Nifty hovers at 17,550; metal stocks shine

Benchmark indices traded sideways with tiny losses amid bout of volatility in morning trade. The Nifty hovered at 17,550 level. Metal stocks saw buying while realty and auto shares declined.

At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 44.63 points or 0.08% at 58,743.27. The Nifty 50 index was down 6.8 points at 17,553.40.

In the broader market, the S&P BSE Mid-Cap index fell 0.09% while the S&P BSE Small-Cap index gained 0.12%.

The market breadth was positive. On the BSE, 1,782 shares rose and 1300 shares fell. A total of 93 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,597.54 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 370.58 crore in the Indian equity market on 3 February, provisional data showed.

COVID-19 Update:

India added 1,49,394 new cases in the last 24 hours. The daily positivity rate stood at 9.27%. The country`s active caseload currently stood at 14,35,569.

Results Today:

Shree Cement, Bank of India, InterGlobe Aviation, One 97 Communications (Paytm), Siemens, Aditya Birla Fashion, Alkem Laboratories, Astral, Birla Corporation, CMS Info Systems, City Union Bank, Devyani International, Godrej Agrovet, Jubilant Pharmova, Mahindra Lifespace Developers, Minda Corporation and Thermax are some of the companies that will announce their quarterly results today.

Buzzing Index:

The Nifty Metal index added 1.86% to 5,868.95, continuing its winning streak after a day`s pause. The metal index declined 0.31% in previous trading session but added 6% in last four trading days.

Vedanta (up 3.59%), Hindalco Industries (up 2.79%), Jindal Steel & Power (up 2.49%) and Steel Authority of India (up 1.82%) were the top gainers. Among the other gainers were JSW Steel (up 1.6%), Coal India (up 0.81%), NMDC (up 0.68%) and Hindustan Zinc (up 0.39%).

Tata Steel (up 2.46%) will announce its financial result for quarter ended December 2021 today.

Earnings Impact:

Lupin fell 2.25%. The drug maker`s consolidated net profit jumped 24.5% to Rs 545.52 crore on a 3.6% rise in total revenue from operations to Rs 4160.93 crore in Q3 FY22 over Q3 FY21. Consolidated profit before tax (PBT) dropped 68.16% to Rs 167.08 crore in Q3 FY22 from Rs 524.84 crore in Q3 FY21. Consolidated EBITDA skid 49.5% to Rs 403.90 crore in Q3 FY22 as compared to Rs 799.80 crore in Q3 FY21. EBITDA margin stood at 9.9% in Q3 FY22 from 20.4% in Q3 FY21.

Pfizer fell 1.55%. The drug maker`s reported 2% rise in net profit to Rs 143.91 crore on a 14% increase in net sales to Rs 675.90 crore in Q3 FY22 over Q3 FY21. Total expenditure rose 21% YoY to Rs 480.73 crore during the quarter. Profit before tax in Q3 FY22 stood at Rs 184.09 crore, up 2% from Rs 180.26 crore recorded in Q3 FY21.

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