Nifty hovers above 18,100; Ultratech Cement slips 3.87%

The key equity indices traded in a narrow range with decent gains in the afternoon trade. The Nifty hovered above the 18,100 level. IT, auto and healthcare stocks were in demand while realty and metal stocks declined.

At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 274.51 points or 0.45% to 60,896.28. The Nifty 50 index added 75.50 points or 0.42% to 18,103.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% while the S&P BSE Small-Cap index shed 0.23%.

The market breadth turned negative. On the BSE, 1,695 shares rose, and 1,852 shares fell. A total of 200 shares were unchanged.

Gainers & Losers:

Eicher Motors (up 1.89%), UPL (up 1.72%), Divi`s Laboratories (up 1.67%), Sun Pharmaceutical Industries (up 1.65%) and Hindustan Unilever (up 1.45%) were top Nifty gainers.

Ultratech Cement (down 3.87%), Grasim Industries (down 2.23%), NTPC (down 1.33%), Adani Ports and Special Economic Zone (down 1.32%) and JSW Steel (down 1.22%) were major Nifty losers.

UltraTech Cement slipped 3.87%. The cement maker has reported consolidated profit after tax of Rs 1058 crore in Q3 FY23 from Rs 1173 crore in Q3 FY22. Net sales rose to Rs 15299 crore in Q3 FY23 from Rs 12710 crore in Q3 FY22.

JSW Steel fell 1.22%. The steel maker has reported 90% drop in consolidated net profit to Rs 474 crore in Q3 FY23 from Rs 4,516 crore in Q3 FY22. Revenue from operations rose by 3% YoY to Rs 39,134 crore during the quarter.

Earning Impact:

Reliance Industries (RIL) was down 0.46%. On a consolidated basis, net profit of RIL declined 2.8% to Rs 15,792 crore on 17.4% increase in net sales to Rs 2,17,164 crore in Q3 December 2022 over Q3 December 2021. RIL reported exceptional income of Rs 2,836 crore in Q3 December 2021.

ICICI Bank shed 0.04%. The bank has reported net interest income of Rs 16465 crore in Q3 FY23 from Rs 12236 crore in Q3 FY22. Profit after tax rose to Rs 8312 crore from Rs 6194 crore.

Kotak Mahindra Bank advanced 1.45%. The bank has reported net total income of Rs 7,753 crore in Q3 FY23 from Rs 5698 crore in Q3 FY22. Profit after tax rose to Rs 2,792 crore from Rs 2131 crore.

LTIMindtree gained 0.75%. The L&T Group company has reported 15.82% decline in consolidated net profit to Rs 1,000.5 crore despite of 4.77% increase in revenue to Rs 8,620 crore in Q3 FY23 over Q2 FY23.

SBI Life Insurance Company lost 0.36%. The life insurer has reported 16.5% decline in net profit to Rs 304.13 crore in Q3 FY23 from Rs 364.06 crore posted in Q3 FY22.

Yes Bank tumbled 7.32% after the private lender`s standalone net profit slumped 80.7% to Rs 51.52 crore on 24.6% rise in total income to Rs 7015.18 crore in Q3 FY23 over Q3 FY22. The bank said that net profit was largely impacted due to ageing related provisions. NIM for Q3FY23 at 2.5% up nearly 10 bps Y-o-Y and down 10 bps Q-o-Q. Gross slippages were at Rs 1,607 crore. Recoveries & upgrades from fresh slippages have been about Rs 500 crore during Q3, leading to net slippage of about Rs 1,100 crore.

Global Markets:

Shares traded higher in Asia on Monday, but most markets were closed for the Lunar New Year holiday, with markets in Shanghai shut for the whole week.

US stocks rallied to close higher on Friday as quarterly earnings helped lift Netflix, while Google parent Alphabet climbed after announcing job cuts.

On Friday, Fed Gov. Christopher Waller said he favors just a quarter-point hike on Feb. 1, when the central bank gives its next interest rate policy update. Waller also said that rates are already high enough to be slowing the economy. The remarks could have helped calm rising-rate worries in the market.

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