SENSEX DOWN 102 PTS; OIL & GAS SHARES DECLINE

The domestic equity barometers traded with small losses in mid-morning trade. The Nifty traded below the 17,900 mark. Negative global cues dented investors sentiment. Oil & gas shares declined for the second straight day.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 102.39 points or 0.17% to 60,703.83. The Nifty 50 index shed 34.30 points or 0.19% to 17,859.15.

In the broader market, the S&P BSE Mid-Cap index fell 0.02% while the S&P BSE Small-Cap index advanced 0.73%

The market breadth was positive. On the BSE, 1,893 shares rose and 1,361 shares fell. A total of 152 shares were unchanged.

Buzzing Index:

The Nifty Oil & Gas index fell 0.85% to 7,148.70. The index declined 1.16% in two trading sessions.

Adani Total Gas (down 5%), Oil India (down 2.05%), Reliance Industries (down 1.02%), Petronet LNG (down 0.89%), Oil & Natural Gas Corporation (down 0.85%), GAIL (India) (down 0.63%) and Bharat Petroleum Corporation (down 0.19%) advanced.

On the other hand, Gujarat State Petronet (up 1.75%) ,Indraprastha Gas (up 1.48%) and Aegis Logistics (up 1.38%) edged higher.

Stocks in Spotlight:

United Breweries (UBL) slipped 4.82% after the company reported a consolidated net loss of Rs 1.97 crore in Q3 FY23 from a net profit of Rs 90.79 crore in Q3 FY22. Net sales rose marginally to Rs 1,613.02 crore in Q3 FY23 as against Rs 1,582.79 crore recorded in the same period a year ago.

Aarti Surfactants surged 12.09% after the company reported consolidated net profit of Rs 3.98 crore in Q3 FY23 compared with net loss of Rs 2.23 crore in Q3 FY22. Net sales declined 1.2% to Rs 133.55 crore in Q3 FY23 as against Rs 135.15 crore in corresponding quarter last year.

Pfizer rose 0.29% after the company reported 5% rise in net profit to Rs 150.66 crore despite an 8% fall in revenue from operations to Rs 621.75 crore in Q3 FY23 over Q3 FY22

Global markets:

Asian stocks were trading mostly lower on Friday, following moves on Wall Street as China`s inflation data came in lower than expected. Consumer prices in the nation rose 2.1% in January compared to a year ago.

Japan`s wholesale prices rose 9.5% in January from the previous year, slightly lower than the revised figure of 10.5% recorded in December 2022.

Australia`s central bank on Friday said inflation remains high and hinted at further interest rates hikes. In its quarterly monetary statement, RBA observed global inflation is still very high but �looks to have peaked.� �The Board expects that further increases in interest rates will be needed to ensure that the current period of high inflation is only temporary,� said RBA.

US stocks closed lower Thursday as concerns over the Federal Reserve`s future moves on monetary policy offset excitement around the latest batch of corporate earnings.

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