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Market drifts lower in early trade, Nifty below 17,750 mark

Published on Apr 26, 2023 09:33

The frontline indices were trading with minor cuts in early trade. Domestic sentiment was dented amid negative global cues. The Nifty traded below the 17,750 mark. Realty, auto and consumer durables stocks advanced while metal, PSU bank and media shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 86.22 points or 0.14% to 60,044.49. The Nifty 50 index lost 38.65 points or 0.22% to 17,730.60.

In the broader market, the S&P BSE Mid-Cap index declined 0.21% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was positive. On the BSE, 1,403 shares rose and 1,148 shares fell. A total of 118 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 407.35 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 563.61 crore in the Indian equity market on 25 April, provisional data showed.

Stocks in Spotlight:

Bajaj Auto rose 0.04%. The auto major reported consolidated net profit rose 11.7% to Rs 1,704.74 crore on 11.97% increase in total revenue from operations to Rs 8,929.23 crore in Q4 FY23 over Q4 FY22.

Cipla declined 0.61%. The pharma major informed that Madison Pharmaceuticals Inc. (`Madison`), wholly owned step-down subsidiary of the company in Delaware, USA, will be dissolved with effect from 28 April 2023. Madison is a dormant entity, and this dissolution will not affect the performance or revenue of the company.

Tata Consumer Products fell 0.65%. The company`s consolidated net profit jumped 21.13% to Rs 289.56 crore on 13.96% rise in revenue from operations to Rs 3,618.73 crore in Q4 FY23 over Q4 FY22.

UCO Bank shed 0.04%. A meeting of the board of directors of the bank is scheduled on 2 May 2023 to consider and approve raising of equity capital during the financial year 2023-24 through various modes such as follow-on public offer (FPO), qualified insitutional placement (QIP), preferential issue etc.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose to 7.121 from 7.110 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.9850 compared with its close of 81.9550 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement shed 0.10% to Rs 60,200.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.04% to 101.82.

The United States 10-year bond yield advanced 0.21% to 3.405.

In the commodities market, Brent crude for June 2023 settlement rose 35 cents or 0.43% to $81.12 a barrel.

Global Markets:

Asian stocks were trading mixed on Wednesday after banking fears were reignited on Wall Street.

Australia`s inflation showed signs of easing in first quarter. Australia`s inflation for the first quarter of 2023 slowed to 7% year-on-year, down from a 23-year high of 7.8% in the quarter ended December 2022.

Consumer sentiment in South Korea improved in April. South Korea`s composite consumer index for April has improved to 95.1 points, 3.1 points higher than March`s figure of 92.

US stocks slipped on Tuesday on recession fears after weak earnings and soft economic data.

Shares of First Republic Bank tumbled after the regional bank posted its latest quarterly results, saying late Monday that deposits dropped 40% to $104.5 billion in the first quarter but have since stabilized.

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