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.03% to 103.22.

The United States 10-year bond yield fell 1.10% to 3.517.

In the commodities market, Brent crude for March 2023 settlement declined 10 cents or 0.12% to $82.57 a barrel.

Buzzing Index:

The Nifty Private Bank index shed 0.63% to 21,408.25. The index added 0.41% in the past trading session.

Axis Bank (down 2.28%), Bandhan Bank (down 2.13%), RBL Bank (down 1.91%), Kotak Mahindra Bank (down 1.32%), ICICI Bank (down 0.96%), IndusInd Bank (down 0.7%), IDFC First Bank (down 0.33%), City Union Bank (down 0.3%), Federal Bank (down 0.19%) edged lower.

Stocks in Spotlight:

Berger Paints India rose 0.28%. The company said that the board today has approved the appointment of Kaushik Ghosh as the vice president & chief financial officer and key managerial personnel of the company with immediate effect. Concurrently, the board has noted the resignation of Vikash Sarda as the chief financial officer (key managerial personnel) of the company.

G M Breweries shed 0.23%. The company reported a 30.98% jump in net profit to Rs 25.92 crore on 17.41% increase in revenue to Rs 153.66 crore in Q3 FY23 over Q3 FY22. Sequentially, the company`s net profit rose 14.69% and revenue increased by 8.32% in Q3 FY23.

Stove Kraft slipped 4.25% after its chief executive officer (CEO) and whole time director, Rajiv Nitin Mehta informed that he intents to resign from the company to pursue opportunities outside the group. The company said that the formal resignation of Rajiv Mehta will be placed before the board of directors at the forthcoming meeting.

Powered by Capital Market - Live News