Key barometers trade with limited gains; European markets open lower
Published on Apr 25, 2023 13:27
The key equity barometers continued to trade with limited gains in afternoon trade. The Nifty managed to hold above the 17,750 mark after hitting the day`s low of 17,716.85 in early trade. Markets in Europe and Asia currently traded with some losses.
At 13:25 IST, the barometer index, the S&P BSE Sensex, was up 89.92 points or 0.15% to 60,146.02. The Nifty 50 index added 31.25 points or 0.18% to 17,774.65.
In the broader market, the S&P BSE Mid-Cap index advanced 0.13% while the S&P BSE Small-Cap index gained 0.37%.
The market breadth was positive. On the BSE, 1,940 shares rose and 1,478 shares fell. A total of 132 shares were unchanged.
The initial public offer (IPO) of Mankind Pharma received bids for 11.26 lakh shares as against 2.80 crore shares on offer, according to stock exchange data at 13:24 IST on Tuesday (25 April 2023). The issue was subscribed 0.04 times.
The issue opened for bidding on Tuesday (25 April 2023) and it will close on Thursday (27 April 2023). The price band of the IPO is fixed at Rs 1,026 - Rs 1,080 per share. An investor can bid for a minimum of 13 equity shares and in multiples thereof.
Stocks in Spotlight:
Nestle India added 0.13%. The company reported 24.69% jump in net profit to Rs 736.64 crore on 21.3% rise in total sales to Rs 2,080 crore in Q1 CY23 over Q1 CY22.
Larsen & Toubro (L&T) rose 0.86% after the company announced that its Power Transmission & Distribution business has secured `significant` orders in India and overseas. As per L&T classification, the value of the large project is Rs 1,000 crore to Rs 2,500 crore. The business has secured orders to develop distribution infrastructure in two discom circles of western Rajasthan and a power supply system order for the second phase of Chennai Metro.
Oil India gained 1.08%. Fitch Ratings has affirmed Oil India`s long-term foreign-currency issuer default rating (IDR), senior unsecured rating and the rating on its outstanding senior unsecured debt at `BBB-`. The outlook on the IDRs is `stable`, the credit rating agency said.
Tata Teleservices (Maharashtra) fell 1.16%. The company has reported a net loss of Rs 277.07 crore in Q4 FY23 as against a net loss of Rs 280.62 crore posted in Q4 FY22. Revenue from operations stood at Rs 280.13 crore in Q4 FY23, up 2.7% from Rs 272.78 crore recorded in the same period a year ago.
European markets and their Asian peers traded mostly lower on Tuesday, as investors react to a slew of corporate earnings announcements. Markets in Australia and New Zealand are closed for a holiday.
Meanwhile, South Korea`s gross domestic product climbed 0.8% in the first quarter compared with a year ago, according to advance estimates from the country`s central bank. On a quarter-on-quarter basis, South Korea`s GDP expanded by 0.3%.
US stocks closed mixed on Monday as investors braced for mega tech earnings and economic data.
Investors attention is back on wider banking sector jitters after U.S. regional bank First Republic said Monday that deposits fell by 40.8% to $104.5 billion in the first quarter, worse than market expectations. The bank added they have since stabilized.
Focus this week is on first quarter results from Amazon, Facebook owner Meta, Google-parent Alphabet and Microsoft. Economic data on housing, industrial output and first quarter GDP are also to be released this week.
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