Sensex decline 178 pts, Nifty below 17,700 level

The headline equity indices traded in a narrow range in the afternoon trade. The Nifty hovered below the 17,700 level. PSU bank, auto and IT shares were in demand while FMCG, private bank and financial services stocks were under pressure.

At 13:29 IST, the barometer index, the S&P BSE Sensex, was down 178.3 points or 0.30% to 59,653.36. The Nifty 50 index lost 46.60 points or 0.26% to 17,684.15.

In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index declined 0.14%.

The market breadth was negative. On the BSE, 1,408 shares rose and 1,926 shares fell. A total of 117 shares were unchanged.

Gainers & Losers:

Tech Mahindra (up 3.21%), JSW Steel (up 2.06%), Maruti Suzuki India (up 1.94%), Dr. Reddy`s Laboratories (up 1.83%) and Eicher Motors (up 1.56%) were the top Nifty 50 gainers.

Nestle India (down 2.88%), Britannia India (down 1.55%), Kotak Mahindra Bank (down 2.67%), Hindustan Unilever (down 2.58%) and Bajaj Finserv (down 2.20%) were top Nifty 50 losers.

Earnings Impact:

Multi Commodity Exchange of India (MCX) jumped 8.14%. The commodity exchange`s consolidated net profit rose 93.72% to Rs 63.27 crore on 53.14% increase in net sales to Rs 127.40 crore in Q2 September 2022 over Q2 September 2021.

DLF rose 1.22%. The realty major`s consolidated net profit jumped 25.9% to Rs 477.04 crore in Q2 FY23 as against Rs 378.95 crore recorded in Q2 FY22. Net sales declined 12.1% to Rs 1,302.34 crore in the quarter ended 30 September 2022 from Rs 1,480.90 crore posted in the same period last year.

United Spirits advanced 3.69% after the spirits maker`s standalone net profit climbed 105.93% to Rs 563 crore in Q2 FY23 as against Rs 273.4 crore posted in Q2 FY22. Net sales jumped 17.69% to Rs 2,879.7 crore in the quarter ended 30 September 2022 from Rs 2,446.8 crore recorded in the same period a year ago. The rise in the net sales was driven by resilient consumer demand in off-trade, rebounding in on-trade and continued mix improvement.

RBL Bank slipped 2.41%. The private lender reported a net profit of Rs 201.55 crore in Q2 FY23, steeply higher than Rs 30.80 crore posted in Q2 FY22. Total Income rose 7.5% to Rs 2,758.98 crore in Q2 FY23 as against Rs 2,567.65 crore recorded in the corresponding quarter previous year.

Global Markets:

Most European shares traded higher while Asian stocks traded mixed on Tuesday following a rally in Wall Street aided by strong corporate earnings.

US stocks advanced on Monday, extending last week`s gains as signs of economic softness suggested the effects of the Fed`s aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root.

Meanwhile, Indian Origin former UK Chancellor Rishi Sunak became UK`s prime minister on Monday (October 24). Replacing former PM Liz Truss, Sunak became the first Indian-origin prime minister of the UK. Rishi Sunak will take oath as PM on October 28 and the cabinet is likely to be formed on October 29.

Rishi Sunak, in his first address to the country after being elected as the PM said, "I pledge that I will serve you with integrity and humility; and I will work day in, day out to deliver for the British people."

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