Sensex down 214 pts, Nifty holds 16,550; Europe opens in red

The key equity indices continued to trade in a narrow range with modest losses in the afternoon trade. The Nifty traded a tad above the 16,550 level. Media, metals and oil & gas shares advanced while IT, healthcare and pharma stocks corrected.

At 13:24 IST, the barometer index, the S&P BSE Sensex, was down 214.35 points or 0.38% to 55,551.87. The Nifty 50 index lost 72.50 points or 0.44% to 16,558.50.

In the broader market, the S&P BSE Mid-Cap index fell 0.80% while the S&P BSE Small-Cap index declined 0.64%.

The market breadth was negative. On the BSE, 1,263 shares rose and 1,979 shares fell. A total of 129 shares were unchanged.

Gainers & Losers:

Bajaj Finserv (up 6.85%), Bajaj Finance (up 2.34%), Ultratech Cement (up 1.03%), Coal India (up 0.85%) and JSW Steel (up 0.79%) were major Nifty gainers.

Infosys (down 3.02%), Dr Reddy`s Laboratories (down 2.78%), Hindustan Unilever (down 2.39%), Tata Consumer Products (down 2.25%) and Axis Bank (down 2.27%) were majority Nifty losers.

Stocks in Spotlight:

Tata Steel fell 0.36% after the steel major`s net profit dropped 21% to Rs 7,714 crore on 18.8% increase in net sales to Rs 63128.32 crore in Q1 FY23 over Q1 FY22. Profit before tax (PBT) before exceptional items declined 2.56% to Rs 11,945 crore in Q1 FY23 from Rs 12,259 crore posted in Q1 FY22. Exceptional loss stood at Rs 39 crore in Q1 FY23 as against Rs 182 crore in Q1 FY22.

Axis Bank lost 2.27%. The private lender`s net profit surged 91% to Rs 4,125.26 crore on 12.2% increase in total income to Rs 21,727.61 crore in Q1 FY23 over Q1 FY22. Net interest margin (NIM) for Q1 FY23 stood at 3.60%, up 14 basis points YoY and 11 basis points QoQ.

Tech Mahindra shed 0.40%. On a consolidated basis, the IT major`s net profit fell 24.8% to Rs 1,131.60 crore on 4.9% increase in revenue from operations to Rs 12,707.90 crore in Q1 FY23 over Q4 FY22. EBITDA margin decreased to 14.8% in Q1 FY23 from 17.2% in Q4 FY22 and 18.4% in Q1 FY23.

Bajaj Finserv surged 6.85% to Rs 13,475 after the company said its board will consider a stock split and/or bonus issue of equity shares on 28 July 2022. On the same day, the board will also consider the unaudited financial results for the quarter ended 30 June 2022.

Global Markets:

The Dow Jones futures were down 120 points, indicating a negative opening in the US stock market today.

Most European shares declined while most Asian stocks advanced on Tuesday.

South Korea`s economy grew 0.7% in the second quarter compared with the first quarter of 2022, according to estimates released by the Bank of Korea. The country`s GDP grew 0.6% in the January to March quarter.

The Bank of Japan released the minutes for it June meeting on Tuesday, after keeping its interest rates at ultra-low levels last week. Members of the BOJ policy board said the economy was on its way to recovery from the effects of Covid, but still needs strong support on the financial side due to pressure from the rise in commodity prices.

They also agreed that it was necessary to pay due attention to developments in financial and foreign exchange markets and their impact on Japan`s economic activity and prices, the minutes said.

Wall Street stock markets delivered a mixed performance on Monday as cautious investors looked ahead to a week of Big Tech earnings and a crucial interest rate decision from the US Federal Reserve.

At the end of its two-day monetary policy meeting on Wednesday, the Fed is widely expected to raise its main interest rate by 0.75 percentage points.

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