The frontline indices traded with moderate gains in mid-afternoon trade. The Nifty traded above the 18,350 mark after hitting day's low of 18,244.55 in early trade. FMCG, auto and metal stocks edged higher while IT, pharma and healthcare shares declined.
At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 303.74 points or 0.50% to 61,641.55. The Nifty 50 index added 97 points or 0.53% to 18,366.
The broader market underperformed the headline indices. The S&P BSE Mid-Cap index gained 0.36% while the S&P BSE Small-Cap index rose 0.27%.
The market breadth was positive. On the BSE, 2,020 shares rose and 1,538 shares fell. A total of 178 shares were unchanged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose to 7.286 as compared with 7.277 at close in the previous trading session.
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In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.6150, compared with its close of 82.7550 during the previous trading session.
MCX Gold futures for 3 February 2023 settlement gained 0.28% to Rs 54,454.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.35% to 104.33.
The United States 10-year bond yield was up 0.94% to 3.515.
In the commodities market, Brent crude for February 2023 settlement declined 27 cents or 0.34% to $79.31 a barrel.
Buzzing Index:
The Nifty Metal index rose 0.72% to 6,705.35. The index lost 2.18% in the past two trading sessions.
MOIL (up 2.03%), Jindal Steel & Power (up 1.46%), Hindustan Copper (up 1.4%), Hindustan Zinc (up 1.35%), Vedanta (up 1.25%), Adani Enterprises (up 0.67%), Tata Steel (up 0.63%), JSW Steel (up 0.62%), National Aluminium Company (up 0.58%) and APL Apollo Tubes (up 0.26%) edged higher.
On the other hand, Welspun Corp (down 0.86%), Ratnamani Metals & Tubes (down 0.18%) declined.
Adani Enterprises added 0.67%. The company announced that its joint venture, AdaniConnex, with EdgeConnex has incorporated a wholly owned subsidiary (WOS), DC Development Noida Two (DCDNTL). DCDNTL was incorporated with authorized and paid-up share capital of Rs 1 lakh.
It will undertake business to develop, operate, maintain, deal with data centers, Information Technology (IT) / Information Technology Enabled Services (ITES) / cloud, providing services related thereto. Further, to undertake activities associated with its infrastructure development including land acquisition & development for the said purpose.DCDNTL will commence its business operations in due course.
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