Market opens lower amid weak global cues; breadth positive

The domestic equity benchmarks edged lower in early trade. Weak global cues dented the investor sentiments. The Nifty traded below the 17,200 mark. IT, metal and media stocks advanced while healthcare, auto and pharma stocks declined.

At 09:28 IST, the barometer index, the S&P BSE Sensex, was down 116.59 points or 0.20% to 57,874.52. The Nifty 50 index lost 61.05 points or 0.35% to 17,179.95.

In the broader market, the S&P BSE Mid-Cap index declined 0.04% while the S&P BSE Small-Cap index added 0.40%.

The market breadth was positive. On the BSE, 1723 shares rose and 923 shares fell. A total of 128 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,139.02 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,137.46 crore in the Indian equity market on 10 October, provisional data showed.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.30%. TCS reported 10.1% rise in consolidated net profit to Rs 10,431 crore on 4.8% increase in revenue to Rs 55,309 crore in Q2 FY23 over Q1 FY23. The board recommended an interim dividend of Rs 8 per share. The record date for the same is 18 October 2022 and the payment date is 07 November 2022.

Infosys rose 1.03%. The board of the company will meet on 13 October 2022 to consider proposal for buyback of shares.

India Cements declined 4%. The company has entered into a Share Purchase Agreement with JSW Cement (Buyer) and divested the entire shareholdings held by it in Springway Mining Private Limited (SMPL), for a total consideration of Rs.476.87 crore and consequently, SMPL ceased to be the wholly owned subsidiary.

Global markets:

Asian stocks are trading lower on Tuesday following a fourth straight drop in US equities amid persistent concern that rising interest rates and geopolitical threats will crimp global growth. Stocks slumped in Japan and South Korea as trading resumed after holidays.

US stocks fell on Monday as investors worried about the impact of higher interest rates and pulled out of chipmakers after the United States announced restrictions aimed at hobbling China`s semiconductor industry.

The mood remains fragile ahead of Thursday`s US inflation data, with the case for another 75 basis-point rate hike likely to be strong if the data comes in hotter-than-expected, as per reports.

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