Sensex down 176 pts; financial services shares slide

The key equity indices pared some losses but traded with small losses in morning trade. The Nifty traded a tad above the 18,200 level. Financial services shares witnessed a bit of selling pressure.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 176.24 points or 0.29% to 61,573.01. The Nifty 50 index lost 45.55 points or 0.25% to 18,210.25.

In the broader market, the S&P BSE Mid-Cap index gained 0.09% while the S&P BSE Small-Cap index rose 0.20%.

The market breadth was positive. On the BSE, 1,789 shares rose and 1,321 shares fell. A total of 140 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,414.73 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 441.56 crore in the Indianp equity market on 4 May, provisional data showed.

Results Today:

Britannia Industries (up 0.81%), Bharat Forge (up 0.86%), Federal Bank (down 1.72%), Marico (up 0.09%), Gujarat Fluorochemicals (up 0.31%), Alembic Pharmaceuticals (down 0.19%), Piramal Enterprises (down 0.65%), Blue Dart Express (up 0.31%), Ajanta Pharma (up 1.64%), Equitas Small Finance Bank (down 0.44%), DCB Bank (down 0.27%), Stylam Industries (0%), Go Fashion India (up 1.14%), Tatva Chintan Pharma Chem (down 2.28%), KFin Technologies (down 0.92%), Tata Investment Corporation (up 0.28%), Sundaram-Clayton (up 1.29%) will announce their quarterly earnings later in the day.

Union Bank of India (up 0.74%), Bank of India (up 2.39%), 3i Infotech (up 0.99%), ADF Foods (down 1.04%), Aether Industries (down 0.25%), Computer Age Management Services (up 1.11%), Gujarat Ambuja Exports (up 1.42%), Greenpanel Industries (down 1.43%), Grindwell Norton (up 1.05%), TVS Electronics (down 0.22%), and Zen Technologies (down 1.08%) will announce their quarterly results on Saturday, 6 May 2023.

Buzzing Index:

The Nifty Financial Services index fell 0.94% to 19,296.80. The index rose 1.55% in the past trading session.

HDFC Bank (down 4.5%), Housing Development Finance Corporation (down 4.26%), REC (down 0.73%), Power Finance Corporation (down 0.09%) declined.

On the other hand, Indian Energy Exchange (up 3.63%), SBI Cards & Payment Services (up 2.64%) and Axis Bank (up 2.14%) edged higher.

Stocks in Spotlight:

United Breweries fell 1.20% after the company`s consolidated net profit slumped 94% to Rs 9.81 in Q4 FY23 as against Rs 163.40 crore recorded in Q4 FY22. Net sales stood at Rs 1,765.88 crore in Q4 FY23, up 3.3% from Rs 1,709.17 crore reported in Q4 FY22.

AGI Greenpac jumped 19.83% after the company`s net profit surged 151.81% to Rs 95.84 crore, while net sales increased by 57.54% to Rs 680.32 crore in Q4 FY23 over Q4 FY22.

Raymond rose 0.92%. The company`s board will consider raising upto Rs 2200 crore through issue of non-convertible debentures on Tuesday, 9 May 2023. The fund will be raised in two or more tranches on a private placement basis. The funds will be utilised for repayment of external debt, to such associate company of the company, as the board may determine.

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